Term insurance is the best and the only form of life insurance you need.

Carefully estimate the amount of insurance you need depending upon your annual income, your family’s monthly expenditure, their goals, etc. As a thumb rule, it should be at least 10-12 times of your annual income.

Ideally, the policy term should last till the time you expect to earn.

Provide full and correct disclosures in all respects, including any existing medical conditions. Else, the insurance company may forfeit your policy.

Buying insurance online directly from the insurance company’s website is a preferred way as it is cheaper than buying it offline.

Buy your policy under MWP Act to ensure that nobody else other than the nominee can stake a claim

to the payout in case of your death.

Choose the payout option that best suits your requirement. Go for the lumpsum option if the nominee can deftly manage the money received as death benefit.