Which term life insurance do you have?

[shashifed]

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

 

[simal]

ICICI Pru will be a better option and anything above 1 Cr will be considered as Elite plans and you will have priority of your service requests. By the way why do you want to close it after 15 years? In fact you will need it more at that point in my opinion

 

[federer.reddevil]

ICICI Pru will be a better option and anything above 1 Cr will be considered as Elite plans and you will have priority of your service requests. By the way why do you want to close it after 15 years? In fact you will need it more at that point in my opinion

He says he wants to finish paying for it in 15 years.

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

If you ask me pay till 60 as you can claim tax benefits on the premium paid. Also if you want you can take a policy where you increase coverage after life event like 1cr now 1.25Cr after mrg and 1.5Cr after child birth

I took from Canara HSBC last year

 

[amit]

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

One thing I surely say, If you dont have a huge liability now or not a sole owner of family or will be in coming next 2-3 years (big home loan, etc) dont take term insurance till then. your age and the LPA u have is your advantage. if you invest in other financial instrument then u dont have to worry about family income backup when you no more.

Take good health insurance, when liability is about to come then take term insurance.

 

[shashifed]

He says he wants to finish paying for it in 15 years.


If you ask me pay till 60 as you can claim tax benefits on the premium paid. Also if you want you can take a policy where you increase coverage after life event like 1cr now 1.25Cr after mrg and 1.5Cr after child birth

I took from Canara HSBC last year

Nice to see a fellow federer fan... Yaa but the premium paid doubles if I pay till 60. Where did you buy your term life insurance from ?

 

[shashifed]

Take good health insurance, when liability is about to come then take term insurance.

But the insurance rates have been on the rise, better to start and close it early... then I don't have to worry about the coverage

 

[Patil007]

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

pay till 15 means that's not pure term insurance policy.

That will be endowment plan. they saw your Salary and trying to increase their incentive by selling you endowment plan. they will say, it will save your tax + insurance benefits + full payment after maturity.

LIC term insurance is best, but service and online payment is not that good.
Second best is Max insurance.

 

[shashifed]

ICICI Pru will be a better option and anything above 1 Cr will be considered as Elite plans and you will have priority of your service requests. By the way why do you want to close it after 15 years? In fact you will need it more at that point in my opinion

I have checked their plans on policy bazar, they are on the expensive side

 

[shashifed]

pay till 15 means that's not pure term insurance policy.

That will be endowment plan. they saw your Salary and trying to increase their incentive by selling you endowment plan. they will say, it will save your tax + insurance benefits + full payment after maturity.

LIC term insurance is best, but service and online payment is not that good.
Second best is Max insurance.

No its term life insurance only... We have the option to pay till 60 or pay more and close early. Im choosing the latter as a personal preference

 

[Patil007]

No its term life insurance only... We have the option to pay till 60 or pay more and close early. Im choosing the latter as a personal preference

That's great . I am curious about 22 year old and 20+ LPA 😅.

 

[shashifed]

That's great . I am curious about 22 year old and 20+ LPA 😅

Recently graduated from a Tier-1 college and I'm a Software Engineer at a big Startup

 

[Darthvader]

Advantage is your age, take benefit. Early you start , lesser the premium.

 

[Patil007]

Advantage is your age, take benefit. Early you start , lesser the premium.

Yes, that's true.

 

[shashifed]

Advantage is your age, take benefit. Early you start , lesser the premium.

Do the premiums increase after 1st year or are they fixed for the entire period ?

 

[Darthvader]

Do the premiums increase after 1st year or are they fixed for the entire period ?

Depends may increase, but there are fixed ones till entire term. All comes with a cons and pros . Just see which suits you the most.

 

[Patil007]

Do the premiums increase after 1st year or are they fixed for the entire period ?

Fixed for entire period.

 

[shashifed]

Fixed for entire period.

thanks

 

[vaibhavpp0707]

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

Why you are going to pay it in 15 years ?

for Max term life insurance on policy bazaar for 22 year old male with 2 crores cover till 85 year age without any rider

if u pay it in 15 years then annual premium will be 43625₹ (total 6.86 lacs)

if u pay till 85 years it will be 21944₹ (total 14.54 lacs)

if u pay till 60 years it will be 23648₹ (total 9.44 lacs)

I feel u need to opt to pay for 60 years as u will get tax benefits.

instead of paying more premium compound it somewhere else.

also if someone opts for 15 years pay. and he dies within 10 years. then he already paid more amount as premium for 15 years pay is more. (10* 43625 = 436250)

if he had opted for pay till 60 years he would have paid less (10*23648 = 236480)

 

[avi_devdhar]

i have a plan from max life insurance too, bought at age 25, i pay for 10 years, and covered till 70, coverage amount 2 Cr.
I think 70 is a good number, if we do live till 70, value of 2Cr would be pretty low,
doesn't make much sense to pay premium for 5 more years and have coverage till 85.
you can think about it once.

 

[SiddharthR]

Why you are going to pay it in 15 years ?

for Max term life insurance on policy bazaar for 22 year old male with 2 crores cover till 85 year age without any rider

if u pay it in 15 years then annual premium will be 43625₹ (total 6.86 lacs)

if u pay till 85 years it will be 21944₹ (total 14.54 lacs)

if u pay till 60 years it will be 23648₹ (total 9.44 lacs)

I feel u need to opt to pay for 60 years as u will get tax benefits.

instead of paying more premium compound it somewhere else.

also if someone opts for 15 years pay. and he dies within 10 years. then he already paid more amount as premium for 15 years pay is more. (10* 43625 = 436250)

if he had opted for pay till 60 years he would have paid less (10*23648 = 236480)

Also as the year passes, I think there our hero comes i.e. INFLATION in case of Term Life Insurance and your premium will be very low at the old age by taking inflation into consideration.