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POSTED BY ON February 5, 2013 7:45 am COMMENTS (3)
great work mr. manish.
i want to buy term insurance of 1cr.seen the blogs in your website and done some comparisions.
i am 26yrs, non smoker, income 5lac p a. i will be happy if you can guide me.
1. i hv seen term insurance ( i term ) from AR and liked it. but seen some blogs where some ask why take cover for 75yrs.but in my opinion why not take for 75yrs and after 60y or 65yrs if one feels that he need not continue, he may opt out then. what say ? Also there is the critical illness rider which may be helpful in later years.
2. whether i should take one policy or split it into two as some people have concerns over the company.if i take two then which other company you suggest. should i go for lic.
3. do i need to submit ITR. i dont hv it as i started my career this year.
your opinion is highly solicited.
regards and thanks. himansu
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Dear Himanshu, do you own a vehicle? If yes, how much return you are getting on the prem. paid to the insurer of your vehicle?
Please answer.
Thanks
Ashal
Also, please do calculate your exact requirements before purchasing. 1 cr sounds like a nice large amt. You need to calculate the sum needed before deciding.
You could use
http://freefincal.wordpress.com/insurance-calculator-for-the-young/
Term insurance is needed only as long the person is going to work. After retirement one is expected to have enough wealth with which your family can live if you die.
Premium will be higher if you take it longer.
“critical illness rider which may be helpful in later years”
Critical illness can strike anybody at any age.
Splitting the term cover has only benefit in the following scenario.
Assume you are married but without children. You purchase a term policy with a sum to cover your wifes expenses for say next 30 years if you die.
After you have children you buy another policy which will cover their school marriage and education. Once these milestones are completed you can discontinue this policy.
The same logic for a policy take because of housing loan.
If you don’t have ITR a salary slip should suffice.
You don’t need to go for LIC. You can go with online providers. Just be truthful in filling up the form and choose someone you are comfortable with.