I am 30 years old and I am planning to buy a life insurance policy. Can you help me find the best way to choose a policy?
-Name withheld on request
It is great to know that you are thinking of getting a life insurance plan. This is a wise person’s choice and will help you secure the financial future of you and your loved ones. Buying it ideally, I would say, is a very important decision, and you should look at all the available plans in the market and then take the right decision. Don’t “jump the gun”, but rather make an informed choice. You can also seek guidance from a financial advisor, who can offer you a range of plans as per your requirement. In such a case, the advisor will calculate your requirement and do risk profiling and also tell you about the pros and cons of multiple plans while you select the best plan for you.
I am from Bangalore. I am a working mom and I haven’t got life insurance yet, but I have other investments. Do you think life insurance is still needed?
,asha priya
I would like to congratulate you for doing a commendable job and taking care of your child and responsibilities. You are doing a great job in planning for the future by investing and thinking about the needs of your family in advance. This makes it all the more necessary for you to have a life insurance policy, which will protect your loved ones in adverse times. Along with financial protection, there are other benefits of taking a life insurance policy, such as: Critical Illness Cover- A critical illness cover can be covered under a term plan by adding it through a rider.
Also, you can leave an inheritance for your loved ones- nothing can take your place, but solid financial support will ensure that your family or dependents worry at least the financial part in case of any unfortunate event. Don’t need to. Can give you tax-free returns – Life insurance gives you tax-free returns with protection, no investment limits, and the flexibility to pay as per the plan chosen.
questions Sanjeev Bajaj, Joint Chairman and MD, Bajaj Capital replied. Questions and thoughts at mintmoney@livemint.com