A few years back they started insuring till 70-75, and now some are offering whole life cover. Insurers claim that this feature can be used to create an inheritance. Your heirs will get a huge sum after you pass away. But this legacy will not come cheap. The premiums for plans that cover the whole life are astronomical. A 30-year-old will pay around Rs 9,500 a year for a term cover of Rs 1 crore for 30 years. If he opts for the whole life option under the Click-2Protect plan, the premium shoots up to over Rs 73,000 a year. The premium paying term is also 35 years for the whole life option. Here’s a better idea: take a plain term plan of Rs 1 crore for yourself and start an SIP of Rs 5,000 in a fund to accumulate an inheritance for your heirs. With luck, and modest 8% returns, you will accumulate Rs 1.15 crore in 35 years.

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