In the case of savings plans or Unit-Linked Insurance Plans, you can invest in the policy through your premium payment over the long term. This financial corpus is paid out as the maturity benefit if you outlive the policy term.

Savings plans or retirement savings plans offer guaranteed and assured returns on maturity. You can save your money over the years as you pay your premiums. On maturity, this amount can be availed of either as a lump sum or as a regular income.

Under Section 80C of the Income Tax Act, you can claim a tax deduction of up to ₹ 1.5 Lakh on the paid premiums. The death benefits and maturity benefits/bonuses/loyalty additions (subject to policy conditions) are tax-exempt under Section 10(10D).

If you plan to get life insurance, purchasing the policy at a younger age ensures lower premiums, owing to lower health risks. The premium amount is higher if you buy life insurance later at an older age.

Some term insurance plans offer a long coverage, with some plans offer cover up to 100 years of age. With this, you can ensure that you and your family are protected for your whole life.