Insuranace policy for an indian aged 35 years?

I am 35 with 2 kids. i am the only working member of my family. I would like to have a simple insurance whereby I pay a sum of Rs.2000 or 3000 annually and this should give me a life cover of Rs.30 lakhs or so. I do not wish to have any return from any insurance policy. Is there any policy. I am told there are policies like this. From where in India i can buy such a policy. Please help
my monthly income is Rs.18000 per month. I can pay upto 3000 or 4000 for a cover of Rs. 20 lakh or so.
This type of policy works like comprehensive car insurance. If there is any theft any accident, the insurance co. pays, otherwise u get no return, only insurance.

9 Replies to “Insuranace policy for an indian aged 35 years?”

  1. The best option for you considering your status and your demand i suggest two type of polices
    one is purely an investment producte where the minimum amount is 24000 yearly that means 2000 per month
    the term is for three years that means you have to invest for three years and you will get 2 times return by 5 year and the amount you get as return is exempted from tax according to sec10(10d).
    OTHER plan is pension plan where your life is secured by way of pension and same time that pension can avail to your wife after your death till her death
    the minimum amount for this plan is 3000 per annum

  2. Yes there are such policies but at your age of 35 yrs. the premium shall be much high for a sum assured of Rs.30Lacs. If you are an Indian it is advicable to go for LIC policies as payment is guaranteed by GOI in the event of a failure of LIC.

  3. You are looking for a term policy, I have one which costs around Rs. 5000 per year and covers all major illnesses and accidents etc. I chose to go with TATA- AIG as I found them the most suitable for me. Please get in touch with Mr. Nair who is my insurance adviser on [email protected] for additional information.

    hope this is of help to you.


  4. What you are looking for is a pure term or risk cover policy. In this only risk is covered. In case of unfortunate happening the nominee gets the sum insured. The policy is for a specified period and you pay annual premium of say Rs. 3000. The premium varies from one insurer to another and it depends on sum insured and years of validity. Check sites like,,,

  5. go for term insurace of any co, [i prefer lic ; since govt co.]
    term insurance is the cheapest and the best.
    u may go for pvt co. also

  6. You can try out these 2 plans from LIC:

    Anmol Jeevan-1 and New Bima kiran.
    stress upon your need for insurance..otherwise the agent might oversell.

  7. This type of policy is called term policy. Bheema Kiran is there in LIC. As some one writes that as LIC is a govt. company Govt. pays if LIC cant is wrong one. U can choose from LIC, ICICI prudential, Bajaj allainze, and many more.

    For 30 laks u may have to pay a premium of 10000-12000 annually. If U take this policy take for maximum no. of years.

    Some policies are there which gives term policy as well as critical illness rider.

    U consult a insurance agent and get information from him. But DONT say u give me a policy which u think is suitable for me. B’coz Insurance agents advices the policies which are suitable for them

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