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Conventionally, financial planning wisdom often includes family and dependents at its centre. However, it might not be the case for all of us, right? While independent living can simplify your approach, it would still have some unique considerations. Maybe the goals become more inclined towards asset protection, building a secure future, maximum savings, etc.
Therefore, exploring smart financial moves like investing in a term insurance plan, even with a thorough roadmap, can give you a fresh perspective. Let’s break down everything there is to know about a term plan and how we help you leverage its benefits.
Key Takeaways
Even without dependents, securing your future against medical emergencies, income loss, and retirement is crucial.
Term plans provide financial security, income protection, and tax benefits while ensuring long-term stability.
Return of Premium (ROP) and tax exemption on premiums make insurance a smart savings strategy.
Using the term insurance calculator simplifies decision-making, ensuring you choose the best plan for your needs.
Investing in term insurance early ensures financial freedom, stability, and peace of mind for the future.
Top 3 Smart Investments for Independent Individuals
Financial independence is empowering and it allows you to make decisions on your terms. You may chase that dream of living a lavish retirement or building a future that reflects your ambitions, etc. However, to achieve these goals comes the responsibility of securing your financial well-being.
Unlike traditional family-centric planning, as independent individuals, you would need investment strategies that align with their personal and professional goals.
Here are our top 3 future-ready investment choices that provide stability, protection, and long-term growth:
Term Insurance Plan: Independent individuals might assume life insurance isn’t a priority. However, term plans ensure your financial stability. By leveraging its types, you can cover your outstanding loans, secure long-term goals, and even enjoy tax exemption benefits. The premiums are also budget-friendly, thereby making this financial commitment a smart and safe choice.
Equity-Linked Savings Schemes (ELSS): ELSS provides a blend of market-linked returns and tax savings under Section 80C. If you're keen on wealth accumulation but want some tax relief, these funds should be your go-to choice. However, along with higher returns compared to traditional savings options, they come with higher risk due to market-based performance.
Retirement Funds: Being independent today doesn’t mean ignoring the future. Investing in retirement plans such as the National Pension System (NPS), mutual funds, or fixed deposits helps build a strong corpus for later years. With compounding benefits, even small investments today can turn into significant savings over time.
Begin securing your future
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Do Term Insurance Plans Help Fulfil Financial Goals?
Insurance, in general, is preferred by those who want to have coverage benefits. Speaking of financial goals, yes, it does that, too, but it requires getting insurance from a trusted company. Canara HSBC Life Insurance offers term insurance plans for individuals living with dependents or independently.
As an independent individual, here’s what you can expect from our term plan:
Income Protection for Future Stability: Your income fuels your independence, but life can be unpredictable. Whether it’s an illness, an accident, or a sudden career shift, having a backup ensures your plans stay on track. With a term insurance plan, you safeguard your income against uncertainties. This, in turn, gives you the financial confidence to take risks, switch careers, or even start your own venture without worrying about the ‘what-ifs.’
Smart Savings with a Safety Net: Do you consider insurance to be only about payouts after life’s unfortunate moments? Think again. With the Return of Premium option, you can get 100% of your premiums back on outliving the policy term. It’s a smart way to build a corpus while keeping yourself covered.
Built-in Critical Illness and Disability Benefits: When you’re independent, you don’t have the luxury of falling back on someone else’s income if a health crisis strikes. The iSelect Smart360 Term Plan by Canara HSBC Life Insurance offers optional critical illness and disability benefits. It ensures that you have the resources to manage medical expenses or even take a break from work if needed.
Customisable Coverage That Grows With You: Your financial needs evolve, and so should your insurance. This plan lets you increase your sum assured by 10% every year, ensuring that as your income and lifestyle expand, your coverage does, too. Whether it’s investing in property, planning an early retirement, or just enjoying financial security, your term plan grows with you.
Flexible Premium Payment: Want to pay once and be done? Prefer spreading payments on a monthly or quarterly basis? Term insurance plans offer single, limited, and regular pay options, so you can choose what suits your financial flow. There are no rigid structures to follow that can create a hassle.
Tax Benefits: Even without dependents, you can save big on taxes. Your premiums qualify for deductions under Section 80C, and the death benefits are tax-free under Section 10(10D). That’s more savings in your pocket, whether you use it for investments, travel, or future security.
Did You Know?
You can build your wealth up to ₹1-2 Crore with a term insurance plan. The key is to have an insurance company in your corner that carries years of trust.
Plan Smart with the Term Insurance Calculator
Making the right financial decisions starts with understanding your coverage needs. Whether you're looking for affordable premiums, adequate coverage, or customisable benefits. Getting a term plan shouldn’t feel like guesswork, and hence, our calculator makes premium calculation easier than ever. Our term insurance calculator is a user-friendly tool that will ease the process for you.
Here’s how:
Instant Coverage Estimation: No complex calculations, just quick and accurate results.
Personalised Premium Insights: Find a plan that fits your budget without compromising on benefits.
Customisation at Your Fingertips: Adjust coverage options and riders to match your unique needs.
Calculate Term Insurance Premium
A term insurance calculator is a useful online tool that helps you determine how much coverage you need based on your income, lifestyle, and family’s needs.
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50 Lakh
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To secure your family’s financial future and protect their dreams, you’ll need an additional cover of
The above calculation and illustration of figures are indicative only and not on actual basis.
Final Thoughts
Living independently offers unparalleled opportunities to excel in your professional life. However, when addressing your finances, you’d need to slow down and do some smart work rather than going full throttle on investing.
A smart term insurance plan like iSelect Smart360 Term Plan by Canara HSBC Life Insurance ensures that no matter what comes in life, you’re financially prepared.
So why wait? Plan today, secure tomorrow!
Glossary
Term Insurance Plan: A policy that provides financial protection for a specific period.
Return of Premium (ROP): A feature in some term insurance plans where policyholders receive back the total premiums paid on the policy term survival.
Critical Illness Cover: An additional rider that provides a lump sum payout if the insured is diagnosed with a serious illness.
Equity-Linked Savings Scheme (ELSS): A type of mutual fund investment that provides market-linked returns and tax benefits.
National Pension System (NPS): A government-backed savings scheme that helps individuals systematically invest and build a retirement corpus.
FAQs
Yes, even if you don’t have dependents, term insurance secures your income, protects against medical emergencies, and helps with long-term financial planning.
Yes, you can buy the iSelect Smart 360 Term Plan by Canara HSBC Life Insurance online through the official website.
Yes, term plans can be purchased for retirement savings. The Return on Premium helps build a corpus.
You can buy a term plan as early as 18 years old, and coverage can extend up to 99 years, ensuring lifelong security.
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.
