Also the pandemic was unseen before and came out of syllabus for everyone out there. As COVID-19 acted like a nail in the coffin, people are looking for a plan that is designed to provide protection and life coverage against critical illness.
Hence, we need something which is long-term and sustainable i.e. SBI. Being a government body, the chances of it failing are very bleak.
2. It provides a waiver off premium, if diagnosed with any listed critical illness.
4. Both the term cover and critical illness sum assured gets automatically adjusted with the increasing age i.e every year on the policy anniversary. Additional Benefits included in my plan include: Life Stage Benefit, Life Cover Benefit, Critical Illness Benefit and Waiver of Premium Benefit.
1. Financial Security: This will act as a financial cushion for my family in my absence or any unforeseen event.
Real Case Scenario : If I am diagnosed with Kidney Failure in the 6th Policy Year, then the lump sum benefit of Rs
65,000,00 will be paid immediately to the nominee.
There are a few important points to remember:
Interest rates at 4%-5% isn’t high from a historical point of view. The norm has been the same or higher, and asset prices have often done well in that kind of situation
Real interest rates have stayed the same or even fallen. Last year you could get 0.1% in your bank, with inflation at 3% in many countries, which is a -2.9% real return. These days, you can get 3%-5% in the bank in many developed countries, with inflation at 7%-11%. You are speaking about a real rate of return of -4% or more on average
If that wasn’t the case, then the banks wouldn’t be able to offer fixed rates of return, only to use the money to make more money!