General Trading Chat

sanju005ind

Investor, Option Writer
Earlier the better.As the person is young, his term insurance premium is low...also this is the age where term insurance is most needed as the family,children are growing and if some unfortunate thing happens to the wage earner, the family and its future gets disturbed....

After 55-60 one may not need term insurance as by this time most of the family needs such as children’s education,marriage,higher studies,buying flats for them and also person’s need for financial independence is met so the need for term insurance reduces...

Take term plan for only risk cover and the rest of the money invest every year in a equity mutual fund ....but don’t go for Unit Linked Insurance Plans.....term insurance and equity MFs are the best combination for getting risk cover and also capital building.....

Take Term plan for covering risk of life. Don’t go for Unit Linked Insurance Plans or ULIPS which the insurance agents market very aggressively under names like money back etc.The difference between the ULIP premium and term plan premium ,invest in equity mutual fund.Combination of Term plan and equity MF works best for risk cover as well as capital formation.....

Smart_trade
ULIPS neither provides adequate risk coverage nor proper capital growth. All the insurance can be converted into electronic format at nsdl website and read only access can be given to relative or friend other than nominee so that they can intimate the demise of the policy holder. Nice feature since the nominee might not be in a proper situation to take any decision.
 

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