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: a plain vanilla term insurance plan is straightforward and cost-effective. Here's what to consider for a 2 crore term plan:

Premiums: Compare premiums from leading insurers to find the most affordable rates.
Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio for reliability.
Policy Term: Choose a policy term that covers you till at least 60 years of age to align with your retirement plans.

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.

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;

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;