November 6, 2010 1:51 pm
A person of age 64 is looking for some life insurance plan. Can you suggest some plan available at this age except pension plan?
I think he can have a choice of term and savings plans as well. The term plans giving cover till age 75 will have entry age till 65 atleast if not 70. Similarly the ULIPs allowing maturity at 75 could be allowing entry at 64. Have you checked I-Pru or LIC for term plans?
With Max New York Life there is a traditional ‘Wholelife Plan’ wherein the entry age is till 70. The maturity is at age 100. The bonus is contributory type i.e. ‘cash’ bonus which can be adjusted against the premium if wished so. (If not cashed out it can be converted into single premium wholelife cover.) That way the premium amt to be paid out of pocket goes on reducing.
In the non-forefeiture option they have an ‘extended term insurance’ option apart from the regular ‘reduced paid up’ option offered by most of the traditional plans in the market. (This is an amazing plan , it even offers a top up in form of single premium endowment cover. Cash withdrawls are possible. All these features make it a very flexible solution.)
The purpose is risk cover. If the plan offers both, that’s better.
It would depend on this need . Is he looking for it as risk cover or a saving instrument ?
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