Life today has become a lot more uncertain then ever before. Therefore, taking life insurance is another objective that should rank high in the priority list of all individuals. Simply put, the purpose of life insurance is to indemnify the nominees/dependents of the insured against an eventuality. So life insurance must form an integral part of the individual's financial planning exercise. In addition to life insurance, individuals should also be equipped with adequate medical insurance.
There are three types of life insurance plans; term plan, endowment plan and ULIPs(unit - linked plans), available at investor's disposal. While ULIPs are not an ideal avenue to take life cover, term plans, the cheapest and most effective form of life insurance are best suited for this purpose.
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