Term and health insurance plan rates

1. Term plans offer only life cover and cost the least.
2. If the policyholder survives the tenure of the policy, he doesn't get any money.
3. If the policyholder dies during the tenure of the policy, his dependants get the sum assured.
4. A variant of this type of policy offers the return of premium.
5. Term plans also come as riders that can be attached to other types of life policies.

Health insurance is a tool for cutting risk and making lives simpler. The premium depends on your age, the cover and even your city in some cases. The table indicates the rise in premiums owing to the health risks that come with age. Some insurers do not cover pre-existing medical conditions. Take a nominal risk cover because for each year that you don't make a claim, your cover increases by 5%, a reward for maintaining good health.

In figures:

1. 7-8 times your annual income is the amount that should be your minimum life insurance cover, according to experts.
2. 30 years is the age by when you should have health insurance. The earlier you buy a plan, the lesser the premium.