3 min read.Updated: 13 Oct 2014, 12:18 AM ISTManish Shah
The beneficiary will get a lump sum upon the insured's death and then a certain amount every month
On one of the rare occasions when my wife took interest in our personal finances, I showed her our current life insurance term plan and told her about the amount (called sum assured in industry parlance) she would get if and when I kicked the bucket. With a rather deadpan look she answered: “That’s great but what should I do with the money; do I use a portion of that every month until it lasts or should it get invested somewhere so that we get a regular income?"
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