-
-
-
Services
-
-
-
More
-
POSTED BY ON April 1, 2012 11:11 pm COMMENTS (6)
I am a 30 years old male, a non-toboco consumer. I am planning to buy a iterm plan of AEGON Religare(with all the term riders and a period uptill 75 yrs of age), worth Rs. 50 lacs, may be when online policy of LIC comes, i will be buying that also (having a term amount of Rs 50 lacs). I Please let me know your experts inputs:
My annual income : 7 lacs
I have a housing loan of 20 Lacs for a period of 15 yrs
2021 © Jagoinvestor.com All Right Reserved
@Zoeb
You should choose the option of 75 years as it is the term plan is a yearly proposal.Which means you can stop it when you see fit. So taking 75 years is advantageous just in case if you still require the plan after age 60.
Thanks Ashal, for your prompt reply, i would like to extend my question, do i need to extend the term plan upto 75 years, i think Aegon Religare is the only company having online term plan upto 75 years of age, approx. what is the ideal age up till which one needs to cover using term planned ?
Regards
Zoeb Lakdawala
Dear Zoeb, only you can answer this question. In Indian context, normally with the age of retirement i.e. around age 60Y, most of the financial liabilities of a person get over be it for kid’s education or for career planning or for their marriage, home loans, other loans, saving for own retirement……. So technically there is no need to go for insurance beyond that age.
in your case, current family size is 3. You + wife + kid. After few years, if you do have some plans to have one or more kids, plan your term cover accordingly. To be on safer side, you may opt for age 65 cover.
Thanks
Ashal
Dear Zoeb, what’s the size of your family? No. of dependents? your current mly/yly expenses? Your current insurance cover?
Please share such details.
Thanks
Ashal
Dear Ashal,
My family size is 3, No of dependents is 2, as i said monthly expenses is predominantly home loan which is around 23000, other household expenses is Rs .20000. My current insurance cover provided by the company is approx. equal to my ctc.
Thanks and Regards
Zoeb Lakdawala
Dear Zoeb, your basic calculartion of having 1 Crore Rs. Sum assured from 2 plans is OK. On my part, I w’d like you to purchase a cover of around 75L Rs. from the pvt. insurer of your choice & once the LIC online policy is available, you may add another cover of 50L Rs. Reason – Till the time, LIC cover is not with you, that 50L cover is insufficient as out of Rs. 50L SA, 20L Rs. ‘ll be gone for home loan repayment. Hence effective money in the hands of your family ‘ll be Rs. 30L only. Also this 1.25 Crore final SA ‘ll take care of the impact of inflation for you.
Thanks
Ashal