Life insurance

In its simplest form, term insurance is the purest form of life insurance. Should the insured person pass away, the family is protected by a certain amount. . But if the insured survives till the insured term, he will not get back anything,

For instance, a 30-year-old person can get a Rs 25 lakh cover for an annual premium of Rs 7,300 for 25 years, a coverage that will cost him about Rs 97,050 and Rs 131,850 in endowment and money-back policies, respectively.

Term insurance is especially beneficial for young people with dependents.

 Income and assets are generally not high in the early stages of one’s career or marriage, but there may be dependents to care for. As the premium is low, it is easier to keep the policy running even during career breaks.