How to Determine the Right Term Insurance Policy Length for Your Needs?

A term insurance policy offers financial protection to your family in case of your sudden demise. But how do you determine the right term insurance policy length for your needs? This blog will guide you through the process of selecting the right term insurance policy length.

Retirement Age Plays a Significant Role

The first step in determining the right term insurance policy length is to calculate your retirement age. The term insurance policy length should be till your retirement age, and the sum assured should be at least 10-15 times your annual income. The longer the policy term, the higher the premium amount you need to pay. However, it is important to ensure that the policy term does not end before your retirement age.

Online Calculators for the Task

Fortunately, many insurers offer online premium calculators that can help you determine the premium amount and policy term based on your age, income, and retirement age. These calculators can help you select a term insurance policy that is both affordable and provides adequate coverage.

Go for Plans that Cover the Long-Term Without Burning a Hole in the Pocket

It is essential to choose a term insurance policy that provides long-term coverage without burning a hole in your pocket. Opting for a long-term policy ensures that you do not have to worry about renewing the policy frequently. It also ensures that you do not miss out on renewing the policy, which can lead to a lapse in coverage.

Introducing Canara HSBC Life Insurance iSelect Smart360 Term Plan

Canara HSBC Life Insurance iSelect Smart360 Term Plan is a comprehensive term insurance policy that offers long-term coverage and provides several benefits. Here are some of the features of this plan:

Life Cover Till 99 Years of Age

The policy offers life cover till 99 years of age. This means that your family is protected for a longer period.

Return of Total Premium

This policy offers a return of total premium in case you survive the policy term. This means that you will receive the entire premium amount paid over the policy term.

Critical Illness Cover

This policy provides critical illness cover, which covers you against major illnesses such as cancer, heart attack, and kidney failure.

Additional Lump Sum Payment in Case of Critical Illness, Accidental Total & Permanent Disability

In case of a critical illness or accidental total and permanent disability, the policy provides an additional lump sum payment to take care of the medical expenses.

Steady Income Benefit

This policy provides a steady income once you attain the age of 60 years. This can help as an income source during your retirement years.

Conclusion

Investing in a term insurance policy is an important decision that requires careful consideration. The policy term should be till your retirement age, and the sum assured should be at least 10-15 times your annual income. Canara HSBC Life Insurance iSelect Smart360 Term Plan offers long-term coverage and provides several benefits such as the return of total premium, critical illness cover, additional lump sum payment in case of critical illness or accidental total and permanent disability, and steady income benefit. Use the online premium calculator on their website to determine the premium amount and policy term that suits your needs. Choose a plan that offers long-term coverage without burning a hole in your pocket.