My husband and I are under 35 and have two small children aged 8 and 10. Will it be possible for us to buy a joint life insurance policy? What kind of life insurance policy do you suggest? Our joint annual income is Rs 50 lakh.
You should look for independent term plans, which are pure risk insurance covers
My husband and I are under 35 and have two small children aged 8 and 10. Will it be possible for us to buy a joint life insurance policy? What kind of life insurance policy do you suggest? Our joint annual income is Rs 50 lakh.
Suman Mehta, Delhi
There are a few insurers who provide joint life policies, but these may not be the best options for you. In such policies, the insurer would pay the sum assured in case of death of either spouse. Moreover, the premiums for joint-life plans are relatively high. You should instead look for independent term plans, which are pure risk insurance covers. This way, you will be able to be adequately insured and at a premium which is affordable. Given your age and the young dependents that you have, term plans are the best. Go in for a policy for a very long period and for a high cover of Rs 2 crore or more individually.