I am having sbi maxgain home loan rs 1753000 for 18 years , partially disburse since oct 2013. I have opted for Rinn Raksha for rs. 1753000 full loan amount. Nominee is my wife.
My age is 42 years. I am planning to buy sbi e-shield online term policy for rs 2000000/- for 17 years. In your last advice you have suggested term insurance should be approx around 15 times of your yly income. My yearly income is rs. 300000/- As i have already protected my home loan therefore i am planning for only rs 2000000 /- coverage in sbi eshield.
Also suggest/advice me whether term insurance is better or should i take pension plan also? being i am working in pvt firm and wife is working in co-op bank, we both dont have any pension for retired life.
regards
milind , pune