How to Choose the Right Term Plan Online? A Complete Guide

Written by : Knowledge Centre Team

2026-02-08

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5 minutes read

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Life insurance is one of the most important investments one can make, owing to the protection it offers to the dependents of policyholders. With a life insurance policy in place, policyholders can rest assured that their family will be well looked after and will continue to enjoy the same standard of living that they currently do, even if they are no longer around.

While there are many different kinds of life insurance policies available for customers, term insurance is considered to be the most affordable option. The most distinctive benefit of a term insurance policy is the high sum assured that comes at nominal rates. One doesn’t have to compromise on coverage to avail of low premium rates. In addition to that, term insurance is one of the purest and most simplified insurance products and can be availed of by anyone, regardless of financial acumen. In this blog, we’ll walk you through how to choose the right online term insurance plan.

Key Takeaways

iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers substantial financial coverage at affordable premiums, making it accessible to all income groups.
The plan allows you to customise your coverage, policy term, premium payment schedule, and even the payout structure to match your life stage and financial comfort.
In a term plan, you can increase or decrease your sum assured over time or at key life milestones.
You can boost your base plan with riders like Accidental Death Benefit, Child Support Benefit, and Permanent Disability Cover for all-around protection.
With the iSelect Smart360 Term Plan by Canara HSBC Life Insurance, you can enjoy tax savings under Sections 80C and 10(10D) of the Income Tax Act.

What Makes Term Insurance an Ideal Choice?

Term insurance stands out as one of the most practical and cost-effective forms of life insurance. Designed purely for protection, it offers a high sum assured at comparatively low premiums, making it ideal for individuals seeking comprehensive financial security for their families. This affordability allows even young professionals, early earners, and new parents to opt for significant coverage without straining their budgets.

What further adds to its appeal is the simplicity of the product; it does not include any investment component, which keeps it transparent and easy to understand. You pay a fixed premium for a chosen term, and in the unfortunate event of your demise during that period, your nominee receives the full sum assured. This straightforward structure makes term insurance a reliable and essential safety net for anyone with financial dependents.

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What Makes a Great Online Term Plan?

When choosing a term plan online, consider the following key features:

High Coverage at Low Cost
Flexibility in Policy Terms and Riders
Customisation Options
Simple Buying Process
Claim Settlement Record
Tax Benefits
Add-on Covers or Riders

How to Choose the Right Online Term Insurance Plan by Canara HSBC Life Insurance?

Choosing the right online term insurance plan is crucial to ensure your family’s financial safety in your absence. With many options available in the market, it’s easy to get overwhelmed. Here are the key factors you should consider before buying one:

Choose the Right Coverage: Estimate the sum assured by factoring in debts, daily expenses, future goals, and inflation. Aim for 10–15x your annual income.
Pick a Suitable Policy Term: Choose coverage until retirement, age 99, or for your entire life, based on how long your family may depend on you.
Select a Convenient Payment Option: Pay regularly, in limited terms (5–25 years), till age 60, or as a one-time premium; whichever suits your income flow.
Add Your Spouse: Include your spouse under the same plan at discounted rates, making it cost-effective and easier to manage.
Enhance with Riders: Add extra protection through riders like:
- Accidental Death Benefit
- Child Support Benefit
- Disability Cover

These are useful for added financial security.

Opt for Dynamic Coverage: Increase your cover by 5% annually (up to 200%) or choose decreasing coverage if your liabilities reduce over time.
Decide Payout Structure: Choose between:
1. Lump sum
2. Monthly income
3. Combination of both

Pick what best suits your family’s comfort and needs.

Use Online Tools: Leverage premium calculators available on the Canara HSBC Life Insurance website and online support to explore plans, compare features, and make a smart choice.
Avail Premium Discounts: Enjoy lower premiums if you:
1. Are a non-smoker
2. Are female
3. Choose a higher sum assured
4. Add your spouse
Understand Policy Exclusions and Terms: Even the best policy has limitations. Be sure to:
1. Read the policy document
2. Understand exclusions (e.g., suicide within 12 months)
3. Clarify terms related to riders, waivers, or missed payments

Why Choose iSelect Smart360 Term Plan by Canara HSBC Life Insurance?

The iSelect Smart360 Term Plan from Canara HSBC Life Insurance offers a number of benefits to policyholders at affordable rates. Read on to learn about what makes the iSelect Smart360 Term Plan offered by Canara HSBC stand out.

Inexpensive Rates: The iSelect Smart360 Term Plan by Canara HSBC Life Insurance is available at premiums that are inexpensive and will not prove too costly, even in the long term.
Flexibility: The plan offers enormous flexibility in coverage. With this plan, you can choose and customise the coverage the plan offers, the regularity of premium payment and even the payouts made to beneficiaries.
Short-term or Long-term Coverage: With this plan, you can choose to get coverage for your entire lifetime or for a limited period of time, as per your financial needs.
Enhanced Coverage with Riders: With the iSelect Smart360 Term Plan by Canara HSBC Life Insurance, you can get enhanced coverage through riders such as the Accidental Death Benefit, Child Support Benefit, Accidental Total, and Permanent Disability Benefit, all of which offer protection against a range of conditions and ensure that your dependents are well looked after.
Spousal Coverage: The plan can be customised to include coverage for your spouse, too. What’s more, you can enjoy discounted rates while including your spouse under the same plan.
Flexibility in Premium Payments: The iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers a range of flexible premium payment options to the policyholder. You can choose to pay for the entire term of your policy with a single bullet payment, or you can opt to pay only when you’re a part of the workforce, which means you no longer need to pay premiums after you have turned 60 years of age. Additionally, premium payment terms also include the choice to make payments for a limited duration of either 5, 10, 15, 20 or 25 years, depending upon your personal and financial convenience.
Flexibility in Payout Options: The plan also offers policyholders the freedom and flexibility to decide how payouts will be made to their dependents and nominees, post their death. As a policyholder, you can choose whether you want your nominees to receive the entire sum assured in one go as a lump sum amount or as a monthly income. With the monthly income option, the lump sum amount will be split into smaller instalments, which are paid to one’s beneficiaries at monthly intervals. You can also customise the plan and let your nominees receive part of the sum assured as a lump sum amount while the rest is paid out at monthly intervals.
Customisable Coverage: While most life insurance policies set in place the amount of the sum assured well in advance, term insurance offers the advantage of that being altered from time to time. With an iSelect Smart360 Term Plan, you can easily augment your coverage at any three key milestone moments in your life. You can also choose to increase or decrease your coverage periodically. With increasing term insurance, your sum assured increases at a rate of 5% every year and culminates in a 100% increase from the original sum assured at the end of the policy period. With decreasing term insurance, your sum assured decreases at a predetermined pace each year.
Incentives: The plan offers discounts for premiums paid towards policies that offer a higher Sum Assured amount. Discounts are also offered for female policyholders and non-smokers.
Tax Benefits: In line with the Income Tax Act, 1961, there are several tax benefits available on payment of premiums towards term insurance and also during disbursal of the sum assured.

Conclusion

Term insurance is a great tool for those looking to ensure protection for their family, long after they are gone. The iSelect Smart360 Term Plan, by Canara HSBC Life Insurance, is ideal for those looking for personalised and affordable coverage solutions for their families.

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.