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Times Life
Times Life
Lifestyle
Aishwarya Kapoor

Term Insurance vs Endowment Plans: What Every Indian Must Know Before Buying a Policy

LIC Insurance India Chanakya The Insurance Regulatory and Development Authority of India Inflation Financial Goals Income Tax Index Fund Tax Exemption

The Coverage Gap Nobody Talks About at the Time of Purchase

A 32-year-old earning Rs 12 lakh a year buys an endowment plan with a sum assured of Rs 10 lakh. The premium is Rs 40,000 a year for 20 years. The family feels protected. They are not. Ten lakh rupees replaces less than one year of that income, and that is the entire point of life insurance: income replacement for the people left behind.

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