I will start with big thanks to Manish for the great content & quality posts @jagoinvestor.com [First Post here]
Honestly, I don’t belong to finance domain but after reading this blog i have decided to handle my investments in a better & organized way. So i have decided to start by fixing past mistakes first read “पापों का प्राश्चित“
So in this thread I want advice on INSURANCE front
Query 1:
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– I now understand the meaning of insurance [its not as investment] and i want to cover life risk with term insurance. I understand its a low probability event but I wish/plan to be on safe side and would prefer to never get this money back.
– I am 27 year old, married & have no dependents financially so far. Even my wife is working and plans to continue so but i guess it doesn’t hurt to be valuable in case of any bad situation.
– I am planning to opt for 2 different insurance of 35 Lakh each with 30 year term. [One for me & one for wife]
– After going through many posts on the blog & in moment of instant gratification. I even went on apnainsurance.com & registered my mobile. Now I am getting calls from agents but still i am not sure of which plan, value & term [duration] should I opt for term insurance and what other options or riders i need to care about.
– Is my decision correct? I am open for discussion or suggestions.
Query 2: [this was me when i was a not reader of jagoinvestor.com ]
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I have 2 ULIP based plans
i. ICICI Lifestage Pension PLAN — 15000 annually [started since 2008 with 25 years term]
ii. BAJAJ ALLIANZ LIFE — 12000 annually [started since 2007 with 20 years term for 408000 sum assured]
Also my wife has 1 ULIP insurance plan from
iii. LIC — 15000 annually [started since 2008 for 20 years term & premium term for 5 years with 1,50,000 sum assured]
What you guys suggest about these plans…?
My gut feeling is Manish will say get out & run away from these plans but i can be wrong.
Does it make sense to continue this plan or get out later….? or just stop them straight away.
Any suggestions on which term plan [insurance company], how much and for how long would also be great.
Thanks
Sorabh