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Prepare for Each Twist in Life the Best Way with a Term Insurance Plan

dateKnowledge Centre Team dateAugust 20, 2021 views114 Views
Term Insurance Plan | Buy Best Term Life Insurance

A term insurance plan is a small yet important part of your overall financial wellbeing plan. Term insurance along with other insurance plans and investments forms the safety grid for your family. It is this safety grid that they will rely upon when they need to start again without you.

However, death is not the only situation you need to prepare for in life, and not all the events are negative. Life is usually a mix of positive and negative events and while you need to protect yourself from negatives, you need to ride the positive ones.

Positive & Negative Twists in Life

When we talk about uncertainties in life, it does not always mean negative ones. Life is full of twists and below are some of the positives and negatives twists in life:

1. Marriage

Marriage is one such life event that everyone knows will come at some point in life. No one knows when it will come. Once it comes, it adds additional responsibility to you. You can take care of your spouse under all circumstances if you have a term insurance plan with you.

Learn why you should buy a life insurance policy after marriage.

2. Child Birth

When you have children, it is not only about meeting their day-to-day needs. It is also about securing their future - preparing for their education and marriage. You save for years to give them the best possible education. However, if something happens to you, the only way they can still get a good education is if you have term insurance.

3. First Home Purchase

Home is an essential goal in life. Also, this is one of the largest financial goals after retirement. So, whenever you happen to take ownership of your house, you are changing your financial and life situations dramatically. More so if you buy the house property on loan.

4. Illness

No one likes to have this twist in their life. Illnesses always come without knocking at your door, and if you are unprepared for it, it can financially ruin you and all your dreams.

5. Disability

Just like illness, another life event you don't want to go through. In case you are stuck with a disability, it will be tough for you to continue working, and if you are the only breadwinner of the family, the things you have planned for your loved ones will be doubtful and have a question mark.

6. Death

No matter how well you plan to secure the future of your family, if you die, their future becomes uncertain. Your death will not have an emotional impact on your family but also a financial impact. It is not much you can do about the emotional impact. You can certainly take care of the financial impact your death will have on your family.

One way to be prepared for all these twists of life is by having term life insurance. Term plan comes with a number of benefits and features that can take care of the above twists in your life.

Four Features of Term Insurance Plan That Makes a Difference

1. Increasing Cover

A term insurance plan gives your nominee a lump sum amount (sum assured) on your death. As your responsibilities (dependents) increase, the sum assured should also increase in the same proportion. A term insurance plan takes care of this aspect for you. For example, you are unmarried, and you may think a term plan of Rs 50 lakh sum assured is enough. However, when you get married, the same amount will not be enough. Similarly, when you have children, you will need an even higher cover amount.

Canara HSBC Life Insurance term insurance plan takes care of this situation. You can have a total of three increments under the same term plan:

a) Marriage
b) Childbirth
c) Home purchase

Alternatively, you can also choose the option to automatically increase your life cover every year. This option takes away the need to put extra effort to get your life cover to keep up with your life.

2. Additional Sum Assured For Accidental Death

A breadwinner’s accidental death is known to cost a lot more than just their income. Often, the family has to spend a part of the savings in treatments, and recovery of the body. Thus, adding an optional sum assured that will fulfil the family’s expenses in the case of accidental death is a good choice.

So, if you die due to an accident, the beneficiary can receive a higher amount as the sum assured with only a slight increase in premium.

3. Accidental Disability

You can go through permanent or partial disability in life. A term insurance plan gives you the option to take on riders to cover such a life situation. If such a situation occurs, the beneficiary receives the sum assured to take care of your medical needs and family's monthly needs. Canara HSBC Life Insurance iSelect Smart360 Term Plan has an additional feature - in such an event, all your future premiums are waived off, completely.

4. Regular Income Payout Benefit

If death is a negative twist in life, living a healthy life is also something you should be prepared for. A term insurance plan takes care of it. Upon maturity, you can have an option to avail return of premium benefits. You can use this for some of your unfulfilled dreams. You can choose how you want to receive the payment - monthly, yearly, half-yearly, or yearly.

Term insurance is one of the best ways to prepare for each twist in life. It is built such that you don't have to worry about a specific twist, it takes care of most of them.

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Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance 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 Smart360 Term Plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Smart360 Term Plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

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 when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Smart360 Term Plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

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, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan 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 plan 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 insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan 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 insurance 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 the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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