This title may remind you of the famous Hollywood movie “The League of Extraordinary Gentlemen”. Similar to this movie which tells the story of several heroes banding together to defeat a common enemy, the article brings extraordinary insurance plans together. These unique insurance plans are specially designed to meet the needs of the customers who are looking to buy online insurance.
So, let’s look at these new-age plans and their features to help you make an informed decision.
Term Plans with TROP Benefit
Term insurance is the most popular and probably the most relevant life insurance product that provides unmatched financial security. However, term plans have now evolved. Insurance companies like Max Life Insurance are offering ‘Return of Premium Term Plans’, which are variants of basic term plans.
In this plan, the beneficiary gets the Sum Assured, i.e., the coverage amount if the life assured passes away within the policy term. However, if he doesn’t, i.e., if he outlives the policy term, then all the premiums are returned on maturity.
A return of premium term plan is the ideal solution to provide a robust ‘financial foundation’ in order to protect the income of your dear ones. It not only ensures peace of mind due to financial protection that it provides during the policy term but also returns the premiums paid at the end of the policy term. Therefore, if you want returns from your term plan, this plan is an ideal option for you.
While choosing a return of premium term plan, you should ideally start by performing an online term plan comparison. Thereafter, take a close look at the exclusions and inclusions of the plan and buy an online insurance plan that best fits your needs.
Health Plans with Critical Illness Cover
Health insurance has become imperative, especially considering the spiraling healthcare expenses. And for most illnesses, regular health plans act as a blanket cover.
However, there are certain critical illnesses for which the treatment and hospitalization expenses can run exceptionally high. Likewise, such ailments may take a longer time to recover. In such a case, a regular health insurance plan may not seem enough.
Critical illness cover is explicitly designed to take care of the treatment cost for such severe ailments, including heart diseases, cancer, kidney failure, stroke, and so forth.
Therefore, on the diagnosis of a critical ailment (as mentioned in the policy document), a lump sum amount is paid to the insured individual. Moreover, the amount can be used by the insured in any way desired, regardless of actual hospitalization expenses.
Critical illness cover is also present as an additional cover along with term insurance plans.
Unit-linked Insurance Plans (ULIPs)
ULIP is a unique product that provides the benefits of market-linked returns and life insurance. It is considered as an excellent product for goal-based investing, especially for long-term goals like children’s education, wealth creation, and retirement. In addition, it provides life cover to the insured, thereby providing financial security to his/her family throughout the policy period.
With ULIPs, one can invest in markets through various fund options, based on his/her risk appetite. ULIPs come with a range of balanced, debt, and, equity funds to choose from, along with the flexibility to switch between funds as per the changing market conditions or your financial goals.
Most importantly, ULIPs are one of the best tax-saving instruments as they fall under the Exempt-Exempt-Exempt tax regime. This means, once you buy online insurance, you become eligible for tax deductions not only during the earning and investment stage but also during the withdrawal stage.
Savings Plans with Monthly Income Benefit
A monthly income savings plan pays guaranteed income every month to the insured for a specific period (usually ten years) after the premium payment term ends. The insured is also provided with life cover and a maturity benefit, which is paid at the end of the policy term.
The guaranteed monthly income allows you to dip into your second income when you really want to use it. Moreover, the insurance protection ensures that your loved ones will be on track with their financial goals even if something untoward were to happen to you.
These new-age insurance plans cater to the demands of the policy seekers and are packaged with exciting features. So, buy online insurance plans at the earliest and ensure financial protection to your loved ones.