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POSTED BY ON November 29, 2013 7:28 am COMMENTS (6)
Please help me in selecting the best plan with lowest possible premiums for life cover. Also suggest me some trust worthy plans in the market and also possible options of investing.
Age of my mother = 51
Age of my father = 55
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You can take medical insurance for your parents for tax deduction upto 15000 for non senior citizon.
Dear Raj, imagine a situation, you purchased an umbrella for a rainy day. The rain never happend. Did you demand your money back against the price of umbrella from the shopkeeper?
Just replace the umbrella in the above question with insurance and what ‘ll be your reply again?
Thanks
Ashal
Hi Ashish, Thanks for your prompt reply.
I did read somewhere that I will get tax deduction even for the premiums that I pay for my parents. Kindly clarify.
Secondly, regarding insurance, kindly help me with possible options as to what shall I do? Also which products in the market are good/reliable?
Regards,
Raj Mehta
Hi Raj,
Just because your parents does not have a life cover, you should not look at buying plans for them. In a few years they may not be earning (read retired) and would be dependent on their savings / you for financial support.
If you pay their premiums you will not get tax benefit and also premium would be high. I suggest you should insure your self sufficiently (in case they are going to be dependent on you in future).
Also, instead of life insurance, go for their mediclaim insurance. This will take care of their medical expenses in case of any medical problem in future.
Regards,
Ashish Garg
My parents do not have any life cover. So I thought it would be good if they have one. I am thinking of going for LIC Jeevan Saral for my mother at present, as the premium for this policy is fixed, irrespective of the age.
Any other suggestions ? or advises ?
Dear Raj, are you asking to purchase life insurance Term cover for your parents? may I know why?
thanks
Ashal