Term Insurance
Which company is giving best term insurance? Till what year have people brought term insurance? What have you kept retirement age there? How useful be 1 crore term insurance be after 50-60 yrs considering inflation? I am currently 25 yrs old and was planning to buy good term insurance
RockOn
Stealth
10 months ago
The purpose of term insurance is to act like a financial support for your dependents in case something happens to you.
Ideally it should be for as long as you believe that your children won't get financially settled. Once they start earning and able to cover their expenses, the insurance wouldn't make much sense.
For ex - if your insurance is till the age of 85, your children would probably be around 50-55 yrs old. In most likelihood, they wouldn't care much about the term insurance benefit as they would be already self sufficient.
IMO, the ideal age till which you should take insurance shouldn't be more than 55-65 yrs. Also, the premium will increase exponentially beyond this number.
RockOn
Stealth
10 months ago
For sum assured, I would recommend doing it for atleast 20-25x of your annual expenses (considering a family of 4 people --> 2adults + 2 kids)
You can try optimising on sum assured vs retirement age. 1Cr will not really have a lot of value 20-25 yrs down the line. I have taken 5Cr till the age of 55 yrs at a premium of < 40k/year
Go and search LLA on youtube. They have videos on term and heath insurances. Go through It first before proceeding with any insurances
DesignTinker
Stealth
10 months ago
LLA looks trustworthy. I have been following them for some time now.
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SabChangaSi
Stealth
a year ago
Unfortunately the people who took the insurance aren't around anymore to tell you how the term insurance is.
That’s true technically. But I was more interested in knowing till what age are people buying term insurance how much amount they are covering for.
Consult Ditto, they're free. You don't have to necessarily buy through them.
lucifer09
Stealth
10 months ago
I have a term insurance till 75 for 5 Cr, it costs 40k per year to me.
SpeckOfCode
Stealth
10 months ago
Which insurer is it from and at what age did you buy?
lucifer09
Stealth
10 months ago
Age 22, Max Life. I bought it after having a call with Ditto.
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Take Max life or tata they are good if u want to do research then look at claim settlement ratio and the value of claim settled.. tip do declare if u are a smoker or drink ..
furious
Stealth
10 months ago
I am an occasional smoker. Thinking of not declaring. How can it be an issue though - would love to understand.
DesignTinker
Stealth
10 months ago
Declare everything. Else in the event of loss of life, dependents won’t get anything
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Daviduueu
Stealth
a year ago
Any tips for indian scenario?
Fallenangel86
Stealth
10 months ago
LIC has best claim ratio around 98% as per IRDA. Though to get term policy you need lot of paper work n medical tests
MrWane
Stealth
10 months ago
Doesn't make sense if you are single, buy once you get married.
MasterLee
Stealth
10 months ago
I had to subscribe a term insurance for my dependent parents. Getting wife is not necessary or sole reason to get a term insurance
Tata AIA is good. Calculate the required amount basis what your dependents would need to get back on their feet in your absence and factor in inflation.
Ditto has a great article on this, pls refer to that or call them and they can guide you
LIC is the best .Have taken multiple insurance policies from various providers and Lic seems to be the best by miles
You can increase coverage of existing cover depending on policy. Check my profile if you need an advisor. I'm a senior insurance advisor.
I would say go for 2Cr, should work for most cases. Bcz for higher coverage, you'll have to shell out a lot of money, 2Cr will be a good amount for the next 10 -15 years.
Post that, 2Cr should be enough since you would have created some cushion for the family in 15 years.
I took 2Cr coverage till age 70, premium is yearly ~35k for 10 years.
Kiteretsuu
Stealth
10 months ago
I'm 23M
Have tata aia term insurance, 2 crore cover, no add ons and shit, until 65 age, around 19k premium/year
Go for tata or hdfc i would suggest.
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