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Anil Rego |384 Answers |Ask -Follow

Financial Planner - Answered on Feb 23, 2023

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Asked by Anonymous - Feb 11, 2023Hindi

Money

Hi, i will be 45 years in April this year. I have 2 kids one 14 years and other 8 years. I already have a term policy of 50 lakhs. I know it is very less. My question is how much more i should take and how many years of life coverage should it be?

Ans: If your family is fully dependent on you, it is very important to take an appropriate cover. At first sight, your cover looks very less. You at least need to take as much cover to cover so that the capital that you generate will take care of your family expenses for their lifetime (or children become independent) plus their needs like education. If you are unable to assess, pls use a financial planner. You can use a term cover so that you are not overburdened on the premiums. However, term covers are pure risk covers and there is no maturity value that you get.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, I am 37 years old. I plan to take a term life insurance policy of 2 cr by paying monthly premiums till the age of 60. I am only looking at policies which return my premium in case I am alive at 60 years of age. Could you please suggest the best policies in this category in terms of least monthly premiums, percentage of claims settled and survival benefit.

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I’m Deepak from Nagpur. I’m 47 with one daughter aged 15. I currently have Rs 50 lakh coverage through my term insurance. Is this enough for my family, or should I enhance it given my upcoming financial commitments?

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If 50 L is equal to 10X your annual income and you have made investments to fund your daughter's education and your retirement then no need to top up.

Hope you don't have any ongoing loan liability.

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I am 47 year old businessman living in metro city. I have LICsterm insurance of Rs 25Lacs individually and Max lifes whole life participating insurance policy with accruesd death benefit of Rs 35lacs in keyman insurance policy in firm. I have 2 sons one 14 years and one 18 years old both studying. I have 2 2bhk old flats. Some business uncertainity is hanging around and health issues too. Shall I take more Term Insurance ? In which type of policies , I mean premuim with limited pay, pay till end, premium back , ulip etc. ? Please guide me and also explain me in detail . My wife has no cover. Shall I cover her too ? Thanks

Ans: Hello;

What is the approx current value of the 2 old flats?

I am presuming that you are not occupying any of these flats.

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I am 50 year old want to retire this year. My current corpus 1.4 Cr FD , owned 2 flats total worth 1.2 cr.and site worh 60 L in 2 tier city . Term insurance of 2 cr. Invested in varous polcies around 1 cr . I have one daughter studying in 10th class. Wife fitness trainer and karate trainer wanted to open her own fitness class. Planning to earn through some passive income ( trading, shares) Can i retire

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I want to retire at age of 45 (next year end) with corpus of 30Lakh US shares, 63lakh EPF, 20 lakh shares, 40lakh ppf ( self+wife+son), 5lakh MF+5Lakh bank balance. Expected to have corpus of 2Cr by end of 2026. Own house of 2 Cr. in tier 2 city and no loan. Have sone age 13. Expected monthly expense of 60k. Am I on track?

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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