Term insurance plan without return of premium is the simplest form of :-

“Life Insurance Cover”

Life insurance is not a permanent need that every family has.

The purpose of life insurance should be to protect the family against the premature death of the bread earner.
You are paying premium for a substitute of income or to replace the bread earner’s responsibilities.
The people that primarily need it are those who have others depending on them for support.

There are vide range of products available for you to choose your life insurance cover like traditional plans, endowment plans & unit linked insurance plans.

Term insurance plans offers pure protection without any investment option. If the policyholder dies during the term of the policy, nominee will get the Sum Assured. If the policyholder survives till the end of policy term, policy expires & there is no maturity value.

Many experts see it as a way to simply “buy time” until you accumulate savings, not as a permanent fixture in your financial program.

We would strongly recommend a combination of Term Insurance plus Systematic Investment Plans of Mutual funds (Mutual Fund SIP).

Avoid Unit Linked Insurance Plans (ULIPs):

If you are looking for Insurance cover only, no investment. Buy a term insurance plan.
If you are looking for Investment only, no insurance cover. You can choose from top rated equity diversified Mutual Fund
If you are looking for ULIP for tax saving and investment purpose only. You can choose from top rated ELSS fund (Equity linked saving schemes).
If your investment horizon is only for 3 to 5 years.
If you are near to your retirement age.

However, if you are looking to buy a ULIP plan, keep the following things in mind while selecting a ULIP plan.

Choose the maximum Policy Term which can be availed under the policy or depending upon your wealth.
Choose the appropriate Sum Assured depending upon your Income, your age and family dependency. Don’t look for minimum sum assured so that you can maximize your returns.
Get the comprehensive details of various Charges like: Premium Allocation Charges, Mortality Charges, Policy admin charges, Fund management charges (FMC), Switching charges etc.
Surrender Charges/Partial Withdrawals: Policy should provide Adequate Liquidity after the expiry of 3 policy years.
Death Benefit and Maturity Benefit.

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