The four categories, side by side
They solve genuinely different problems. Nothing here is ranked, scored or recommended — the point of this page is to let you rule categories out, which is usually easier than picking one.
What each one actually does
| Category | What it does | Who it typically suits | The catch |
|---|---|---|---|
| Term insurance | Pays the full cover amount on death during the term, and nothing on survival. | Typically people with dependants and loans. | There is no maturity value — which is precisely why the premium is low. |
| Savings plans | Life cover plus a guaranteed maturity payout. | Typically people saving toward a dated goal. | For the same premium, the life cover is much smaller than a term plan would give you. |
| ULIPs | Part of the premium buys cover, and the rest goes into funds you choose. | Typically people with long horizons and a tolerance for variability. | You bear the investment risk entirely, and there is no liquidity for the first five years — no surrender or withdrawal, full or partial, until year five ends. This is a regulatory feature of every unit-linked product, not a quirk of any one insurer's plan. |
| Retirement plans | Converts a lump sum into a fixed income, for life or for a set period. | Typically people at or near retirement, converting a corpus into income. | It is largely irreversible. |
Do you get money back if nothing happens?
For most people this single question rules out half the list, which is why it is worth answering before anything else.
| Category | Money back if you outlive it? | How deeply it is underwritten | Plans available |
|---|---|---|---|
| Term insurance | No — nothing if you outlive the term | The deepest of any category. | 8 |
| Savings plans | Yes — a contractual payout at maturity | As deep as term cover. | 9 |
| ULIPs | Yes — the value of your units, whatever it is then | Noticeably lighter. | 7 |
| Retirement plans | Yes — as an income rather than a lump sum | No medical questions at all. | 4 |
"How deeply it is underwritten" matters more than people expect: it decides how much you will be asked to disclose and how long the application takes. It varies far more between these categories than it does between insurers.
Two questions that usually settle it
Two questions usually settle it.
- Do you need the money back if nothing happens?
- No, term. Yes, savings or a ULIP.
- Are you comfortable with returns that move with the market?
- Yes, a ULIP. No, savings.
If you would rather talk it through with a person, we can arrange that.
That is a rule you apply, not one we apply for you — and the distinction is deliberate. Telling you what to buy, given your circumstances, is regulated advice that carries obligations this practice is not set up to meet. So you get the rule, and the decision stays yours.
What this comparison does not do
- It does not compare insurers. The agency is held with a single life insurer, so there is no honest way for this site to tell you whether another would offer you better terms. An insurance broker is the type of intermediary that compares across the market.
- It does not show prices or returns. No premium, maturity value or projected return appears anywhere on this site. Those are set by the insurer at underwriting, and a figure published before that can be contradicted afterwards.
- It does not rank the categories. There is no best one. There is one that fits what you are trying to protect, and three that do not.
When you are ready
The application asks what an underwriter needs and nothing more. You can stop at any point and come back, and nothing is submitted until you confirm a summary of every answer.
Last reviewed: 31 August 2026