Term Insurance: Pure protection. Covers you for a specific period (20-30 years). If you die during the term, family gets the sum assured. Very affordable — ₹1 Crore cover for ₹700-900/month at age 30. No maturity benefit.
Whole Life Insurance: Covers you till age 100. Has both protection + savings component. Returns are lower than pure investments but you get guaranteed payouts. More expensive than term.
My recommendation: Get term insurance first (maximum coverage at lowest cost), then invest separately for wealth creation.
Disclaimer: This website provides general educational information only and does not provide personalized investment advice or recommendations. Financial decisions should be made after considering individual circumstances and consulting a qualified professional where appropriate. Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance does not guarantee future results.