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He says he wants to finish paying for it in 15 years.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
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 birthI'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.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
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 ?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
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 coverageTake good health insurance, when liability is about to come then take term insurance.
pay till 15 means that's not pure term insurance policy.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
I have checked their plans on policy bazar, they are on the expensive sideICICI 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
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 preferencepay 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.
That's great 👍. I am curious about 22 year old and 20+ LPA 😅.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
Recently graduated from a Tier-1 college and I'm a Software Engineer at a big StartupThat's great 👍. I am curious about 22 year old and 20+ LPA 😅
Yes, that's true.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 ?Advantage is your age, take benefit. Early you start , lesser the premium.
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.Do the premiums increase after 1st year or are they fixed for the entire period ?
Fixed for entire period.Do the premiums increase after 1st year or are they fixed for the entire period ?
thanksFixed for entire period.
Why you are going to pay 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
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.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)