Life is unpredictable, and not everything is in your hand. But still, wisdom says that practicing preparedness can help you face adversities in a much better way. That is why having the right insurance cover for your family and yourself is something that should be on top of your priority list.
If it is an online term insurance plan that you’re looking at, then you’re thinking just along the right lines. A term insurance plan is an economical way to ensure that your loved ones live a secure life, even when you are not thereby their side.
What is a Term Insurance Plan?
Term cover is a type of life insurance that provides coverage for a specific term period. During this term, if the insured expires, then the family receives the sum assured as a death benefit. Thus, term insurance plans ensure that your family does not become financially unstable in your absence.
When you are planning to buy a term insurance plan for your loved ones, you should look for a policy that offers you comprehensive coverage, and not only provide you death benefit. Research thoroughly to buy insurance that offers multiple benefits. Here, best online term plan, i.e., smart term plans come into play as they not only provide you death benefits but also gives you comprehensive coverage. Some of the benefits of buying smart term plan insurance are mentioned below:
What is Smart Term Plan?
Smart Term Plan is customizable term insurance that fits and protects all your evolving needs. It provides overall financial protection to your family in your absence. It offers key benefits such as-
Comprehensive protection against physical disability, any critical illness (like heart attack, kidney failure, and cancer) and death.
It provides multiple death benefit payouts, including an increase in your monthly income and lump-sum payouts.
Also offers additional benefits in the form of riders such as Accidental Cover.
It provides Return of premium if you survive the policy term.
Its premium payment options are flexible, as per your budget.
It provides you option in which you can increase your insurance coverage upon achieving important milestones in your life.
Under Section 80C, 80D, and 10(10D) of Income Tax Act 1961, it provides significant tax benefits.
Benefits of Smart Term Plans
Premium return on maturity
In general, if you will buy any term insurance plans, they do not give you any maturity value.
They only provide financial security to your family in case of your untimely demise. And if you survive till your policy ages, you’ll get no death benefits and all the premium that you gave from so many years will go in vain.
However, with Smart Term Plan, you have an option of return of premium. In other words, if you survive throughout your policy term, you will receive a total amount of premium that you have been paying for so many years, and only after that, your policy will be terminated.
You don’t need to get panic; the premium back feature is available on all death benefit payout options. You can create your term insurance plan and then, after surviving, you can avail your maturity benefits.
Choice of multiple premium payment options
With Smart term plan, you have an option of how and when you want to pay your premiums. You can choose your options at the time of purchase. It allows you to look after your other expenses also.
When you want to pay
You want to pay all the premium at once.
You want to pay for an only limited period only.
Or you want to pay your premium throughout your policy tenure.
How you want to pay
Annually
Half-yearly
Quarterly
Or every month.
Financial protection against critical illness and accidents
The most important purpose of buying life insurance is that it will help you in the time of emergency. You need a flexible insurance plan that can tackle emergencies like health-related issues or any unexpected medical issue.
A smart term plan is a flexible insurance plan that will take care of you in an emergency. For example, if you are diagnosed with any critical illness like cancer, heart conditions, smart term plan can help you avail immediate financial help in the form of accelerated payouts.
Some reputed insurance policy companies even cover you against as many as 40 critical illnesses. They pay a lump-sum amount of all your medical treatments from your hospitalization to medicines.
Life stages benefits
Your priorities, aspirations, and goals changes with time. When you are in your early 20s, all you want to do is earn as much money as you can. As you grow older and start making family, your priority changes again, and you look for a better retirement plan.
Your thought process changes with time, so you want your life insurance plan to be flexible that can evolve with changing life stages and goals.
With the best online term plan, i.e., smart term plan offers you the option of choosing the ‘Life Stage Add on Sum Assured’ benefit.
As a policyholder, you will get to increase your total coverage amount under this plan on reaching specific ‘Life Stage’ events such as marriage, becoming a parent, or taking a house loan.
Death benefit variant
With any term insurance plans, you only get offer lump-sum payouts. But with smart term plans, you have complete freedom in deciding how your loved ones will get the insurance money after your untimely demise. You have the following options-
Your family will receive the insurance cover amount all at once.
Your family will get the insurance money in the form of monthly income.
You can choose whether you want to increase the monthly payouts at a specific time to counter the rise in inflation.
Or, increase insurance coverage on achieving important milestones in your life.
All these variants offer you complete freedom in deciding how your loved ones should receive the insurance money and use it.
Live your life without any worries
Want to live your life to the fullest? Just buy a term insurance plan that is flexible and can evolve with you. And what better than smart term plan which is the best term insurance plan that is available online. So why are you waiting? Just apply for smart term plan of any reputed insurance company and live your life tension free.
