If you are a 30-year-old in India, have dependents and have a low budget, then a pure term insurance plan is generally the most practical choice. It is an excellent time to buy a comprehensive life cover for the family, as premiums are often lower and get locked for the entire policy term.
A 30-year-old person can be juggling commitments like a home loan or rent, children’s schooling, family healthcare, dependent parents, and long-term household bills. Your cover amount should be calculated based on these duties, not simply on a conventional value such as ₹1 crore.
If you expect some monetary value from your term insurance in the future, you can get TROP plan. TROP is Term Plan with Return of Premium. In this plan, death benefit is there like a pure term plan, but it also returns all paid premiums if the policyholder survives the term.
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