@Neha As I said, even though it is a wrong question, it really begs for an answer!

@Devanand It’s good to explore other options. A joint life policy for a 30-35 yr old would cost Rs 6000 for Rs 1 lac. So for a Rs 35 lac cover, you need to pay Rs 2 lacs as premium!

I would again like the process of getting an insurance cover to start with evaluating the cover required by you. And then decide what products would suit you. If yopu give preference to the choice of product first, the bigger question of how much insurance you need, remains unanswered!

Specially people thing about their death but forget what will happen if they live long.

Long living requires more planning then non-existence.

Medical expenses, Social obligations, daily needs and respectful family life created the need for pension policies and return oriented plans.

Moreover, even today term assurance policy with return of premium feature must be in the market, if one is looking for.

I do agree that Indian masses mixes investment and insurance, which should not be done.

Investment given return but insurance financial protection against life contingency – early death or long living. Therefore, some return is also required hence the insurance policies had plans with return features, widely accepted by the masses all over including Indians.

Term insurance, no doubt is a risk bearing product but covers only one person at a time.

Whereas, joint life policy is a beautiful plan which provides risk cover for both husband and wife in a single policy.

In case of natural death: if one out of two sole mate departs during the policy period- a. full sum assured is paid to the surviving spouse.
b. Further Premium payment are stopped .
C. policy continues.
D. on maturity – Full sum assured once again is paid along with bonus for the full term is paid to the surviving spouse.
E. in case the surviving spouse also departs during the policy period.the sum assured is once again paid to the nominee along with bonus till the period the last spouse was alive.
F. In case of accidental death the claim paid is doubled the sum assured amount.

Like wise, there are several other plans with unique features, only one need to figure out and work the contingencies which could affect ones financial standing during his lfe span and after his life.

We have explained ulip life cycle at http://www.bimaworld.com/edu/ulip-plan-life-cycle.html (graphics is not good though )

Even if they get back the money from term insurance , its wont be of great help .. Read this : http://www.jagoinvestor.com/2009/08/why-people-dont-like-term-insurance-and.html

Manish

Term insurance is Good !!!

But….

I ve suggested term policy to some of my friends … but they were reluctant to buy term policy simply because it doesn’t gives back money if he/she survives the policy term.

Instead they were happy in buying ULIP’s , MoneyBack Guarantee – since it gives their money back – even though these products are HIGHLY COSTLIER than TERM INSURANCE !!!

“If we do something we need to get back something” – otherwise we wont believe in the system

Its the way we humans are brought up…

But my strong advice to everyone – Please go for TERM INSURANCE – because

1) when you live you can spend more money with your family – since you are investing less in term insurance.

2)Even if you die, your family will get back insured money and without your presence they can manage their lives financially to a certain point.

Whats up ???

Go and buy a TERM INSURANCE !!!!