When it comes to identifying the best LIC policy for your wife, it ultimately depends on your family's financial goals and economic situation.
For example, if your family is looking for some extra cash flow to cover your wife's living expenses, an endowment plan may be the best option. Endowment plans provide a lump sum payout upon maturity and offer steadier returns over the long term.
If you are looking for a long-term financial security, then a Unit Linked Insurance Plan (ULIP) may be the right choice. ULIPs give you the option of growing your money through investments in stocks, bonds, and other instruments, while simultaneously providing life cover. This could be a great way to give your wife financial security in case of death or disability.
If you are looking for a policy that offers short-term coverage and with additional flexibility, then a term insurance plan may be best. With term insurance, your premiums are fixed for the duration of the policy, and you have the option of increasing the sum assured for a nominal additional premium.
Finally, you should also consider a whole life insurance plan, which provides lifelong coverage and offers lifelong protection, so you can rest assured that your wife will be provided for in the event of an untimely death.
Ultimately, your family's financial goals and economic situation should determine which LIC policy is best for your wife. Do your research and look around, and then make an informed decision that is right for your family.