Written by : Knowledge Centre Team
2025-09-20
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11 minutes read
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With the auspicious festival of Raksha Bandhan just around the corner, it’s time to ensure your beloved siblings and their loved ones are protected and safe. Considering today’s sedentary and stressful lifestyles, the risk of falling prey to various ailments is constantly present. Therefore, what can be a better gift than a comprehensive Insurance Cover to keep your promise of protection and safety?
The consensus around Life insurance is that it is for men, since they are the bread earners of their family. Unfortunately, the perception remains the same even now when women work and earn for their families too. This Rakhi, ditch the traditional chocolates and cash for a truly caring gift that will ensure your dearest sister is free of financial and emotional stress. While there are several investment options to pick from, here are some of the best insurance plans that you can consider:
- Term Insurance Plan: Help your sibling invest in a life insurance policy for the financial security of their family. You can choose to opt for a Term Insurance plan, which is the simplest form of life insurance. Look into an online term plan like Canara HSBC iSelect Smart360 Term Plan that offers a minimum sum assured of Rs.25, 00,000, along with the option of getting a cover for your spouse as well. What’s more? You can also choose to increase your life cover with changing life stages.
- Unit Linked Insurance Plan (ULIP): Unit Linked Insurance Plans combine the benefits of insurance and investment. A ULIP splits into two parts - one goes towards providing you an insurance cover and the other is invested in the financial markets. As the returns are linked with the performance of the market, they generally turn out to be much higher than the earnings obtained from most other investment options. ULIP plans for women are ideal to save for ones long term goals, simultaneously ensuring you’re protected under an insurance cover.
- Tax Saving Plan: As you go about searching for the best life insurance policy for your sister/ brother, you may want to consider several important factors such as the premium amount that fits in your budget, tenure of plan, expectations for sum assured, cover type, and the mode of buying. However, tax-saving is another important factor that makes Term Insurance Plans and ULIPs great options for working individuals.
- Health Insurance Plan: Medical costs are rising every day and a health insurance cover is vital to ensure protection against sudden medical, accidental and surgical expenses incurred due to injury or illness during a specified tenure. Gift your beloved sister or brother a health insurance cover for easy access to the best treatment as well as peace of mind during tough times.
Other Tools for Financial Safety and Security:
With women matching up with men in every field, it is a great idea to ensure your sister moves towards financial freedom. After all, uncertainties are a part of life and being prepared is the best way to evade them. As a friend and financial advisor to your sister/brother, you must help them ensure that their funds don’t lie idle in a savings account, when they can be invested to earn a profitable interest. Apart from helping them invest in an insurance plan, as a responsible sibling, you can help your siblings build up a corpus in other saving plans. Money can be safely invested in fixed deposits, public provident funds, and pension funds, to name a few. Investing in real estate can also be a safe way to secure ones financial needs for the future.
This day of Raksha Bandhan strengthens the brother-sister bond like no other. Let this Rakhi be different, make it about health and wellbeing of your most lovable siblings. This year, as you pledge to look after your sister or always protect your brother, also think about family members and secure their financial future.
Have a love-filled Rakhi!
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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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