You shell out cash and you get what you want, sometimes paying more than the actual worth of the product. A rise here and a drop there, has left everyone hoping for new changes to work in favour of the layman. This time the new change to hit is on Interest Rates. If you are planning to take a loan, get ready for a higher rate of interest. Yes, cough up a bit more on home loans and mortgages that have got affected due to the hardening of interest rates. This change has come in, with the Reserve Bank of India’s (RBI) decision to increase both its Repo and Reverse Repo Rates by 25 basis points (0.25%).

The type of policy that suits you best depends on many factors like income, monthly expenditure, number of dependent members, etc. The policy that you choose should completely depend on how much risk you would want to secure. If you are the sole breadwinner of the house and you have more number of dependants then you would need to choose the insurance coverage that is sufficient enough to take care of your family expenses in your absence. In such a case a ‘term policy would suit you.
Term policy-it is the purest form of life insurance. The policy keeps you in the protection net for a specific term. If anything had to happen to you, your nominee would receive the insured amount assuming, you have insured yourself for Rs 20 lakhs. Should the insured person pass away, the family is protected by a certain amount insured by you.
Incase you survive the term; the premium paid is not received. But one should not look at it from ‘expense’ point of view. An insurance policy be it a term, whole, endowment or ULIP are good with their own unique features. It is recommended to opt for a term policy when you are in your teens.