Life Insurance
So I'm 23M and i wanna buy life insurance of 2Cr. Would really appreciate it if you guys could answer a few questions! 1) Which life insurance do you have? 2) How much is the premium? 3) How many years do you have to pay the premium? 4) How much cover does it have? 5) Any riders you added to your insurance? 6) Where did you buy the life insurance? 7) What questions should i ask the agent before buying the insurance?
Buy pure term (zero riders) till age 65. Only exclusion should be suicide in Year 1. Pay annual premiums.
No Return of Premium, no frills, no bells, no extras.
Maximize coverage to what you can afford and what insurers will give you (15x of annual earning).
Don't fall prey to the agents sales spiel.
Thank you for your input!
Could you also suggest where to buy insurance from? Insurancedekho ditto or anything else? Or directly contacting the company?
Watsay49
Stealth
a year ago
All right advise. A 2cr. Term loan should cost around 20k annually or so
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one_for_all
Stealth
a year ago
I bought my regular pay life insurance from Ditto for 2cr at ~2.1k premium p.m. which includes critical illness rider and I will be paying up to 60 yrs
I see an option to pay the complete premium under 5 years instead of paying it monthly/annually till the age of 60. How are these? I saw them on insurancedekho. They were the same max, tata insurance plans.
Bad idea. Time value of money, etc.
Pay annual premiums till age 65.
After that you have no liabilities to provide risk cover for.
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I bought the term insurance from Ditto. They gave genuine advice and really helped me in deciding the insured amount and other details. I bought ICICI Prudential with no riders.
PrettyGrape7
Stealth
a year ago
1. Bajaj Allianz eTouch Life Shield
2. 13.5k
3. 43 years
4. 2 cr
5. No riders
6. Policybazaar app
I have taken Acko Platinum Life Insurance for 1Cr and it is currently the best in the market. Or you can also get in touch with Ditto Insurance guys as they advice you for free
What you have is health insurance not life insurance. Acko doesn't provide life insurance.
MaverickManager
Stealth
a year ago
1. LIC.
2. 27K.
3. Till 60 almost but it doesn’t matter right?
4. 2 cr
5. Accidental
7. Online. Tech Term
8. There are some good youtube videos on life insurance like Labor Law Advisor that you can watch for this
MasterLee
Stealth
a year ago
LIC e-term plan, 50 lakh Cover plus 20 lakh accident rider, so total 70 lakh
Premium 7.2 k annually till 65 age.
(Mumbai)
I'm an IRDAI licensed advisor. I have two term insurances. I pay ₹13k for ₹1.6 crore term insurance. Some riders are useful and some are waste like Terminal illness. How many years you should have depends on your profile. Generic answers are utterly useless. Ask every question that you have. I get a feeling from your questions that you are new. You may contact me if you want, [email protected]
everything
Stealth
a year ago
Max life
35k
10
1cr
I think 2-3 not sure
Ditto
All the questions you have
ProductDesigner23
Stealth
a year ago
1. LIC
2. 12k
3. Till 60 (so 37 years)
4. 1cr
5. No
6. Their website, bought the Tech Term
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