The best insurance one can get for risk cover is Term Insurance. The biggest disadvantage of Term Insurance is that you dont get any money back at maturity, however that disadvantage is taken care by absolutely very low premium.
For Instance to take cover of 50 lacs, one has to shell out between Rs6000/- to Rs 15000 only. Premium varies from 1 insurance company to other and the difference can be substantial. Hence I suggest to do complete survey before signing up with any insurance company.
Term insurance is also the cheapest for of Insurance one can have. Actually this is a "No Frills Policy"
One has to usually go for medical checkup for this type of insurance as insurers are very particular about it. While it may be cheapest form of insurance for us, its the most risky proposition for the Life insurance company. One policy issued to wrong person resulting a claim can cost dear to the insurers and hence, they are really cautious when it come to issue of this policy.
