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Hemant Bokil | Answer |Ask -Follow

Financial Planner - Answered on Jan 23, 2023

Hemant Bokil is the founder of Sanay Investments. He has over 15 years of experience in the field of mutual funds and insurance.Besides working as a financial planner, he also hosts workshops to create financial awareness. He holds an MCom from Mumbai University.... more

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.

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 - 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

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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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Asked by Anonymous - Oct 16, 2024Hindi

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Hello, I am 47 years old self employed male. I have a full family unlimited Premium Medical Insurance from Acko for all 4 members in my family which I will be continue for the life. Do I need a separate term insurance? At this age, for 2 crore term insurance, the premium is pretty high at around 50k. If not, please advice alternative options. Thanks doc

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;

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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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