I am a 50 year old and salaried. I want life insurance for Rs 7-8 lakh for a period of 10 years. What is the cheapest and best option?
Alok Basu, Bhilai
If the life insurance is the main consideration, you should go for a term insurance plan. The premium for these policies is equal to the mortality premium which is quite cheap. For a sum assured of Rs 8 lakh when you do not want the premium amount back, you will pay an annual premium in the range of Rs 6,000-Rs 7,000. Check for a policy online based on the cover you are seeking and based on the premiums, go for one that is low and is from an insurer with a good track record of settling claims.
