How did you decide cover amount? What riders you opted and if critical illness is the one, how did you decided its amount.
I'm an insuramcr advisor. CI is not recommended. But take WOP instead. Don't follow the suggestion not to take any riders by some users. They just believed what they read on internet and didn't have an advisor to guide them.
Thanks, based on what I could dig up WOP(waiver of premium) is a must.
Also @Sreekanth if you could clear one more thing, does taking insurance from 3rd party (ditto, policybazaar) make any difference during claim or I should go for online purchase from their site only?
Decided cover amount on the below mentioned calculations:
I took a cover of 2Cr. Didn’t add any rider since already had medical insurance and additional life insurance. I am paying 1260/month. I would suggest you to take annual premium as it is comparatively discounted.
Got it Actually I was confused in deciding on a critical illness rider, is it really helpful.
I am not much sure about it. But as per my knowledge, it should be helpful. I think it gives additional coverage for critical illness. You should probably get in touch with folks at Ditto. Heard a lot about them.
Ideally the cover should 20x your current annual salary.
Have you taken a rider along with?
Hey, yes. I have bought a critical illness rider as well
There can be 2 ways -
Hard way : Nitpick everything and make rigorous calculations with every current expenditure, their inflation rate in future, lifestyle inflation all other various costs and come to a figure.
Easy way : Multiply your current yearly base salary (not CTC) with 20. That's the amount you should eye for in term insurance
Well easy way sure sounds tension free method
Ideally the cover should be able to take care of your dependences expense till they start earning amount which is capable of maintaining your current lifestyle + add the amount of home loan if you have already obtained it. Feel free to connect on LinkedIn or WhatsApp at 7990744040 and can share best plans with you based on your current cash flows and liabilities.
Been researching health insurance. If you have any questions, please share. Will clarify whatever I know.
So I'm 23M and i wanna buy life insurance of 2Cr. Would really appreciate it if you guys could answer a few questions!
What is the criteria that we need to follow while choosing a term insurance policy?
Is Ditto Insurance good to buy an insurance policy?
I've completed 1 year in my first job. I've tried saving and investing some money, help me decide what I can do better:
Income: 22LPA
PPF: 3 Lakh EPF: 2 Lakh MF: 5 Lakh Saving Account: 4.5 Lakh
Income for new FY post incremen...
Looking out to buy Term Insurance. Am married, and both of us are working. Wanted advice on deciding the coverage amount, cover till age, deciding between various plans, should both of us take the insurance
Anyone who has taken it, plea...