Money9 Helpline has emphasised the importance of insurance time and again. It is very crucial to decide on a suitable insurance plan that can provide maximum benefit.
Money9 Helpline hosted Amit Chhabra, Business Head, Health, Policybazaar.com to answer some queries related to choosing and buying a suitable insurance plan.
Here are some questions:
Chhabra: It depends upon the function of your life cycle. You should definitely look at term insurance. You have to support your 13-year-old son as he is dependent on you. In case something happens to you, you have to ensure that your son is able to survive alone. Build a corpus, that is enough to make sure your son is getting enough money to fulfil all his needs related to money. The sum insured is a function of your lifestyle and requirements. So, first, look at term insurance to secure the future then the endowment plan.
Chhabra: You should first go for a health insurance policy. Today you have options to buy insurance on EMIs. In your case, the premium will be high as you fall into a higher age bracket. I would suggest instead of paying a premium upfront, buy a policy on EMIs, that will allow you to cover all your medical costs. You should go for at least Rs 10 lakh cover policy.
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