10-everyday-expenses-that-may-cost-more-than-life-insurance

10 Everyday Expenses that may Cost more than Life Insurance

A comparison of everyday expenses and life insurance costs to show how regular spending adds up.

Written by : Knowledge Centre Team

Reviewed by : Jasmeet Bedi

Jasmeet Bedi

Insurance expert

2025-12-16

972 Views

5 minutes read

Exit Pop Up

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid
Mobile Number is required Mobile Number should be Valid
DOB is required DOB should be Valid
Annual Income is required
Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

In recent years, India’s working millennials have woken up to the importance of investing early on in their careers. While this is a positive development, it’s also accompanied by the fact that life insurance is often not preferred by most eager investors keen on taking their first steps into the world of investments. And one of the primary reasons many 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 Rs. 3,000 per month. Term life insurance is even more affordable, with premium rates as low as Rs. 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

  1. Your petrol expenses- Petrol prices in most cities in India have been shuttling between Rs. 75 and Rs. 80. Say you shuttle between work and home through an average of 10 to 20 kilometers each day. That could easily take your petrol bills up to Rs. 1,000 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.
  2. Taking the public transit- If you opt to take the public transit in an attempt to bring down your petrol costs, you could save up quite a bit. However, the cost of taking public transit every day could still exceed the premiums charged by an average term life insurance plan. The monthly passes in metro trains often go up to Rs. 2,500 or more. And without a monthly pass, the costs of taking the local transport could add up to a lot more.
  3. A cappuccino-to-go before work each day - If you’re a coffee lover who loves to grab a cup of cappuccino or a caffe 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 caffe latte from Starbucks comes up to Rs. 200. Take a Starbucks cappuccino to-go each morning, and you’ll have to shell out at least Rs. 4,000 each month. A life insurance plan can be more affordable than this price tag.
  4. 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 Rs. 1,200 or more.
  5. Those 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 Rs. 1,000 to Rs. 2,000 each month to gain access to the gym’s facilities. Interestingly, a life insurance plan can be just as affordable in most cases.
  6. 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 Rs. 3,000 at one go. Even in a mid-range restaurant designed to cater to families, a meal for three could cost at least Rs. 700. And 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.
  7. 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 theaters for a couple of movies each month. In this very plausible setup, the relevant expenses could come up to around Rs. 1,000. For just as much, you can also invest in a term life plan.
  8. 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 parlor to spruce up your look. In metropolitan cities, these indulgences can often be more expensive than the most affordable life insurance plan.
  9. 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 Rs. 200) delivered daily, you could be spending as much as Rs. 6,000 a month.
  10. 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 as much as Rs. 5,000. 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.

Conclusion

Clearly the cost of life insurance isn’t as steep as 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.

Canara HSBC offers a comprehensive coverage iSelect Smart360 Term Plan 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.

Recent Blogs

Why Life Insurance for Women Is Crucial This International Women’s Day?
07 Mar '26
125 Views
7 minute read
On International Women’s Day 2026, understand why life insurance for women is essential to secure financial independence, protect families, and plan for long-term stability.
Read More
Life Insurance
What is the Principle of Contribution in Insurance?
05 Mar '26
1713 Views
7 minute read
Understand the principle of contribution in life insurance and how it applies to your policy. Explore insights from Canara HSBC Life Insurance to safeguard your financial future.
Read More
Life Insurance
5 Reasons Your Life Insurance Application May Be Rejected
27 Feb '26
2612 Views
7 minute read
Learn the top 5 reasons why a life insurance application may be declined, including medical history, incorrect details, financial risks, and underwriting concerns.
Read More
Life Insurance
Key Features and Benefits of Life Insurance in India
27 Feb '26
1417 Views
13 minute read
Understand the key features and benefits of life insurance in India, including financial protection, tax advantages, savings options, and long-term security.
Read More
Life Insurance
How Life Insurance Protects Families Facing Rare Health Conditions?
27 Feb '26
26 Views
8 minute read
Learn how life insurance helps families facing rare health conditions maintain financial stability through income protection and long-term planning support.
Read More
Life Insurance
Life Insurance Payout Process: How It Works in India?
26 Feb '26
897 Views
5 minute read
Understand how life insurance payouts work in India, including claim settlement process, payout options, timelines, and nominee payment methods.
Read More
Life Insurance
Buying Life Insurance for Someone With a Critical Illness
22 Feb '26
895 Views
7 minute read
Covers eligibility, underwriting considerations, and factors involved when purchasing life insurance for someone with a critical illness.
Read More
Life Insurance
How do I Surrender my Life Insurance Policy?
18 Feb '26
889 Views
6 minute read
Learn how to surrender your life insurance policy, reasons not to, required documents, and whether you can surrender your term plan with Canara HSBC Life Insurance.
Read More
Life Insurance
Where Life Insurance Companies Invest Your Premiums in India?
17 Feb '26
2427 Views
10 minute read
Discover how insurers invest policyholder premiums across bonds, equities and government securities to ensure stability and returns.
Read More
Life Insurance

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