Insurance is very important tool for every one and risk of transfer is necessary after a age where person become responsible. Everyone knew about a TERM PLAN where premium lapse every year and renew every year if person is alive . (For example) Age of 35 for 50 lakhs premium with 50 lakhs accidental cover premium should be between 25 to 30 k so
30000×25 (35+25=60)=750000
One will pay a premium or just take it as you have started a bussiness where you are investing 30,000 per year and if any unhappenning occures it will give 50 lakhs in normal and 1crore in accidental death for inforce policy .
Premium may vary according to age this illustration is only for explanation.