Is it wise to buy a separate cover for your spouse? This is a question that often arises in the minds of individuals who are planning to secure their family's future through life insurance. While some people believe that buying a separate cover for the spouse is not necessary, others think it's a smart decision to make. In this blog, we will explore the benefits of buying a cover for your spouse, and how Canara HSBC Life Insurance iSelect Smart360 Term Plan can help you do this in a hassle-free manner.

One of the most significant benefits of buying a separate cover for your spouse is that it provides an additional layer of financial security to your family. In case of any unfortunate event, having a cover for your spouse can help you cover the expenses that come with a critical illness or loss of life.

How does Canara HSBC Life Insurance iSelect Smart360 Term Plan help?

The term plan offers the choice to cover your spouse as well. During the Policy Term, both you and your spouse will be covered with separate Sums Assured. If one of you passes away, the Sum Assured on Death corresponding to the affected life will be paid, and the policy will continue to cover the other life with a reduced premium payment. The premium will remain level throughout the remaining Premium Payment Term. If the second life passes away, the Sum Assured on Death corresponding to that life will be paid, and the policy will terminate. In the event of both members passing away at the same time, the applicable Sum Assured on Death for each life will be paid, and the policy will terminate as well.

The Spouse will have the same Policy Term, Premium Payment Term, and premium payment mode as you. However, Spouse coverage cannot be opted for if you have chosen a Premium Payment Term of Up to Age 60 years (for both Working or Non-Working Spouses) or a Maturity Age beyond 80 years (for Non-Working Spouses).

If your spouse is a working individual, the Sum Assured will be chosen by them under the Plan. They will also have the option to select any Coverage Option, any Optional In-Built Cover, and any Death Benefit Payout Option at policy inception.

On the other hand, if your spouse is a non-working individual, the Sum Assured will be fixed at inception, which will remain the same throughout the Policy Term. Optional In-Built Covers or choosing a Benefit Payout Option other than Lump sum is not available for non-Working Spouses.

Critical illness cover

Apart from death benefits, the plan also offers critical illness cover for the insured. This means that if you or your spouse is diagnosed with a critical illness, the plan will provide a lump-sum payout to help you cover the expenses associated with the illness. This can be particularly helpful as critical illnesses can put a significant financial burden on a family, and having a critical illness cover can help ease that burden.

Cover for a long time

Another advantage of the iSelect Smart360 Term Plan is that it provides life cover till the age of 99 years. This means that you and your spouse can be assured of financial security for a long time, and you don't have to worry about renewing your policy every few years. The plan also offers the option to get a return of total premiums in case no claim is made. This makes the plan a win-win product for you.

Fix your premium

The iSelect Smart360 Term Plan gives you the option to block the premium at inception. This means that you don’t have to worry about any increase in the premium and can pay a lump sum premium upfront and secure your family's financial future for the entire duration of the policy. This can be particularly helpful if you have a lump sum of money that you want to invest in a long-term financial product.

Income during retirement

Finally, the Canara HSBC Life Insurance iSelect Smart360 Term Plan offers a steady income benefit upon attaining the age of 60 years. This means that you and your spouse can enjoy a regular stream of income after retirement, which can help you maintain your lifestyle without worrying about finances.

Conclusion

In conclusion, availing a cover for your spouse can be a smart decision to make, and the iSelect Smart360 Term Plan can help you do that conveniently and beneficially. With benefits such as critical illness cover, life cover till the age of 99 years, return of total premiums, and steady income benefit, the plan provides comprehensive financial security for you and your family.

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