Which should be priority: life insurance or health insurance?

life-insurance-or-health-insurance

Ishan, 25, works for a reputed law firm. He is set to marry in a couple of months and wants to buy a term plan and health insurance for himself. However, he can only spare Rs 20,000 per annum after repaying his education loan, paying rent and financially supporting his parents. With the surplus funds he can either buy a Rs 1.5 crore term plan or a Rs 7 lakh cover for his family. While Ishan would have preferred a life cover with a health insurance rider, such plans are not available. So which plan should he buy to start with?

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