Term insurance is the best if you want a life insurance plan at the cheapest cost. However, a whole life insurance (permanent insurance) plan is the best if you want to be covered for the rest of your life.

The younger, the better. Typically between 20 years old and 35 years old are ideal insured ages. Insurance increases in cost the older the insured person gets.

You can make any number of claims in a policy year. However, the sum insured is the maximum limit you can claim for in a policy year. If the sum insured is exhausted, you can’t make more claims in the same policy year.

You should buy life insurance cover because it ensures that the style of your family/economic dependents will remain intact even if you’re not around. In case of your untimely demise, your family may face critical financial blow, your children’s education can be badly affected. But a good life insurance policy can fulfill all their financial needs be it education of your children or marriage. Life insurance policy with money back or pension plan can provide you financial support once you stop working or at different milestones of your life. Also, an investment or saving plan can be a constant source of your income.

Term Insurance provides financial protection for your family, when you are not there to back them. If you are the sole earning member of the family, it is quite essential for you to secure the future of your family with a term plan. As it is the pure protection plan, it comes with low premium rates and high sum assured.

A person whose death will cause a financial loss to the family can be insured. Insurance indemnifies only the financial loss. Like One can take a policy on himself/herself if human life value. If you are earning and have financial obligations and you are the only bread-winner of the family, you must secure your life with an adequate sum insured.

The thumb-rule of insurance is to ‘protect your life till you contribute financially to your family’. It should be treated as the replacement of your income. The policy term up to 60 or 65 years of your age is considered an ideal one.

Yes, you have the right to get your life insurance policy cancelled within the free-look period, if you disagree with any of the terms or conditions in the policy. However, the onus to prove receipt date is on the policyholder. After deducting a proportionate risk premium for the period plus expenses incurred in medical check-up if conducted plus stamp duty charges, you’ll be entitled to get premium refunded.