BSLI Vision is a whole life plan which covers the policy holder up to the age of 100 years. The plan has some good features such as
Guaranteed Survival benefit
Guaranteed Death Benefit
Guaranteed Maturity Benefit
Whole life plans are losing charm day by day because of the long policy tenure for which the funds get blocked. Moreover the returns are moderate. The risk cover is not so high and in fact after 10 odd years the risk cover loses most of its value (for example a sum assured of 8 lac taken today is not going to be sufficient after 10 years because the value of money would have changed then)
You can look at 2 different plans - one to take care of your risk cover - that is - a term insurance. Take a cover of at least 50 lacs. If you are comfortable to pay a higher premium and avail more coverage then surely go for it. Some of the popular term plans are ICICI iProtect, Aviva iLife, IndiaFirst Anytime Plan And with the balance money, you should look at some good savings plan for a period of 15 or 20 years. You can also give a thought to start investing in a pension plan like LIC Pension Plus or Tata AIG Nirvana.
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