Short vs long term insurance payment tenure

Doesn't the third option generally make sense because of the deprecating value of your purchasing power as time increases?

Take the longest tenure to Pay. I am currently on 10 year period but I made mistake.

If you pay 67K year vs 28K year (Which is bit higher than expected, it should be 10-18K) you can invest 30k in mutual funds every year or anywhere else and this will give you better returns over years.

Term Plan doesn't return you anything, and also value of 28K today vs 15 years later will be much lower.

The only downside I see is if you miss paying even 1 premium over 38 years, it can void your plan.

AGE, YOE?

Time value of money. All options are the same. With the last one, if you go away early, the insurer will still have to pay the nominee even though not all 38 installments were paid.

Term insurance generally have an end date which we can choose. Most people buy the cover till they are 65 years as we think by that time we would have closed all our liabilities and have enough in savings to pass to the next generation. Option 1 and 2 only if you think that you will not be able to afford 38k later in life due to other expenses taking over. Rest option 3 is best as it will save you money now and you can just simply close the plan once you accumulate this corpus.

I don't know how old you are but you don't need to be insured beyond the years where you typically have liabilities.

Optimally 65.

By that time you'd have accumulated enough corpus and assets to live in comfort for the long life that beckons you & have enough left to bequeath the rest to your chosen heirs.

All options would work out to similar time value of money for the total years of coverage. I'd always choose the annual payment, saves money if you pop off sometime in between.