Term plan
You choose a term, often 20 or 30 years. The family receives the sum assured if you die in that term. If you outlive it, a pure term plan pays nothing back.
Life insurance
Protection for the years your family still depends on you.
Most families need a term plan first: a large payout if you die during a chosen period, at a premium that stays understandable. Savings-style plans come second, and only when the goal is long enough.
Savings-style plans
Participating plans can add bonuses that are not guaranteed. Non-participating plans state their benefits upfront. A ULIP mixes insurance with a market-linked fund, so the value can fall.
A rough cover figure, in rupees
Annual income times the years your family would need support. This is an estimate of a gap, not a recommendation to buy a particular plan.