How to choose a life insurance policy?

Factor	Condition	Suitable LIP
Age	Young Age- Under 35	Whole Life Insurance, Unit Linked Insurance Plans, Pension Plans
	Older Age- Above 35	Term Life Insurance, Endowment Plans, Child Plans
	Senior Citizens	Term Life Insurance Plans
No. of Dependants (people depending on you for financial support)	1-2 Dependants	ULIP, Endowment, Term Life Insurance
	More than 2 Dependants	Pension plans, Group Life insurance plans, Whole Life Insurance plans, Child Plans
Income Level	Low Income Bracket (Less than Rs. 2.5 lakh per annum)	Government Insurance Schemes
Income Level	Middle Income Bracket (around Rs. 5- 10 lakh per annum)	Whole Life Insurance, ULIP
Amount of Debt that needs to be repaid	Repayment of debt has been planned for	Term Insurance Plans, Government Insurance Schemes, Endowment Plans
Amount of Debt that needs to be repaid	Debt payment needs further planning and management	Credit Life Insurance Policy

Don't miss out on the 6 things to check for before buying a policy in the next section!