Written by : Knowledge Centre Team
2026-01-07
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7 minutes read
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In recent years, India’s working millennials have become more aware of the importance of investing early in their careers. While this is a positive trend, life insurance still remains low on the list of priorities for investors taking their first steps into the world of investments. One of the primary reasons people tend to put off or entirely neglect investing in a protective life cover is the belief that the cost of life insurance is too high.
This, if anything, is a myth. There are several affordable life insurance plans that cost as little as around ₹3,000 per month. Term life insurance is even more affordable, with premium rates as low as ₹500 per month. In fact, life insurance costs much less than some of the many other products and services you probably indulge in or splurge on every month. Here’s a quick look at 10 everyday expenses that may cost more than life insurance.
Key Takeaways
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Petrol Expenses
Petrol prices in most Indian cities typically range between ₹90 and ₹ 100. Say you commute between work and home through an average of 10 to 20 kilometres each day. That could easily take your petrol bills up to ₹1,500 each month. And with no signs of dipping downward, your petrol expenses could easily cost more than the average monthly premium for an affordable life insurance plan.
Over the course of a year, this adds up to ₹18,000 or more, and that too just for fuel. In contrast, a basic term plan can offer life cover of ₹50 lakh to ₹1 crore for about the same amount.
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Taking the Public Transport
If you opt to take the public transport in an attempt to bring down your petrol costs, you could certainly save up quite a bit in the long run. However, the cost of taking public transit every day may still end up being higher than the premiums charged by an average term life insurance plan. The monthly passes in metro trains often go up to ₹2,500 or more. And without a monthly pass, the costs of taking the local transport could add up to a lot more.
Even moderate travel within the city may cost between ₹80 and ₹120 per day. Over time, this becomes a recurring cost that often surpasses the steady, fixed premium of life insurance.
An Everyday Cappuccino-To-Go Before Work
If you’re a coffee lover who loves to grab a cup of cappuccino or a latte before you head to work each morning, you’re undoubtedly aware of how expensive morning coffees can be. In fact, a short cup of cappuccino or latte from Starbucks comes up to ₹200. Take a Starbucks cappuccino to-go each morning, and you’ll have to shell out at least ₹4,000 each month. A life insurance plan can be more affordable than this price tag.
What’s more, unlike coffee, term insurance offers long-term value that doesn’t disappear after a few sips. And unlike lifestyle choices that fluctuate with mood or trend, a life cover stays constant as a financial safety net.
Your Internet Bills
In this day and age, living without an active internet connection can be nearly impossible. People who work from home require internet access to get their everyday work done. Families with school-going kids or college-goers also require an internet connection to help their children enjoy access to a variety of web-based learning tools. And on average, a 60 Mbps connection with unlimited data can cost as much as ₹1,200 or more.
In some urban areas, premium plans bundled with streaming or OTT services may go even higher. While the internet is essential, its monthly cost still competes with that of basic life insurance, which provides long-term financial security.
Gym Memberships
Staying active and fit is an essential aspect of keeping your health. Unfortunately, with today’s desk jobs leading to a more sedentary lifestyle, many corporate professionals and self-employed people have taken refuge in a gym membership. Typically, members pay as much as ₹1,000 to ₹2,000 each month to gain access to the gym’s facilities. In metro cities or premium gyms, these charges can go significantly higher, especially with personal training add-ons.
Despite being a worthwhile health investment, gym memberships often cost more than basic term insurance, which offers peace of mind for your family's future. Interestingly, a life insurance plan can be just as affordable in most cases.
A Dinner at a Fine-Dining Restaurant
A three-course meal for a family of three in a fine-dining restaurant is often viewed as a luxury, and rightfully so, since it could require you to shell out at least ₹3,000 in one sitting. Even in a mid-range restaurant designed to cater to families, a meal for three could cost at least ₹700-₹1000.
Dining out on weekends or during festivals can further raise this monthly food budget. Despite being occasional, such expenses add up quickly, often exceeding the cost of annual life insurance premiums. While it’s essential to splurge once in a while, it’s also vital to ensure that you invest in life insurance, since it can help secure the future of your family.
A Couple of Movie Dates
With new blockbusters hitting the big screens every weekend, it’s tough to resist the temptation to head out to the movies with your family whenever possible. Say you have a family of three, and you take the time out to visit the theatres for a couple of movies each month. In this very plausible setup, the relevant expenses could come up to around ₹1,000.
Multiplex rates in metro cities, especially for weekend shows, can push that number even higher. These entertainment costs, while fun, are recurring, unlike a life insurance premium that pays back in the form of long-term security. For just as much, you can also invest in a term life plan.
Personal Grooming
Personal grooming is another essential expense that might just exceed the cost of life insurance for most people. These expenses include everything, right from the money spent on grooming merchandise like cosmetics and hair care products to the monthly visit to a parlour to spruce up your look. In metropolitan cities, these indulgences can often be more expensive than the most affordable life insurance plan.
A single salon session can cost ₹1,000 or more, particularly for haircuts, facials, or spa treatments. Multiplied across a few family members each month, this adds up to a substantial recurring cost, often more than basic term insurance.
One Quick Meal Delivered Daily
With working hours growing increasingly longer, most people find that it’s not possible to enjoy a home-cooked meal three times a day. And with the luxury of having meals delivered right to your doorstep, it can often be the easier option. A quick calculation reveals that even if you have just one meal (at a nominal ₹200) delivered daily, you could be spending as much as ₹6,000 a month.
Add in delivery charges, tips, and surge pricing during peak hours, and the amount can climb even higher. That’s enough to cover a full year’s premium for a basic term insurance plan for many individuals.
A Wardrobe Update
Depending on the number of people in your family and the stores you typically shop at, a wardrobe update for you, your spouse, and your kids could cost ₹5,000 or more. In some cases, it could go even higher when you factor in the cost of having your clothes tailored. The good news is that life insurance can be purchased for only a fraction of this cost, and it helps you reap much larger benefits in the long run.
Fast fashion trends and impulse shopping often drive up costs without long-term value. In contrast, life insurance offers long-lasting financial protection, often for less than the cost of a single shopping spree.
Conclusion
Clearly, the cost of life insurance isn’t as highas it’s often believed to be. In exchange for affordable premiums, most life insurance plans offer you a life cover worth lakhs or crores of rupees. Needless to say, that’s a sizable financial safety net for your family to fall back on in case something untoward happens to the primary breadwinner.
The iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers comprehensive coverage at inexpensive premium rates. You also get to add your spouse under the same plan to enjoy enhanced coverage. You can benefit from utmost flexibility by way of flexible premium payment options, coverage options, and built-in riders. So, set aside the necessary amount each month and invest in a life insurance plan today.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
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Life Insurance - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Family Shield: Enhanced Protection
iSelect Smart360 Term Plan
- 3 Plan options
- Life cover till 99 years
- Steady income benefit
- Block your premium at inception
Start Young, Pay Less, Stay Secured
Young Term Plan
- Life cover till 99 years
- Coverage for spouse
- Block your premium rate
- Covers 40 critical illness
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
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