Insurance
Term insurance
Pure life cover that pays your family a large sum if you die during the policy term, at a tiny premium.
Term insurance is the simplest, cheapest life cover. You pay a small yearly premium, and if you die during the term, your family gets a big payout.
It has no investment or maturity value. If you outlive the term, you get nothing back, and that is exactly why it is so cheap.
Anyone with dependents should have it. Aim for cover of 10-15 times your annual income.
For example
A healthy 30-year-old can get ₹1 crore of term cover for roughly ₹1,000/month, protecting their family for a fraction of what a ULIP costs.