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Term Insurance for A Stress-Free Future

Term Insurance for A Stress-Free Future

A term plan is basically a contingency plan that goes into action and takes care of your family’s finances if something happens to you when they are most vulnerable. India Spend has reported that 988 million Indians do not have life insurance - and the ones that do, are not adequately prepared. The insurance policyholders are under-estimating the impact of a financial emergency - India Spend has reported that insurance policyholders won’t be able to cover more than 90% of the unexpected costs of an emergency.

Such alarming facts amplify the need for term insurance now more than ever. Term insurance comes with a unique set of benefits that can help policyholders financially secure their future:

Affordability: Term plans come with affordable premiums and are built on the insight that your loved ones are more vulnerable at particular periods in their life. Term plans, therefore, let you buy protection for your family for a limited - and relevant - period of time. Unlike Whole Life Insurance, they do not stretch to the end of your life. They only provide cover for the term specified in the contract.

High Sum Assured: A term insurance plan, while providing you with utmost affordability, also gives you the benefit of a high sum-assured. Some term plans even offer policyholders a sum assured as high as Rs. 1 crore and above.

Tax Benefits: By opting for a term plan, one can help reduce their tax burden considerably. If you opt for the old taxation regime of 2019, which still offers deductions and exemptions, your term insurance premiums and payouts can be eligible for tax benefits.

  • Under Section 80C of the Income Tax Act, you can avail of deductions of up to Rs. 1.5 lakhs on the premiums you pay towards your term insurance policy.
  • Under Section 10(10D) of the Income Tax Act, the payout received from a term insurance policy is exempted from taxation. In order to be eligible for this benefit, the premiums paid should not exceed 10% of the sum assured.
  • If you opt for a medical rider (Critical Illness, Surgical Care etc), you can avail further tax deductions under Section 80D.

Flexible Coverage: Term insurance plans can be tailored to one’s financial requirements. One can even tailor the coverage offered under such plans. The three broad types of coverage on offer are:

  • Increasing Coverage - Under such plans, the life insured can increase the coverage annually. This kind of plan is suitable for those in the early stages of their life, who might face an increasing amount of liabilities as they age.
  • Decreasing Coverage - Under such plans, the life insured can decrease the coverage annually. Such plans are suitable for those with liabilities that will decrease over a period of time.
  • Level Coverage - Under such plans, the amount of coverage stays the same, throughout the policy tenure.

Flexible Payout Options

Term plans offer flexible payout options like the following:

  • Lumpsum: You can obtain the full sum assured at once if some heavy expenses are looming large.
  • Lump Sum + Monthly payouts: You can choose to obtain 50% of the sum assured as an upfront lump sum, and the remaining 50% as a monthly payout. The monthly payouts act as a salary replacement and help you budget better.
  • Only monthly payouts: You can forgo the lump sum and choose to receive only monthly payouts - this is suitable for families that are not particularly financially-savvy.


Beyond the baseline plan, you can also opt for additional protection by way of built-in riders. In addition to your pre-determined sum assured, you get a sum of money on diagnosis/declaration of a specific situation. Some of the riders available are:

  • Accidental Death Benefit Rider
  • Accidental Total Permanent Disability Benefit Rider
  • Child Support Rider
  • Surgical Care Rider
  • Critical Illness Rider
  • Hospital Care Rider


A term plan is a vital addition to any working person’s financial plans. They are flexible, come with affordable premiums, and provide long-lasting protection for the ones you love. A term plan protects your families from unpredictable financial emergencies. One such term plan that is tailor-made for you and your loved ones is the iSelect Star Term Plan from Canara HSBC Oriental Bank of Commerce. The iSelect Star Term Plan offers extensive protection at premiums that fit everyone’s budgets. You also benefit from flexible premium payment options, joint spousal cover, 4 different riders available and return of premiums benefit!

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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 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 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 Star is a 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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