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Vivek Lala |305 Answers |Ask -Follow

Tax, MF Expert - Answered on Jun 26, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Rajeev on Jun 14, 2023Hindi

Money

Is it feasible to take term insurance at the age of 53

Ans: Hello, term insurance covers your risk financially after the risk of life. If you have enough liquid assets for your family to live on for the rest of their lives, then no need for term insurance. If you don't have enough liquid assets and if you have some liabilities on your name like loans, then you should definately have a term insurance.

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 12, 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: 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.

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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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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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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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