Best Insurance Policy for a starter

POSTED BY Rishabh Dubey ON July 19, 2011 1:46 pm COMMENTS (5)

I am planning to start a life insurance policy.I am of 23 years of age. My father is recommending for kotak preferred plan term policy.I dont know anything about life insurance and all. Please anyone guide that how is this policy and is there any more policies better than this.Please tell me the term duration and all also as what you all suggest I will do seriously.

5 replies on this article “Best Insurance Policy for a starter”

  1. Rishabh Dubey says:

    @ ramesh tx for your suggetion.Now I will invest only in sip

  2. Rishabh Dubey says:

    @ramesh no my parents are not dependent on me financially.but for future(wife & childrens) everyone has to take minimum 1 life insurance policy . So why not start now.

    @manish no-no for investment purpose i have taken sip.This one should be protection policy for my wife & childrens( in future).

    Now suggest be best one. I am confused between kotak preffered term plan policy and kotak e-preferred term plan policy.

    Is there any other policies better than these?

    1. Ramesh says:


      Get life insurance policy only and only if you have financial dependents. so get it when you have wife and kids. so, do it in future, not now.
      Whatever money you have “alloted” for life insurance, use that for pure investing. Do not donate it to life insurance companies (charity in this case).
      Invest that money for a better wedding / honeymoon / gift for your wife, etc.

  3. Rishabh

    Kotak Preffered is a protection policy .. If you have financial dependents , you can take it ,. for invstment purpose , but mutual funds


  4. Ramesh says:

    Is there anybody who is dependent on your financially? == Do your parents depend upon you for finances?
    If no, then avoid life insurance (any- term, ulip, traditional, etc).

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