Suggestion on Term Plan
I am 30 yrs old and unmarried, I have dependant parents now.
I have narrowed down my choices to 2 options-
Sum Insured- 3 Cr till 65 yrs
Payment Mode incase of deat- 2.5 lacs per month for 10 years
Sum Insured- 2 Cr till 80 yrs
Payment Mode incase of death- Total in one go
For both cases, the annual premium is similar. I have decided to take no additional Critical Illness/accidental death rider on and above the basic plan.
I am slightly bent on Option 1 considering a higher sum insured and duration till retirement. Seek expert advice to validate my understanding and second opinion.