Is 1 crore term plan enough for me if I am unmarried and my company already gives me some cover ?

POSTED BY samay ON July 20, 2014 10:39 pm COMMENTS (2)

Hi,

I am 29, unmarried male working in a private company. My employer covers me thru some insurance plans. I am looking for a term insurance to cover myself.

Non-smoker, occasional drinker(once a month)

1. My annual CTC 9-10 Lacs. I think 1 Cr cover would be adequate. Kindly correct me if i am wrong.

2. Please suggest couple of insurances for comparison.

3. Other points to consider to select the best insurance.

Appreciate your help.

2 replies on this article “Is 1 crore term plan enough for me if I am unmarried and my company already gives me some cover ?”

  1. Viren Phansalkar says:
    July 21, 2014 at 2:20 am

    Insurance is a function of current expenses and current liabilities.
    Use calculators from http://www.freefincal.wordpress.com and refer post http://www.iamnospecial.blogspot.in/2014/03/new-investor.html

    Reply
  2. Hemanth Chandra says:
    July 20, 2014 at 10:58 pm

    Cover should be 10-15 times of annual salary….. So, 1cr. is enough…. If u can take for 1.5 cr……

    All companies are one and the same if you declare everything clearly in the application form….

    Reply

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