Insurance cover: Which term plan is for you ?

Not many households will feel the pinch if the breadwinner's income is cut by 1%. If the income reduces by 10%, some of the expenses, especially discretionary spending, might have to be curbed. If the cut is deeper, say 25-30%, the family will have to reconsider many simple luxuries. Now, imagine what will happen if his income drops by 100%? This is what a family will have to endure if the breadwinner dies. Thankfully, you need to spend only 1% of your income to ensure that the remaining 99% is available to your family. Low-cost term insurance plans can give you a cover big enough to replace your income if something untoward happens to you. A 30-year-old male can get a cover of Rs 1 crore for 30 years for Rs 8,000-9,000 a year