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POSTED BY ON November 12, 2010 9:44 pm COMMENTS (6)
hello everyone..
i am 23 now and i am considering KOTAK TERM PLAN FOR 30 YRS…SO I AM COVERED FOR 53 YRS.NOW TO COVER REST WHAT SHOULD I DO. TAKE ANOTHER PLAN AT SAY 50 YRS OF AGE FOR ANOTHER 30 YRS ..
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Good to know that you are investing for the future. However before investing in the plan you should consider the main thing. The Benefits.
Term Insurance is no doubt the best way to save for the future, but to invest in the right one is what matters more. You should check out the iProtect Term Insurance by ICICI. It is easily the most flexible term insurance available. Also you can choose your premium and see as to how much you will be able to get return. I personally invested in it and therefore I am suggesting you to try it. Its good. Also considering your plans you should try iProtect Plan II rather than plan I.
All the best
thanks ramesh…for your time to answer my query.
but since i m the eldest son and i have my parents already on pension..and a younger brother so at present i m the sole earner….dont you think i have taken right decision for term plan…or should i wait for marrying ….and then go for insurance???
plz reply
Amarjit
Yes its good that you have taken the term insurance right now as there are financial dependents at the moment , once you are married and have child, better increase your cover that time again
Manish
I absolutely agree with Manish. To be more clear, your parents and brother will be considered to be dependents financially speaking, hence you should have a term insurance with your parents as the beneficiary. When you marry, take another one. 🙂
Also go through the recent article for Will-making.
You need to answer the question-
Do you have any financial dependents presently? If yes, only then have an insurance cover for yourself. Otherwise, wait till you have those dependents.
Regarding dividing the sum, you can but term insurances according to your life goals. Example, buy one cover for your parents at present. Later on, one for your wife (for the longest duration). One according to your children – a 20-25 year plan till they are financially independent, etc.
Divide your total Sum Insured and buy SUM Assured that are currently required ( you will not have more now since you wont have more liability) and then around 30 yrs ( 7 years for now ) buy the rest of insured since you will have many more responsibilities and hence more insurance to take.
Kotak Prefered Term Plan is a good option you have choosen.Thanks
Thanks
Nikhil Parchure