Online Term Insurance Plan for unmarried guy

POSTED BY naveen.k ON December 24, 2013 7:07 pm COMMENTS (4)

Hello, my name is Naveen and I am 28 years old unmarried guy. Want to buy a Term Insurance plan for Rs. 50 Lacs..but confused with certain things..

1. Online v/s Offline – what could be the best way of buying one policy. ?

2.  Considering the inflation an amount of Rs. 50 lacs would be somewhere around half of it by next 10 – 12 years, so I am really afraid what will it be after 30 years. Please suggest if this thing could be taken care of in any existing Term plans.

3. Will be really thankful if one could suggest the best 3-4 term insurance plans.

 

Thanks

4 replies on this article “Online Term Insurance Plan for unmarried guy”

  1. rahulsharma2617 says:

    Hi Naveen,

    Let me answer your questions one by one
    1. Online v/s Offline – what could be the best way of buying one policy. ?
    Ans. If you are comfortable online then buying the policy online would be the best option

    2. Considering the inflation an amount of Rs. 50 lacs would be somewhere around half of it by next 10 – 12 years, so I am really afraid what will it be after 30 years. Please suggest if this thing could be taken care of in any existing Term plans.
    Ans. Inflation is an issue however I would suggest you to multiply your current salary
    7 to 10 times before purchasing a term cover. Also speak to an unbiased expert and they will help you out with this.

    3. Will be really thankful if one could suggest the best 3-4 term insurance plans.
    Ans. Since I am not an expert here I won’t be able to comment on other term insurance policies. Though I have a good experience with Bharti AXA Life Insurance and I found them very helpful, with good reasonable premiums etc. For more details you can ask them directly. Also compare couple more term insurance policies before making a final decision.

  2. ashalanshu says:

    Dear Naveen, as of now you are unmarried, from your reply, I assume no dependent and financial liability. Home loan ‘ll start only in 2015, in my opinion, you do not need a term cover as of now. In case you want to go ahead now, please opt any online (if you are comfortable buying online) term cover from the insurer of your choice.

    Thanks

    Ashal

  3. naveen.k says:

    Dear Ashalanshu,

    Thanks for your response. Irrespective of the marriage we have a home loan which I will be taking care starting from 2015, hence planning for the term plan from rite now. After this my next priority would be for a retirement plan and saving/investment plan, for which I would again seek advices/help in a separate forum in Jagoinvestor itself.

    Thanks again,

    Naveen

  4. ashalanshu says:

    Dear Naveen, as you are unmarried, do you really need a Term Cover?

    Thanks

    Ashal

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