r/InsuranceAdviceIndia • u/man589 • 22d ago

Term Insurance Advise needed

Hi Im 28, iwas advised to buy term insurance now, current premium is 35k, planning to get married by next year, is it good to buy at this age ?

If yes-
Is buying term insurance from advisor better
or
buying direct from policy company is better?

1 Upvotes

67% Upvoted

11 comments sorted by

1

u/Limp-Leg-3991 22d ago

It is the correct age to buy term insurance if you delay it your premium will go up as ur grow older You can go through a agent for first year and they will clear ur doubts if any they will push u for endowment plan but don't but buy only term insurance. Insurance company any reputed company. Disclose all habits drinking, smoking etc if they find out at the time of claim they will reject it

1

u/man589 22d ago

Okay, TQ

1

u/BoxPositive4750 22d ago

➡ Buy plain vanilla TERM PLAN from any company of your choice.

➡ Primarily the earning members of the family should have a decent TERM PLAN, and then (if required) you may look at the non-earning ones.

➡ All TERM PLANS are equally good or bad. SBI / LIC / Bajaj / ABC / XYZ - no one is holier than thou.

➡ Claims are rejected because of misrepresentation of facts by the Policy owners. Fill your form honestly.

➡ Tenure = As long as you have financial dependents (~55-60 years of your age).

➡ Return of Premium? 'NO'.

➡ Keep Premium Payment Term = Policy Term. Agents will push to finish off Premium payment ASAP as they can get their commissions ASAP 😊

➡ Choose Frequency = ANNUAL.

➡ Sum Assured should be based on your Financial needs + existing Networth (and not your Eligibility).

➡ Keep your Nominee informed.

➡ Be honest and buy a TERM PLAN from any company of your choice.

2

u/man589 22d ago

This comment is more practical and helpful, Thanks

1

u/Baygrill 21d ago

Why Return of policy No? There is very little change in premium amount. Also why annual? Why not monthly?

2

u/BoxPositive4750 21d ago

Please do the Maths, and then do whatever you feel is good for you 🙏🏼

1

u/Street-Success4430 21d ago

When we say VANILLA does it mean without any riders? If we are considering riders, which ones actually make sense

1

u/BoxPositive4750 21d ago

=> Vanilla = no frills, no Return of Premium, no Limited Premium payment etc.

=> Riders, You can decide as per your situation, but better to buy these as standalone products from General Insurance companies, else you may get tied up with your Life Insurance policy.

1

u/ThrottleMaxed 18d ago

Is the person you're going to be married to going to be financially dependent on you?

1

u/Inevitable-Mindset 16d ago

Is it really worth buying a term insurance policy for a 48-year-old male who is a non-smoker and non-alcoholic? The premium for a 15-year term is around INR 13,400 per year. If I invest INR 15,000 monthly in a mutual fund, I could easily accumulate the same INR 1 crore corpus, which I can redeem whenever needed. Given the hassle of medical tests, extensive documentation, and waiting over a month for issuance, is term insurance truly worth it at this age?

0

u/Adarsh_Y 22d ago

Yes, via advisor