Financial Guidance
Jayashree / 29 Sep 2008
For life insurance, I am generally in favour of plain vanilla term policies. They are cheap and can afford you large amounts of cover, which is what is useful for the beneficiaries.
Q. I want to take insurance policy and coverage of life should be Rs 15 lakh. I have different LIC insurance policies of Rs 21 lakh (approx.). Which other policies in the market are better? My age is 44 years and my annual income is Rs 5 lakh. I have two sons and my spouse is a housewife. I am a public sector employee. I have invested in mutual funds and shares also. What will be the annual premium for Rs 15 lakh insurance?
- Arun Kumar Yadav, on email
A. For life insurance, I am generally in favour of plain vanilla term policies. They are cheap and can afford you large amounts of cover, which is what is useful for the beneficiaries. A term policy from LIC will cost you a premium of about Rs 12,000 per annum, whereas a term policy from Met Life will cost you about Rs 10,100 per annum.
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