Money9 Helpline has emphasised the importance of insurance time and again. It is very crucial to decide on a suitable insurance plan that can provide maximum benefit.
Money9 Helpline hosted Amit Chhabra, Business Head, Health, Policybazaar.com to answer some queries related to choosing and buying a suitable insurance plan.
Here are some questions:
Chhabra: It depends upon the function of your life cycle. You should definitely look at term insurance. You have to support your 13-year-old son as he is dependent on you. In case something happens to you, you have to ensure that your son is able to survive alone. Build a corpus, that is enough to make sure your son is getting enough money to fulfil all his needs related to money. The sum insured is a function of your lifestyle and requirements. So, first, look at term insurance to secure the future then the endowment plan.
Chhabra: You should first go for a health insurance policy. Today you have options to buy insurance on EMIs. In your case, the premium will be high as you fall into a higher age bracket. I would suggest instead of paying a premium upfront, buy a policy on EMIs, that will allow you to cover all your medical costs. You should go for at least Rs 10 lakh cover policy.
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Some joint life insurance plans offer fixed monthly payments to the spouse in case of the death of the primary insured
You’re not alone if you’re in this dilemma. It’s certainly a prudent financial decision to pre-pay the home loan at regular intervals.
The logical question then is why is there an insurance of deposits up to Rs 5 lakhs if all the savings are safe?
In a joint term insurance plan, not many insurers provide add-on covers along with a primary joint life insurance plan