After highest net asset value (NAV) guaranteed products, the single premium, two-year premium and three-year premium policies are the latest life insurance products to come under the Insurance Regulatory and Development Authority’s (Irda) scanner.

When asked about his investment, 41-year old Rajesh Tripathi is quick to refer to Life Insurance Corporation’s endowment and moneyback policies. Asked about insurance for his life, his response does not change.

I have a personal loan of Rs 1 lakh and a car loan of Rs 3.2 lakh, which will continue till November 2013. I don't want my wife to repay if something happens to me.

Mankeshwar Pathak, a Varanasi resident, passed away last year due to a sudden cardiac arrest. He was over 80. However, till his death, he was never hospitalised nor had any major ailment.

Tax laws say the premium paid towards insurance in any form is eligible for deduction under Section 80C. So, all pension plans sold and administered under the insurance domain are eligible for tax deduction.

Regulator as well as insurers keen on such policies, but pricing may be a trouble.

Pension plans of insurance companies may be non-existent in the market at the moment. But that should be little cause for one to worry, and especially for the salaried, feel financial advisors.

I will be abroad for two months in the US. I may extend my stay, as I have a six-month visa. I have taken a travel insurance policy for two months.

Individuals should have a standalone policy, over and above any rider taken on life insurance.

Guarantors for home loan borrowers are no longer required. Insurance covers, which ensure payment in case of a default, have replaced these. Similarly, if you have lent money to a family member or friend, you can buy an insurance plan to cover the loan.

I have two term plans.