Term plan for a person with a dependent kid?

POSTED BY ammuluhari ON December 1, 2010 12:50 pm COMMENTS (2)

Hi Manish,

Both my self and my wife are working.We have a kid of 2 years old. My parents are dependent on me. My questions are

1) is kid dependent on both only one of the parent? or is kid dependent on both the parents? can we put the kid dependent on both the parents?

2) how should we go about taking the term plans for us? should both of us take the term plans keeping the kid and my parents as dependent on both of us? Can the my parents be kept as dependents on my wife while taking the term plans?

3) can the my dependents be reused for my wife?

4) can the kid be added as dependent?

5) which is the best term plan in the market as of now? (from your blogs i see that iprotect is good)?

Thanks & Regards,

Hari

2 replies on this article “Term plan for a person with a dependent kid?”

  1. jitendra solanki says:

    Ammulhari,

    1. Kid is dependent on both the parents and both of you can take insurance with kid as the beneficiary.

    2.No,your wife cannot add your parents as dependents for term insurance.Its not allowed due to insurable interest.

    3.You can look at online term plan from ICICI and Kotak (launched recently) which may be cheapest.If you want to involve an agent then Kotak will be the cheapest.

    Jitendra

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