Aegon Religare has launched a pure term life insurance policy. Available only online. In other words, they have the guts to do away with the agent who takes away most of your premium. A 25 year policy, with under 10K a year as prem for a 50 lakh policy. Good enough for most middle class mortals. If you kick the bucket, your dependents get paid.
Life insurance and medical insurance are no different. You need insurance when you want to provide money to your dependants. In case you do not have any, you do not need insurance. And if you do not earn, dont take insurance. And if you are well off, do you need it at all?
I hope more insurance companies follow suit.
Do not get in to the trap of buying shit like ULIP's etc which basically screw you.
Take a simple term policy for life and the rest can be best invested through mutual funds, which give far superior returns than any insurance company does. Insurance companies lie about returns, lie about benefits and steal too much of your money.