Queries

Rohit Sharma  rsharma@rediffmail.com I am 46 years old. Am I eligible to buy a term insurance at this age? If so, what kind of plan should I go for to ensure an assured  sum of `1 crore and increasing monthly income? Yes, you are eligible to take a term insurance. Whether a cover of Rs 1 crore is sufficient for you will depend on your current and expected future income, your household expenditure and any mortgages or loans you may have. The thumb rule for life cover is that it should be 12-15 times your annual income. You can use online calculators to check out the optimal life cover you should go for.  A term plan is the most basic and essential step for protecting the future of one’s family. In the event of death of the breadwinner, it ensures that the family of the deceased are able to repay loans and run household without compromising on lifestyle. Keeping...