The insurance business in India isn’t just growing, but also becoming more sophisticated in terms of product offerings. To help readers keep ahead of developments in this business, Mint features a Q&A on insurance every Monday.

The only financial product which can offer you an apposite solution for your twin needs of guaranteed monthly income and life cover is a life insurance product.

You need to select an endowment plan which allows you to pay for a short period, and after that, provides you a guaranteed monthly income.

Being an insurance plan, it would provide you the incumbent tax advantages and protection for your family, too. So, in case something were to happen to you, the monthly income would continue to be paid to the family too.

I am a 28-year-old man working with an FMCG firm. I am planning to buy a life insurance policy. Do I have to pay a higher premium if I need to insure against an accident or a fatal mishap?

Most companies offer an option of “riders" on the base policy to offer benefits in case of disability arising due to accident-related mishaps.

You can opt for an accident death benefit rider which will pay an additional sum assured to the nominees in case of any fatal accidents. Since the additional cost of these riders is very low, it makes sense to opt for them.

Readers are welcome to write in with their queries to The questions will be answered by senior executives from leading insurance firms.

This week’s expert is Rajesh Relan, managing director, MetLife.