7 Everyday Things That Cost More Than iSelect Smart360 Term Plan

Written by : Knowledge Centre Team

2025-09-22

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Term insurance is a kind of insurance policy that offers coverage for a specific term or period of years. It is an affordable and simplified policy where, in the unfortunate event of the insured’s demise, the benefits are paid to the nominee.

The premium for sum assured of ₹1 crore for a 40-year-old healthy non-smoking male, paid for 20 years, is over ₹800 per month and a little over ₹9,000 per year, exclusive of GST and cesses, wherever applicable. For a smoker, the premium goes up from ₹800 to ₹1,000.

For healthy women of the same age who are also non-smokers, that amount comes down further to approximately ₹650 per month and ₹7,300 annually over a 20-year term.

The younger you are, the lower the premiums are. If you are a 30-year-old woman with all the other criteria the same as above, your premium is a mere ₹4,616 annually and ₹415 monthly.

Before you think insurance is expensive, consider this:

Many everyday indulgences, from pizza nights to parlour visits, can cost more than a term insurance premium. Let’s see how.

Key Takeaways

A ₹1 crore term plan can cost as little as ₹400–₹800/month, depending on age, gender, and health.
Common lifestyle expenses, such as pizza, movies, coffee, and cosmetics, often exceed monthly premiums.
Starting early lowers your premium significantly.
The iSelect Smart360 Term Plan offers options for joint life cover, short premium payment terms, and added riders.
Choosing insurance over instant indulgence is a small shift with a big impact on your family's financial future.

Pizza on a Friday night

Two medium-sized pizzas, even with discounts, can cost you ₹ 400 at the lower end. If a family were to order pizzas on Friday night, you could easily spend anywhere upwards of ₹ 1,000 - much more than your monthly term insurance premium. And we are talking of one night a week. If you were to order in over two weekend nights, you can pay the premium of your term insurance for anywhere two or three months.

Movie tickets

A couple watching a movie over the weekend could mean upwards of ₹ 600. Throw in popcorn or a soft drink, and the costs will go over ₹ 1,000. If a family of four were to head to the movies at a multiplex, your tickets could be upwards of ₹ 2,000, and the snack bill, even at a conservative estimate, could cost you another 800-100. Now, if you were to buy term insurance for a sum assured of ₹ 1 crore, and pay a monthly term insurance premium, your one week’s movie tickets could enable you to pay.

Parlour visit

A basic haircut for women at a good salon costs upwards of ₹1,000, while a regular manicure and pedicure treatment could cost you another ₹1,000. Even if you were to choose only one of these every couple of months, you could be spending a fair amount. Throw in nail art or other makeup services from time to time, and you spend even more than your premium for a month.

Gym membership

Even a budget gym with basic facilities in the neighbourhood can cost you more than ₹8,000 annually. If you choose a more well-known gym, the annual membership can be upwards of ₹ 15,000. An annual premium is hardly an issue when compared with the money spent on the gym.

Cosmetics

The range of cosmetics one uses can vary from personto person but think of all the cosmetics a couple might use and do the math: lipsticks, mascara, eyeliner, nail paint, perfumes, deos, hair cream, gels, et al. A lipstick could cost anywhere upwards of ₹200 and go beyond ₹2,000 or even higher. So, even if you buy two cosmetic products in a family of two, you have spent more than your monthly term insurance premium.

A Stopover at a Coffee Shop

Whether you are catching up with your colleagues over coffee, networking with clients, or hanging out with friends or family, stopovers at coffee shops happen every now and then. A cappuccino can cost anywhere over ₹100 at your neighbourhood coffee shop, but if you choose one of the bigger international chains, it could be double that. Add a sandwich, and the cost goes up further. If you have two to three people with you, you have spent your month’s term insurance premium effortlessly over one visit.

Dairy

A one-litre pouch of milk could cost upwards of ₹35. Yoghurt or curd could also be upwards of ₹50 for a litre, depending on the brand. Even considering you use only one litre of the two, and taking the lowest prices, you could be spending over ₹2,500 on milk and curd. These two everyday things are consumed by practically everyone and can’t be avoided. Add butter or cheese, and the price of dairy can shoot up. A basic cheese chiplets pack of eight cubes could cost upwards of ₹100, while 500 grams of butter can cost upwards of ₹225. Now, even if you were to use these two sparingly, the costs of dairy will increase by over ₹3,000. Now think of your monthly term insurance premium, and you get the answer!

Why iSelect Smart360 Term Plan is a Smart Choice

Term insurance, as depicted in these examples above, is extremely affordable. With the iSelect Smart360 Term Plan by Canara HSBC Life Insurance, you can choose multiple options for premium payment, including a short tenure, ie, for 5 or 10 years. You can also select options like whole life coverage and cover your spouse under the same policy. There are additional riders that offer greater coverage, including accidental death benefit or child support benefit you could choose from. Pick a plan that’s best for you and keep your family safe!

How Delaying Term Insurance Can Cost You More?

When it comes to term insurance, time is truly money. One of the most overlooked aspects of buying a term plan is that the younger and healthier you are, the lower your premium will be. The same ₹1 crore term cover that costs a 30-year-old non-smoker just ₹415/month could cost a 40-year-old around ₹800/month, almost double.

That’s not just a small monthly difference; it adds up to a substantial cost over the entire policy term.

Let’s Compare:

Age at Entry	Monthly Premium (₹)	Annual Premium (₹)	20-Year Total Premium Paid (₹)
30 years (Non-smoker, female)	₹415	₹4,616	₹92,320
35 years (Non-smoker, female)	₹520	₹6,000 (approx)	₹1,20,000
40 years (Non-smoker, female)	₹650	₹7,300	₹1,46,000
40 years (Non-smoker, male)	₹800	₹9,000	₹1,80,000
40 years (Smoker, male)	₹1,000	₹12,000	₹2,40,000

Note: These figures are indicative and rounded off for ease of understanding.

As shown above, the difference in premium between buying at 30 vs. 40 is not just a few hundred rupees a month; it’s tens of thousands of rupees over time. And for smokers or those with health issues, the premiums can rise even more steeply.

Why the Delay Costs You?

Higher premiums: The older you are, the more risk you carry for insurers.
Health risks increase with age: Any health condition you develop in the meantime could lead to higher premiums or rejection of the application.
Financial burden: A delay means you end up paying significantly more for the same cover, or worse, compromising on cover later due to affordability.
Lost peace of mind: The longer you wait, the longer your family remains financially unprotected.

The Smart Move: Start Early

Buying a term insurance plan early in life is one of the smartest financial decisions you can make. Not only do you lock in a significantly lower premium, but you also secure long-term financial protection for your loved ones from the very beginning. Since premiums rise sharply with age and health risks, starting early ensures you pay much less over the policy term, sometimes saving you tens of thousands of rupees. A 30-year-old non-smoker, for instance, may pay almost half of what a 40-year-old would for the same ₹1 crore cover. And the best part? Once your policy is issued, the premium remains fixed for the entire term, regardless of any future changes in your health or market rates.

More importantly, buying early brings immediate peace of mind. Life is unpredictable, and term insurance ensures that your family is financially protected in your absence, whether it’s to pay off loans, maintain their lifestyle, or secure your children's future. It’s a small monthly commitment, often less than the cost of a weekend outing, but it safeguards your family’s future for decades.

Starting early also gives you the flexibility to plan better for other goals over time, without the burden of rising insurance costs. So, don’t wait! What seems like a minor decision today can become your family’s greatest financial shield tomorrow.

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.