Term Insurance vs Whole Life Insurance — Complete Guide by Today Global Market
Choosing between term and whole life insurance is one of the most important financial decisions. Both protect your family but work very differently.
Term Insurance
Pure protection, no savings. A 30-year-old gets 1 crore cover for just 700 to 900 rupees per month. If you die during the term, family gets full amount. If you survive, you get nothing back. Cheapest way to protect your family.
Whole Life Insurance
Covers you for entire life until age 99. Includes savings component. Premium is 5 to 8 times higher than term. You are guaranteed a payout since policy never expires. Returns typically 4 to 6 percent.
The Smart Strategy
Buy term insurance for protection. Invest the premium difference in mutual funds for wealth creation. A 30-year-old saving the 40,000 to 60,000 rupee difference in SIP at 12 percent would have 1.5 to 2 crore by age 60.
Today Global Market helps you choose the right combination. Get free advice from our licensed LIC advisor.
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