iCharts Discussions

[doctorshah]

pkholla sir, in term insurance policy agent get very little commissionso they are not interested in selling

[pkholla]

Dr Shah, (No Sir Please!) That I also understand.
If you want you can take in your name by going to internet and filling forms.
But you cannot even force them to sell you a Term Ins in your daughter's name after all the tragic incidents I mentioned in my earlier post. (We have no basis to call ourselves a civilized nation when such incidents and dowry deaths by kerosene occur!)
Still, better late than never. Prakash Holla

[shahrachit]

I too feel term insurance is better and always keep insurance & investment separate.

[paa]

There is some misunderstanding, please be aware

1. Term insurance is a must for the bread winner of the family, one should have a minimum insurance of roughly 10-20 times of one's annual income.

2 The idea of taking term insurance is to protect one's income to the surviving family or to protect one's family against liabilities in event of one's unfortunate demise.

3. There is no surrender value(saving element) in term insurance that is why it is the cheapest insurance one can have.

4. Insurance should be used only for protection, not for saving & investment tool.

Example:-

Annual Income = 600000
Insurance Advised = 7500000 approx
Because in case of death of earner the surving family will receive 75 Lacs, and if they put this amount in bank they will get 600000 as interest @ 8 % earn for his family

[paa]

And the premium will be 25k or less Per Annum.

Why should we take term insurance for children? we don't suffer any loss in case of the death of child ( non-earning)