Wow; this is why one should never buy life insurance from anyone but a qualified financial planner or advisor. Insurance agents generally don’t understand life insurance. There’s nothing "expensive" about whole life, or any other insurance for that matter. Insurance is underwritten and priced actuarially. A higher premium means that either the policy owner has received an added benefit, or transferred a greater risk to the insurer. In the case of choosing whole life over term, the policy owner has purchased a policy that is GUARANTEED to have to pay a death claim as long as the policy is kept in force. A fraction of a percent of term policies ever pay a death benefit.
Also, if the insurance need is for longer than 20 years, it is normally more cost effective to use some form of permanent insurance rather than term (it’s a bit complicated to explain why here). This does not necessarily mean whole life. As I stated, consult a true financial professional, have a thorough needs analysis performed, and purchase your policy as part of a comprehensive financial plan. This is the ONLY responsible way to buy life insurance.
In India LIC is best. In term end plan, you can give a little premium and will not get any return while in whole life policy you will give more premium and will get return after maturity
LIC anmol Jeevan and Amulya jeevan are good term plans
while Jeevan Anand and Jeevan tarang are whole life plans.
You can also visit LIC site for more details. Hope this information is helpful for you :)
Insurance is not Investment. It is only for reducing the financial loss suffered by your dependents in unforeseen events. Insurance can never make you richer than what you are today. Insurance is an expense , a cost you pay to the insurance company for taking the risk on your life. Ideally no insurance is the best option. But when you are young and you do not have much assets but have dependents , taking insurance is a safer option. Term insurance is the cheapest and the best. Take a cover of about 8-10 times your annual income. The term should be till retirement. Do not take policies for children & housewife. Go to aegonreligare.com and calculate the premium yourself. Have a look at the increasing cover policy and critical illness riders. Their online term policy is the cheapest. Most agents will try to sell you policies which give them more commission ( like endowment, moneyback & ULIPs) Term policies give them the least commission. Whole life policies are costlier and the money is paid to your nominees after your death . For INVESTMENT - PPF / Direct Equity / SIP in Mutual funds are better options.
Now Insurance Companies have brought in Premium Back Term Plans wherein you get benefits at the maturity of the term even if you don’t make any claims, however this feature tends to increase the overall Premium amount.
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February 28th, 2010 at 5:26 PM
<<Term is cheap & Whole life is expensive.>>
Wow; this is why one should never buy life insurance from anyone but a qualified financial planner or advisor. Insurance agents generally don’t understand life insurance. There’s nothing "expensive" about whole life, or any other insurance for that matter. Insurance is underwritten and priced actuarially. A higher premium means that either the policy owner has received an added benefit, or transferred a greater risk to the insurer. In the case of choosing whole life over term, the policy owner has purchased a policy that is GUARANTEED to have to pay a death claim as long as the policy is kept in force. A fraction of a percent of term policies ever pay a death benefit.
Also, if the insurance need is for longer than 20 years, it is normally more cost effective to use some form of permanent insurance rather than term (it’s a bit complicated to explain why here). This does not necessarily mean whole life. As I stated, consult a true financial professional, have a thorough needs analysis performed, and purchase your policy as part of a comprehensive financial plan. This is the ONLY responsible way to buy life insurance.
February 28th, 2010 at 5:26 PM
In India LIC is best.
In term end plan, you can give a little premium and will not get any return while in whole life policy you will give more premium and will get return after maturity 
:) 
LIC anmol Jeevan and Amulya jeevan are good term plans
while Jeevan Anand and Jeevan tarang are whole life plans.
You can also visit LIC site for more details. Hope this information is helpful for you
February 28th, 2010 at 5:26 PM
Insurance is not Investment. It is only for reducing the financial loss suffered by your dependents in unforeseen events. Insurance can never make you richer than what you are today. Insurance is an expense , a cost you pay to the insurance company for taking the risk on your life. Ideally no insurance is the best option. But when you are young and you do not have much assets but have dependents , taking insurance is a safer option. Term insurance is the cheapest and the best. Take a cover of about 8-10 times your annual income. The term should be till retirement. Do not take policies for children & housewife. Go to aegonreligare.com and calculate the premium yourself. Have a look at the increasing cover policy and critical illness riders. Their online term policy is the cheapest. Most agents will try to sell you policies which give them more commission ( like endowment, moneyback & ULIPs) Term policies give them the least commission. Whole life policies are costlier and the money is paid to your nominees after your death . For INVESTMENT - PPF / Direct Equity / SIP in Mutual funds are better options.
February 28th, 2010 at 5:26 PM
Term is cheap & Whole life is expensive.
Make sure if you take term you get level premiums for 20 or 30 years or for how long you want to keep the policy.
February 28th, 2010 at 5:26 PM
Now Insurance Companies have brought in Premium Back Term Plans wherein you get benefits at the maturity of the term even if you don’t make any claims, however this feature tends to increase the overall Premium amount.
The Whole Life Insurance Plans are Permanent Insurance Plans which run as long as the Policy Holder is alive. For More Information About Insurance Please visit to : http://www.bimadeals.com/life-insurance-india/life-insurance.php