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POSTED BY ON February 19, 2015 4:12 pm ONE COMMENT
Hello,
I hope everyone is doing well!
Well, i wanted to know about the insurance plan that can fit my mother, i know i’m running late in making her insured but due to some personal reason i was not able to take life insurance for her.
She is 55 years old, has only one insurance from LIC, Jeevan Saral.
Now what are the options i have? ICICI Agent told no to me for term insurance as she is not a earning person, he suggested me for ULIPs but again at this age I’m really not sure how that will help.
Next option is traditional plans, really not sure the worthiness of those.
Can someone help me? I can invest 30-40k per year for the insurance of my mom.
Thanks, Sunny
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Insurance is taken when there is an insurable asset, like a earning family member.
If your mother is old and not earning, there is no necessity of insurance for her.
Instead the money can be invested differently to get some return.
If there is no insurable asset, a traditional insurance or insurance linked plans give sub optimal returns.
If you strongly feel, go for a term plan and investing the balance amout yearly for higher return.