Full explanation
Term insurance: pays death benefit only if you die during the policy term. No savings component. Extremely cheap (₹1 crore cover for 30-year-old: ₹8,000–12,000/year). Whole life / endowment: guarantees payment whether you die or survive to maturity. More expensive because it includes a savings component that earns poor returns (IRR ~4–5%). The financial verdict: term insurance wins for 99% of people. Use the saved premium difference to invest in equity/mutual funds instead. The only reason to consider whole life: you need guaranteed insurance regardless of health (pre-existing conditions may make term renewal difficult).