1cr Term Insurance

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Deal Newbie
saadats

Hello,

Could someone please suggest a good term insurance company with cover 1 crore. My income is a little less than 5L, so Tata  AIA cancelled my policy.  Any suggestions which fit my criteria would really be appreciated. Thanks.

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Deal Subedar Deal Subedar
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check lic tech term plan

Deal Newbie Deal Newbie
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Anything else? I find LIC literature quite complicated.

Deal Subedar Deal Subedar
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ideally Term insurance is 10X of your yearly income .

going 20X is suspicious + Burden on your Income 

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How much premium for 1.5 cr

Deal Newbie Deal Newbie
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Sudarshan61 wrote:

ideally Term insurance is 10X of your yearly income .

going 20X is suspicious + Burden on your Income 

Is there an upper limit to that rule? What if someone has 30-50L income? How much coverage should they get?

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sharpen wrote:

Is there an upper limit to that rule? What if someone has 30-50L income? How much coverage should they get?

Term insurance is not for them. They can just work for few years, save and invest that corpus in a liquid instrument for their family and die peacefully.

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kukdookoo wrote:

why paji?

If you already saved say 3 or 4cr for your family then why you need it? Your family can easily live in FD income in a trusted bank. Even 5% is enough.

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sharpen wrote:

Is there an upper limit to that rule? What if someone has 30-50L income? How much coverage should they get?

Ideally Term insurance is equal or bit more than your liabilities so that post unfortunate times your family is left with nothing. 

Eg If house is on loan..ideally have a term Insurance which is quivalent to your house. 

Dont treat Term insurance as Investment product..No point having 20X, 30X or having it till 100 years..

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Sudarshan61 wrote:

Ideally Term insurance is equal or bit more than your liabilities so that post unfortunate times your family is left with nothing. 

Eg If house is on loan..ideally have a term Insurance which is quivalent to your house. 

Dont treat Term insurance as Investment product..No point having 20X, 30X or having it till 100 years..

paji suppose is having low income or some health condition which makes it impossible for companies to issue them term insurance,so in this case what do u suggest for that person?matlab they should diversify their investments for their family?

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prem4998 wrote:

If you already saved say 3 or 4cr for your family then why you need it? Your family can easily live in FD income in a trusted bank. Even 5% is enough.

but paji inflation is about 7% so a person is loosing money actually

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Sudarshan61 wrote:

Ideally Term insurance is equal or bit more than your liabilities so that post unfortunate times your family is left with nothing. 

Eg If house is on loan..ideally have a term Insurance which is quivalent to your house. 

Dont treat Term insurance as Investment product..No point having 20X, 30X or having it till 100 years..

Well, it’s a bit complicated. I’m fairly young and just landed a (more than) decent job, but I could also drop dead tomorrow with just a few lakhs in savings.

My annual income is pretty much meaningless to my next of kin in that case. I guess the moral is to get term insurance until I live long enough to build up a nest larger than it?

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kukdookoo wrote:

but paji inflation is about 7% so a person is loosing money actually

Their family already lost their gem so this 2% inflation is nothing. I am just giving you an example. They have to diversify their corpus as per their need. I am just saying even FD will give them 15 to 20l a year which is more than sufficient for as long as their daughter or son becomes self dependent and takes care of family.

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sharpen wrote:

Well, it’s a bit complicated. I’m fairly young and just landed a (more than) decent job, but I could also drop dead tomorrow with just a few lakhs in savings.

My annual income is pretty much meaningless to my next of kin in that case. I guess the moral is to get term insurance until I live long enough to build up a nest larger than it?

Term insurance is not a substitute for Investment or assets for the Kin’s.. Ideally. 

Its purely to cover your debt so that your kin dont end up in huge debt..


If people would have been buying term insurance as per your logic…They would get Insurance 1st and then think about income…remember insurance also coveres sucides 

Deal Subedar Deal Subedar
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kukdookoo wrote:

paji suppose is having low income or some health condition which makes it impossible for companies to issue them term insurance,so in this case what do u suggest for that person?matlab they should diversify their investments for their family?

1. Even with Low Income Term insurance can be taken..appropriate cover. Dont expect 30-40X coverage 
2. Even with medical conditions Term Insurance can be taken (Premium will be high)

One should always get Term insurance..and over the years as 1 grow in career take additional policy to cover up higher libilities 

Deal Lieutenant Deal Lieutenant
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Sudarshan61 wrote:

Term insurance is not a substitute for Investment or assets for the Kin’s.. Ideally. 

Its purely to cover your debt so that your kin dont end up in huge debt..


If people would have been buying term insurance as per your logic…They would get Insurance 1st and then think about income…remember insurance also coveres sucides 

remember insurance also coveres sucides
paji then suppose a person is in extreme stress due to financial difficulty wouldnt this force him to take the extreme step knowing his family will get money?

Budding Star Budding Star
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kukdookoo wrote:

remember insurance also coveres sucides
paji then suppose a person is in extreme stress due to financial difficulty wouldnt this force him to take the extreme step knowing his family will get money?

After 1 yr this is covered

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Sudarshan61 wrote:

1. Even with Low Income Term insurance can be taken..appropriate cover. Dont expect 30-40X coverage 
2. Even with medical conditions Term Insurance can be taken (Premium will be high)

One should always get Term insurance..and over the years as 1 grow in career take additional policy to cover up higher libilities 

Even with medical conditions Term Insurance can be taken (Premium will be high)
paji in health insurance if someone has a medical condition a policy is issued to him at higher premium but at the same time does it not give insurance gives more power to reject claims citing preexisting condition not followed or hidden?they can reject claims in healthy persons case also if they want but for a person with prexisitng diseases they can reject in blink of an eye


One should always get Term insurance..and over the years as 1 grow in
career take additional policy to cover up higher libilities
term insurance 1 from company a , 2 from company b. at the time of mishappening both will pay the family?

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