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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jan 26, 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 - Jan 12, 2023Hindi

Money

Hi, I have dilemma related to Term Insurance. I am in early 30s and currently I do not have any loan or money related liabilities in life. So one really need to buy term insurance in life, even if they do not have any liabilities in life?

Ans: Term insurance is not only related to any loans or money related liabilities. It is also related to the future needs of your dependents. If you have dependents who are not working and have long term needs like retirement, children's education, etc, then you need to account these as your liabilities and factor them in. You need to calculate the amount required to satisfy those needs and avail a term cover which is equivalent to that amount.
Having a term plan early can lock in the premiums (you can always switch to a lower premium policy and discontinue one taken earlier) and the policy itself (In case you contract any illness, you may not be provided with a policy). You can take a base minimum cover and once the liability or goals increases, you have the option to top-up the cover at the prevailing premium rates.

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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Asked by Anonymous - Jan 20, 2023Hindi

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Hi, I have dilemma related to Term Insurance. I am in early 30s and currently I do not have any loan or money related liabilities in life. So one really need to buy term insurance in life, even if they do not have any liabilities in life?

Ans: Hi, Term cover not only protects liabilities but it can be used as a value that represents Human Life Value ( HLV).
You are in your 30's and must be earning so know your HLV and buy the adequate cover accordingly.
Besides this buying early also results in lower premiums and longer tenure to protect life.

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Asked by Anonymous - Oct 16, 2023Hindi

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I am 37 years old and plan to take up a term insurance plan. Is a plan with/without maturity benefit a better option? Kindly suggest the best plans svailable in the market. I want to take a plan and pay yearly till I turn 60.

Ans: You can take a pure term insurance plan from any good life insurance company

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Asked by Anonymous - Apr 16, 2024Hindi

Money

Sir, I would like to know about term life insurance. Is it better to go for one which expires after maturity period with no returns, or one in which premiums are returned after maturity period. Also want to know the best companies offering such policies in terms of lesser premiums and better claims settlement. What would be the ideal sum insured for me. I am 37 years old, married. Wife not working and having daughter aged 6. Having a ctc of 27 lpa.

Ans: Term life insurance is designed to provide financial protection for your loved ones in case of your untimely demise. Choosing between a policy with no returns and one with premium returns depends on your financial goals. A policy without returns typically offers higher coverage at lower premiums, focusing solely on protection. On the other hand, a policy with premium returns provides a safety net by returning premiums at maturity. For a 37-year-old with a 27 LPA CTC and a family dependent on you, a sum insured that covers at least 10-15 times your annual income would be ideal. When selecting an insurer, prioritize companies known for competitive premiums and efficient claims settlement.

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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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