Manish Asks: Term Plan vs. Health Insurance?

Ans: Hello, you can get a term cover on the basis of your medical conditions and the underwriters check your latest 3m test reports for the same. There are a few companies good for term and life insurance in general like Bajaj Life, HDFC Life, etc.

Ans: Hello;

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.

Weigh these factors and seek help from an insurance advisor/financial planner if needed.

Ans: Hello;

It is nice to know that you have good health care cover for yourself and family.

But you must also have adequate term life insurance atleast till the age of 60.

Life is full of uncertainties and hence to ensure financial security for your dependents, in case of any unforeseen event, life insurance is highly desirable.

Cheapest life insurance in India is the one offered by Indian Post Deptt. Also known as Postal Life Insurance.

Ofcourse it's not available for all and max cover is 50 L, but you may check eligibility by visiting nearest post office.

If you are eligible then you may supplement it with another term life cover of 1.5 Cr.

I have live example in front of me where a hale and hearty young person(32 years) postponed buying life insurance and suddenly he expired in a freak swimming accident.

Now his young son and wife are literally on the road.

Don't look at premium as a cost rather an investment to protect your family in unfortunate circumstances.

Best wishes;

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.

What is your current annual income, from business and other sources?

Do you have any healthcare insurance coverage for the family? If yes how much?

Based on your answer to the above queries, we can advise you suitably regarding additional life insurance.

Thanks;