Okay so pure term for the main earning member, what other options for wife...
These unit linked insurance plans seem shady, never seen ppl getting any profit out of them and losing more than they invest....
Better don't go for ULIPs since they are unnecessarily costly and moreover insurance and investments should
always be kept separate.
Logistopath's advice of not getting a term plan for wife is sound since term insurance makes sense for earning member only.
You don't actually need to buy any insurance for your wife as long as she's not earning and you are not depending on that income in any way.
The money that you save by buying term policy for yourself and not buying insurance for your wife can be invested in many other ways like PPF, mutual funds, equities, gold ETFs, etc
PPF account is actually the first thing that you should open to avail tax benefits and for long term investment.
Health insurance for wife is more important than life cover.
You may take one with maternity cover if planning kids.
As far as practicable all family members should be covered for health and health insurance should preferably be separate from life insurance.
Group policies are available where you can cover your entire family.