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Here's Why You Should Plan A Legacy for Your Future Generations Now

dateKnowledge Centre Team dateJanuary 13, 2021 views248 Views
Here's Why You Should Plan A Legacy for Your Future Generations Now

As parents, you don’t have a choice when it comes to leaving a legacy. Like taxes and death, legacy is also a fact of life. The way people, more importantly, your children and grandchildren remember you will become your legacy.

However, you can choose the kind of legacy you leave. You may want to leave behind a much better world than you had for your children. You may want to leave behind a mission for life, or a pool of wealth.

But like anything great in life, a great legacy will need planning and clarity of vision. You can define your legacy for your family, and work towards it. You can even ensure this legacy with the help of a term insurance plan.

What is a Legacy?

Legacy is made up of different aspects of life mixed in different ratios. The aspects, while common, are usually mixed in unique quantities for everyone. These three major aspects are as follows in the order of their value in life:

  • Goals and Vision

    Hardest to achieve, but can redefine the existence for many generations to come. Few examples could be a successful business enterprise, charity foundation, any other service to the public.

  • Memories

    This is rather common, however, may not stand very favourably all by itself. Add this with life’s vision or wealth, and suddenly memories gain a lot more value for the next generations.

  • Wealth or Estate

    Easiest to acquire, hardest to hold, yet, the most practical gift of all for the next generations. However, without the first two, this may just be like the gain from lottery winning. This is also that part of your legacy which is important and may need a long-standing plan.

Why Start Now?

Like any other great things, a great legacy is not just an accidental find, it is a long-held and meticulously followed plan. All of this requires time, and since you don’t know what will happen next, it’s better to start early.

Whether you plan to leave a life-changing goal, memories or wealth, you cannot expect any of this to popup at your deathbed.

Plus there are other reasons for you to start early. We would cover the aspect of wealth as a legacy and how you can ensure that you can leave one. However, other legacies need to become your life.

Ideally, it should have been your life already. However, as they say, the best time was 10 years ago, the second-best time is now.

How To Ensure Legacy of Wealth?

One way is to save and invest in a wealth goal. Once you have achieved the corpus you aimed for you to preserve it until the next generation is ready. However, at the beginning of your career, it’s difficult to imagine and even spare money towards a goal which is so far-fetched.

But, if you can achieve your wealth legacy as a complementary goal, it’ll not only be easy but you may not even need a separate plan. This is possible with the help of whole life term insurance plans like iSelect Star term plan from Canara HSBC Oriental Bank of Commerce Life Insurance.

What is Whole Life Term Insurance Plan?

A whole life term plan is a term plan with longer than the usual tenure of cover and provides all the benefits of a term insurance plan.

For example, the whole life option of iSelect Star term plan continues to provide life cover to you till the age of 99. Meaning, the pay-out for the death benefit is almost certain.

Pay Till 60

Also, the iSelect Star term plan gives you the option to pay all the premiums within your working years. Thus, if you purchase the whole life option of iSelect Star term plan at the age of 30, you can pay all the premiums till the age of 60. This option is available as pay till 60 under the plan.

Joint Life Cover Option

When you are planning to leave a legacy for your children or grandchildren, why leave your spouse out of this plan. You can make her a part of your legacy plan by adding her to the same cover, even if she does not have a direct income.

Return of Premiums

The whole life option of iSelect Star term plan creates your legacy almost free of cost. You will receive all the premiums you have paid till the age of 60 back if you survive the term. However, the policy will continue without any extra premium needs.

Regular Income Pay-Out Option

You can also add a unique way to pay the legacy amount at zero additional cost. Select a part of the benefit amount to be paid as a regular monthly income. Generally, estate planners would ask you to create a trust and allocate the benefit money to it for a regular income to your nominees.

However, this whole life term plan takes away the need to undertake this complex process and simply provide a safe monthly income.

Other Benefits with iSelect Star Term Plan

iSelect Star is a term life insurance, and thus offers more than the option to leave a legacy for the next generations. The plan also covers you for several life-threatening illnesses, like cancer, heart attack, renal failure, etc. while you are alive.

This critical health cover is an inbuilt feature of the plan. The final benefit pay-out may happen upon the diagnosis of any of these diseases in the applicable stage of progress.

Thus, the iSelect Star term plan not only gives you the opportunity to fulfil your legacy goals but also provides for the basic safety needs of your family too.

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Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
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