Should I buy term insurance for my children? Know more!

Should I buy term insurance for my children? Know more!

As parents, we always want to provide the best for our children. We work hard to secure their future and ensure they are not left wanting anything. However, unforeseen events can quickly disrupt the best-laid plans and leave our children in a precarious situation. It is why it is essential to consider buying a term plan for children to ensure their future is secured.

What is term insurance?

Term insurance is a type of life insurance that offers coverage for a specific term or duration. In the event of the policyholder’s death during the term, the beneficiary receives the sum assured. It is a straightforward and affordable way to ensure financial security for your loved ones in the event of your untimely demise.

Why buy term insurance for children?

While the thought of something happening to our children is unfathomable, it is essential to prepare for the worst. Term insurance for children can provide the necessary financial cushion for the child’s future if the parents are no longer around. It can cover the expenses of education, healthcare, and other essential costs, ensuring that the child’s standard of living is not compromised.

Child care benefit of Canara HSBC Life Insurance iSelect Smart360 Term Plan

The Canara HSBC Life Insurance iSelect Smart360 Term Plan is a comprehensive term insurance plan that offers several benefits, including child care benefits. The child care benefit ensures that an additional sum assured is provided to cover the expenses of the child until they reach 21 years of age. This feature bolsters your savings for your child.

Other benefits of the Canara HSBC Life Insurance iSelect Smart360 Term Plan

Apart from child care benefits, the plan offers several other benefits that make it an attractive option to secure your child’s future. These include:

Life cover till 99 years of age: The plan offers life coverage till 99 years of age, ensuring that your child’s future is secure for the long term.

No future premiums, if diagnosed with one of the 40 covered critical illnesses: If you are diagnosed with a critical illness covered under the plan, all future premiums are waived off. This feature ensures that your treatment costs are taken care of, avoiding the scenario of spending the money saved for your child. 

Terminal illness benefit: The plan provides a lump sum payment if the policyholder is diagnosed with a terminal illness, ensuring that they have the financial resources to make the necessary arrangements.

Steady income benefit: The plan provides a steady monthly income benefit when the policyholder attains 60 years of age. This feature helps you contribute to your child’s future even during your retirement days.

Return of total premiums: The plan offers a return of total premiums paid at the end of the policy term, ensuring that you get your money back if you outlive the policy term.

Conclusion

Term insurance for children is an excellent way to secure their future, even if you are not around to provide for them. The Canara HSBC Life Insurance iSelect Smart360 Term Plan offers several benefits, including child care benefits, that make it an attractive option to secure your child’s future. With life coverage till 99 years of age, steady income benefit, return of total premiums, and other features, the plan provides a comprehensive solution to secure your child’s future.

Explore the term plan online today to ensure your child’s future is secure.