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Why Term Plans Are Your Calculated Bet Against Life's Uncertainties?

Why Term Plans Are Your Calculated Bet Against Life's Uncertainties?

why term plans are your calculated bet against lifes uncertainties

Life insurance forms an integral part of everyone’s financial portfolio. Life insurance acts as a safety net for one’s family, thereby ensuring that their financial needs are well taken care of, even in the absence of the policyholder. An ideal life insurance policy guarantees that your family will continue to live the lifestyle they are used to, and will not face any financial hardships, even if you are no longer around.

One of the many benefits of life insurance is that it comes in various types and forms. One should review their financial requirements and opt for a life insurance policy that best aligns with their requirements. Different types of life insurance policies guarantee different benefits to policyholders.

Of these, term insurance is widely considered to be the most cost-effective. By paying nominal premium rates, one can avail of a high sum assured with a term insurance policy. Term insurance also comes with a slew of other perks and benefits.

Here are some of them:


The greatest advantage offered by term insurance over other life insurance options is that it is inexpensive to purchase. Term insurance policies are available across a wide spectrum of affordable price points, and it is up to you to purchase the one that not only best aligns with your objectives but is also the most affordable.

2.Flexible and Adaptable:

Each family has a unique set of needs and financial goals. A one-size-fits-all plan wouldn’t be able to cater to each of these needs and goals. Thus, term insurance plans give you the freedom to mold the plan according to your requirements. You can choose from a number of premium payment options, as per your financial condition. You can choose the type of coverage you desire (level, increasing coverage or decreasing coverage), as per your future financial needs. You can even customize your payout, as per what suits your beneficiaries. You can opt for a lump sum payout, a monthly income one or a combination of both. Thus, term plans can be tailored to your needs.

3. Comprehensive Coverage:

With a term insurance plan, you can easily add riders and avail of additional coverage options that you require protection against. Instead of purchasing a whole new insurance plan, opting for a rider can be much more cost-effective. For instance, a critical illness rider offers enhanced protection against a range of critical illnesses, such as cancer, heart disease and more. On the other hand, an accidental and permanent disability cover offers protection and coverage to your family if you are permanently disabled after an accident. Many such riders are available to policyholders, who can use them to create a comprehensive term plan for themselves. The iSelect Smart360 Term Plan from Canara HSBC gives you access to a range of riders, including Accidental Death Benefit, Child Support Benefit, Accidental Total and Permanent Disability Benefit covers.

4. Availability of a Savings Component:

Most hold the belief that term insurance doesn’t provide one with a savings component. However, this belief is largely unfounded. New-age term insurance plans have now debuted the ‘Return of Premium’ feature, which offers the policyholder maturity benefits. If the policyholder outlives the term, the premiums paid towards the policy are returned. Thus, the policyholder gets maximum benefits from their term insurance policy, by opting for the return of premium benefit.

5. Tax Benefits:

Term insurance is usually a popular choice with policyholders owing to the tax benefits it offers. The premiums paid for a term insurance plan are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. For premiums paid towards insurance tax deductions up to Rs. 1.5 lakh can be claimed in one financial year. Tax exemptions may also be claimed under Section 10(10D) of the same Act, for any payouts received from a term insurance policy.

Conclusion: These are just a few reasons why term insurance is a surefire calculated bet against the uncertainties of life. To secure your family against life’s uncertainties, you can opt for the iSelect Smart360 Term Plan from Canara HSBC, and avail of a range of benefits including discounted premium prices on coverage for your spouse, as well as flexibility in terms of premium payment and payouts.

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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?