I am 42 Years and have plans to take Term & Health Insurance some time in Nov 2011 and need your inputs for few queries as below:
Term Insurance:
1. What period of cover I should take?
Considering I am consultant/self emplyd, what are the criterion s to base the term?
2. What sum assured is ideal to take for my age and considering the maximum possible term coverage offered by insurance company today. [ 1Cr, 2Cr, 3Cr, 4Cr etc]
3. Typically what would be the premium/range?
Health Insurance:
1. I have an existing coverage for Father aged 71 Yrs coverage at 1.5 Lacs
and Mother aged 65 Yrs coverage at 1.5Lacs;
a. Can you please recommend what is the maximum age coverage available by any insurance company-For a top up plan for them?
b. Also recommend what amount of top up plan is recommended-Additional 3.5 L for each of them?
c. Or Family floater top up plan for say 7 Lacs for both my parents, if such thing is offered?
d. Typically what would be the premium/range?
2. My family[wife, 2 Kids] are covered by 3L+3L+2L+2L=10Lacs;
a. Advise if we decide to take a family floater, what amount should we consider-
Say 5L/ 10L family floater plan would be good?
b. Typically what would be the premium/range?
Appreciate your valuable inputs asap.
Thanks
Prakash