How to choose between term insurance and endowment plan for life cover?

For a 30-year-old with dependent family, a term plan is overwhelmingly better. A Rs 1 crore term plan for 30 years costs approximately Rs 12,000-15,000 per year in premiums. An endowment plan with same sum assured would cost Rs 80,000-1,00,000 per year for the same coverage, with most of the premium going toward savings.

For a 30-year-old with dependent family, a term plan is overwhelmingly better. A Rs 1 crore term plan for 30 years costs approximately Rs 12,000-15,000 per year in premiums. An endowment plan with same sum assured would cost Rs 80,000-1,00,000 per year for the same coverage, with most of the premium going toward savings.

For a 30-year-old with dependent family, a term plan is overwhelmingly better. A Rs 1 crore term plan for 30 years costs approximately Rs 12,000-15,000 per year in premiums. An endowment plan with same sum assured would cost Rs 80,000-1,00,000 per year for the same coverage, with most of the premium going toward savings.

The industry rule of thumb is 10-15× annual income for sum assured. For a family with a home loan, add the outstanding loan amount. Also consider your child education costs (approximately Rs 20-30 lakh for a professional degree). A Rs 1-1.5 crore term plan with a rider for critical illness is appropriate at age 30.

The industry rule of thumb is 10-15× annual income for sum assured. For a family with a home loan, add the outstanding loan amount. Also consider your child education costs (approximately Rs 20-30 lakh for a professional degree). A Rs 1-1.5 crore term plan with a rider for critical illness is appropriate at age 30.

The industry rule of thumb is 10-15× annual income for sum assured. For a family with a home loan, add the outstanding loan amount. Also consider your child education costs (approximately Rs 20-30 lakh for a professional degree). A Rs 1-1.5 crore term plan with a rider for critical illness is appropriate at age 30.