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Everyday things that cost more than term plan

  8/19/16 9:11 AM

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You always postpone the purchase of a life insurance policy, especially a term insurance plan because you feel ‘it doesn’t give me anything’. Think about it twice. It can give your family a lot of support when they could be giving up hope. In the event of you meeting with an unfortunate demise, your family will have no one to fend for them and they could be burdened financially. At such a juncture, your life insurance policy would provide your family with much needed financial support.

You say you don’t have money, is it?

If you don’t have money today, how will your family have it when you are no more? There is a lot of money that you can save on everyday things that you buy. Here are 8 things that cost more than a term life insurance policy for a normal 30-year old at approximately Rs.500/- per month.

Junk Food

The pizza and burger that you order every weekend will cost you roughly Rs.500-1000/- depending on the size and ingredients. This gives you nothing except temporary satisfaction.

Drinking Alcohol

A can of beer costs approximately Rs.120/-. Two beers every weekend will translate to a monthly expenditure of a 1000-odd rupees. Health benefits? Many; you can build your biceps by lugging the empty bottles on your back to the nearest scrap vendor! You can save some money by guzzling less beers.


If you smoke 5 cigarettes a day, you are literally blowing up approximately Rs.1500/- pm. How? Assuming the cost of one stick is Rs.10, you are spending Rs.50/- per day on smoking. 30 days later, you’ll end up burning Rs.1500/-. And what do you get? Damaged lungs, stained teeth and perhaps a weak heart. Quit smoking today to not only live a healthy life, but also save some money.

Gym membership

The gym membership that cost you Rs.12000/- yearly has not been used after one month of joining. You conveniently sacrificed the same for more indulgent pursuits. Or simply, could not find the time to devote to fitness. The Rs.1000/- odd per month that you spent on the same could’ve been better used to pay the premiums on your term life plan.

Fancy Electronics

You live in an 800 sq ft house where you spend most of the time in your 150 sq ft bedroom trying to catch up on a 6-hour nap which you hardly get; and yet you want to spend Rs.50000-60000/- on buying a 55 inch LED wall-mounted TV. Spend that money on paying your insurance premiums. You can always get a second chance at buying that big TV, but life may not be able to give you a second chance when it matters the most. Secure your family before any unforeseen tragedy strikes your family.


You buy the latest smartphone at Rs.30000/-, and convert the purchase into EMI’s of Rs.2500/- per month. You happily download some 100 apps in it, out of which 95 will practically not be used by you. Buy a little inexpensive smartphone. Even if you are able to save Rs.1000/- per month, you’ll be able to buy an online term plan for the maximum term and a higher Sum Assured. Don’t worry, a cheaper smartphone will also allow you to buy the term plan online!

High-end Car

You buy a high-end car and remain stuck in traffic for the same amount of time on the same road where you used to be stuck in your small hatchback. Save some money by driving around in your present small car and investing the residual amount in paying your life insurance premiums.

Bags and apparel

A fancy satchel designed by the most stylish designer in Europe catches your eye at a high-end mall. You look at the price tag. No discount! You make a face but still go ahead and buy it. Save some money by postponing your purchase when the same satchel is offered at a discount. The money saved could allow you to enhance your life insurance cover by adding some Riders to your existing policy.

Save money on the above items and you will have enough to buy a term life insurance plan like Edelweiss Tokio Life MyLife+.


Siddhant Dubey - Writer & Photographer

Siddhant works as a freelance content writer who is interested in a wide range of spheres from photography and personal finance to cooking. He is also an aspiring photographer striving to showcase life around him through his vision.

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