Nothing can cost you more than your own or a dear one's life! You may have often thought, " I will buy a bike for myself, the moment I get my first job". It could be a bike or anything else that you may have nursed a desire to own. But it would certainly not be an insurance product. Right?
Experts say that one should never defer the time to get an insurance cover for life. If not after the first job, do not defer it beyond your marriage, or once have a child. The older one would get, higher the premium would become. Shed this notion, " Nothing will happen to me!"
The second important point to remember is, do not link your life insurance with your your investment needs. Your decision to purchase a policy should be on the amount of premium you can pay, and not on the returns that you will get.
There is no point in paying very low premium while hoping to get some long term return, which may amount to nothing in the long run, as inflation would eat up most of it. You will only adding to the kitty of the insurance agent. These days there are options to buy insurance online as well.
Your first policy should only be a term insurance and never a unit-linked plan. The sooner you begin investing in a pension product the better it would be for your future needs, which you may not identify at the age you may be in currently.