Hello,
I seek your help to decide my confusion regarding Life Insurance of my parents..
Age:
Father: 51
Mother: 51
1st option:
Should i opt Jeevan Anand for term of 24 (as max term is 75 at maturity) with sum insured of 1500000 (combination of both or 10 lacs individual), if yes then the premium comes around 85000 for 15 lacs SI for 24 term.
Problem: I dont afford to pay that much of premium.
2nd Option:
Should I take term plan of SI 15 lacs from ICICI icare with a premium of 15000* and should plan for other things like investing in monthly recurring, ppf, gud mutual funds..
Reason to opt option 2: I want the same value at the time of maturity if the person survives and opted for jeevan anand because Bonus payable in jeevan anand as per latest table is Rs 47/1000 SI.
So will i be succeed to get fund value of around 25 lacs when my father will be at 75 age (having insurance covered too of rs 15 lacs till 75)? If yes, then how….is option 1 or 2 or any other option from your side..
Please guide me confusion.
Sunny