Looking for an insurance, don't understand which one to get. Advise.

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Hello dimers,

First post so please go easy. 30M married 30F, we do not have any insurance. We are considering getting one, but there are too many like life, medical, bank ones. Dont know which one to get. I also heard SBI gives insurance for 2k/yr.

Can someone suggest us decent insurance plan. Thanks.

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There are basic two insurance i.e. Health (In case of disease/treatment), and Term/Life (Death benefit)

Which insurance you are referring?

Refer this for more details →
Life Insurnace → https://www.desidime.com/discussions/all-you-sh...
Health Insurance → https://www.desidime.com/discussions/all-you-sh...

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InvestPotato wrote:

There are basic two insurance i.e. Health (In case of disease/treatment), and Term/Life (Death benefit)

Which insurance you are referring?

Refer this for more details ->
Life Insurnace -> https://www.desidime.com/discussions/all-you-sh...
Health Insurance -> https://www.desidime.com/discussions/all-you-sh...

Spent few hours getting educated. Figured it out, thanks.

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First thing first. Insurance is for risk cover. It is NOT an investment product. Do not go for insurance in the hope of getting a return.
You can go for term life insurance, separately for each of you. However, do keep in mind that only earning individuals can take term insurance. If any of you are Govt/PSU employee, you can go for Postal Life Insurance.
You also should go for a joint medical insurance with family floater. If you have parents, particularly senior citizens, you can include them also in that policy. Medical Insurance have additional income tax benefits, so consider than while calculating cost.

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panchabhut wrote:

First thing first. Insurance is for risk cover. It is NOT an investment product. Do not go for insurance in the hope of getting a return.
You can go for term life insurance, separately for each of you. However, do keep in mind that only earning individuals can take term insurance. If any of you are Govt/PSU employee, you can go for Postal Life Insurance.
You also should go for a joint medical insurance with family floater. If you have parents, particularly senior citizens, you can include them also in that policy. Medical Insurance have additional income tax benefits, so consider than while calculating cost.

Thank you

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panchabhut wrote:

First thing first. Insurance is for risk cover. It is NOT an investment product. Do not go for insurance in the hope of getting a return.
You can go for term life insurance, separately for each of you. However, do keep in mind that only earning individuals can take term insurance. If any of you are Govt/PSU employee, you can go for Postal Life Insurance.
You also should go for a joint medical insurance with family floater. If you have parents, particularly senior citizens, you can include them also in that policy. Medical Insurance have additional income tax benefits, so consider than while calculating cost.

I am unable to find a plan where I can add my parents 63 and 56. Can you tell any policy name, thanks.

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