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Harsh

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Date : Sep 15, 2008

Question

Sir, I'm 35 years old with 3 people liability(spouse and two children below 7 years)working in bracket of Rs.6.0 lacs per annum and would like a term insurance of Rs. 30 lacs as a future safeguard for my family.I have a HBL Loan liability of 8 lacs from my company. Please advise me about term policies and benefits/riders I may apply. IS my selection of Rs. 30 Lacs good and also advise from whom to get such policy ? Thanks..Puneet

Answer

As you are married and you have dependants you should buy a term policy for your self and for your spouse if she is an earning member.
Term insurance is a pure risk cover plan, which gives you protection against the uncertainties of life. The lump sum will be a Level percentage of the initial Sum Assured means the cover under the policy remains same throughout the period of the term. If you want the entire premium back then you can opt for return of premium policy or cash back policy. But the premium rates are comparatively higher in return of premium policies than pure term policy.
Premium for Term policy depends on age, sex, occupation, health, habits & income source. For term policy maximum tenure available is 40 years.
At apnainsurance we believe that Term insurance could be bought from Life Insurance Company whereas critical illness and accident cover should be bought from non-life insurance companies.
As far as you son is concerned we believe that first you have to take health insurance of an amount of Rs. 50000/- atleast and you need to buy term insurance plan which would protect your child's education in case of uncertainties.
But for your information there are various children`s policies available in the market. These policies are designed to provide a quality higher education to the child. It also ensures that the child is taken care even in the absence of their parents. Many policies hav

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