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Tailor your investments and maximize your returns with this insurance plan
A great way to cover expenses due to unforeseen events can be by investing into a ULIP Plan, but some plans are much more flexible than others. If your plan doesn’t let you choose how and when you want to pay your premiums, it could make coverage less affordable than it should be. To ensure your plan offers the best value, check out these tips on making sure your insurance plan is flexible enough to fit your life needs!
1) When do you need an Individual health plan?
Health insurance is a type of protection that helps you with the costs of medical care.
Firstly, you should consider an individual health plan if you’re self-employed or work for a company with fewer than 100 employees.
Secondly, if your spouse has health insurance through their job, it’s only wise to look into an individual health plan if they don’t cover all the services you need.
2) If you are self-employed
Since you’re self-employed, you have the freedom to choose the days, hours, and places of your work. You can take on as much or as little work as you want.
This is especially true if you’re a freelancer. However, because you’re self-employed, there’s also more risk involved in your line of work. To protect yourself against this risk, you must get the right type of ULIP plan coverage.
3) What if you want to change your current policy?
If you want, you can switch your ULIP plan policy from term to term or your whole-life. Term-to-term coverage will help you make monthly premium payments that are less expensive than monthly premiums for whole-life policies.
Plus, if you die during the term of the policy, your beneficiaries will receive the death benefit payment. Whole-life policies may provide a larger death benefit payment and more coverage options.
4) Policy renewal flexibility
There are many options for policy renewal, and you can choose a plan that suits your lifestyle.
The plan duration is usually one year, but you can also choose a three-month or six-month option. You can also opt for the one-time premium plan, which has an annual limit of Rs 5 lakhs.
5) Premium payment flexibility
Premium payment flexibility is one of the best features offered by insurance plans. When you buy an insurance plan, you can make your premium payments at your convenience.
This helps because you don’t have to worry about making a large lump sum payment when the year ends. You can also choose how often you want to make your payments, whether it’s monthly or annually. If you want more flexibility, some plans offer quarterly and semi-annual options.
6) Monthly billing or lump sum payment?
The premium is usually paid in monthly installments but you can also pay it all upfront or make a lump sum payment.
You can also make installment payments to the insurance company if you are not able to afford the entire amount at once.
7) Know all your policy details including exclusions
A typical insurance plan is an all-inclusive package that includes the following:
- Life insurance
- Health insurance
- Accidental death and dismemberment (AD&D) insurance
- Personal liability insurance.
The type of policy you get depends on your needs, like what kind of coverage you want for your house, car, or business. You can also add other types of coverage based on your needs.
8) 24/7 Emergency assistance helpline number
In case of any emergency, a 24/7 helpline will always be available for you. If you require any medical assistance, the helpline can connect you with a doctor who is near your current location. In addition, they can help you find the nearest hospital or ambulance services too.
Canara HSBC Life Insurance’s Invest 4G Plan offers affordable life insurance to help protect your family in the event of your death or if you become unable to work due to illness or injury. It understands that every family has different needs when it comes to insurance coverage so we offer a range of plans based on how much protection you need and how much money you want to spend. So whether you’re looking for simple term life insurance policies or permanent plans like whole or universal life insurance, we have what you need at the prices that fit within your budget.
There are so many options for having an insurance plan to protect yourself from any risk or liability in your life. But, do you know the additional benefits these plans can offer you? Having an insurance plan today has evolved from being just about protection. These days, it’s much more about financial freedom and flexibility. The above 8 ways help you with information about how insurance plans are flexible to your needs of paying premium and withdrawal options. Hence you must go through them before choosing your next insurance option right away.