Term Insurance Plan: A Smart Financial Move for a Secure Future

Written by : Knowledge Centre Team

2025-12-28

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5 minutes read

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We are living in a world where everyone is hustling. We intend on earning enough to provide for our families along with saving for the rainy days. But, is doing that sufficient to protect our families against life’s uncertainties? Financial responsibility is a topic most ignored. The world has evolved and gone are those days when men used to be the sole bread earner of the family. We have come a long way smashing the stereotyping by empowering women to take charge too. Whether you are the woman of the house, or the man – buying a term plan will assist you in creating a financial cushion against the unexpected blows. Being financially responsible can work wonders for your finances. Take the first step by securing the future of your loved ones with a term insurance plan.

Buying a Term Insurance Plan – A Smart Financial Move

Saving money is healthy for your financial plan, but not investing it in different investment avenues may backfire in the long run. Buying a term life insurance is worth it, as it is a reliable backup to your financial plan. iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers a host of benefits to the policyholders.

Listed below are a few benefits of the term plan to help you make the right decision:

Whole life cover: You can choose a whole life option that covers you for your entire lifetime or till you turn 99! The policy will stay in force throughout the life or as long as you pay the premiums. If the life assured under this option passes away, the nominee receives the sum assured.
Return of Premium: This is one of the most attractive features of a term insurance plan. Under this option, if the policyholder survives through the policy term, all the premiums will be paid back to them. However, if they happen to pass away in the middle of the policy term, the nominee will receive the sum assured.
Increase coverage option: The needs and requirements of your family may change over the years. Do you think your term insurance will be enough for managing your expenses? Did you take inflation into account while choosing the cover amount? If not, then shed your worries. With iSelect Smart360 Term Plan, you can choose to increase the sum assured in an existing plan to align with your changing life stages and goals.
Addition of spouse in same policy: If you have tied the knot recently, then give your partner the gift and promise of a secured tomorrow. Add your spouse in the same policy at discounted rates. This is especially beneficial for non-working spouse. Otherwise, most of the life insurance companies do not provide insurance to people who do not have an income.
Multiple premium payment option: Pay as per your budget and financial circumstances. You can choose to pay premiums for 5/10/15/20/25 years or you can also pay during your working years, i.e., till you turn 60. This will ease the burden of paying premiums in the future.

How much Term Life Insurance do you need?

Determining exactly how much life insurance cover you need may pose a challenge. You must take your income, monthly outgoings, assets and liabilities and a host of other factors into consideration to figure out the coverage amount. You can also use online calculator to know how much life insurance coverage you require.

How much coverage you can get depends on factors such as:

Age
Gender
Occupation
Existing Health Condition
Insurance History, if any

Knowing how much cover you may require will help you stay guarded on all fronts of financial shocks.

Protect Your Family with Affordable Term Insurance

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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.