Home |Life Insurance |
If husband and wife are working, then each person required term plan or single person is ok?
If husband and wife are working, then each person required term plan or single person is ok?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on October 22,2021
Answered on October 22,2021
Dear
Each life is independent and generating income . Each life must insure to protect future income generation .
So both can take term insurance if meeting eligibility criterion.
Best wishes
Related Questions
-
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on May 05,2022What if my private company has provided me health and term insurance of good amounts? Shall I still buy the personal insurance now or wait for some years until I quit the company and then buy the personal health and term insurance?
Your group insurance is a rented property . You have it till you are part of group . You ...
1 0 70 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 07,2021Do a person get claims of life insurance upon his/her death in extraordinary conditions like earthquake pandemics or terrorist attacks. Or there are any technicalities to it ?
Yes Earthquake , Pandemic and Terrorist attack are covered unless force majeure is approved by regulator IRDA . If Force ...
1 0 141 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 18,2021If we are taking a life insurance cover of 1 Cr, what should be the average amount for the riders? (Critical Illness and Disability Addon)?
Dear As per IRDA directive , maximum amount amount on rider can not exceed more than 30% of the premium ...
1 0 50 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
1 0 71 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 12,2021I am single and intend to stay that way for the rest of my life. Who can be dependents in my insurance plan, if there is no spouse, parents, children etc.?
Dear Unless you have made a will , it would go as per law of succession i.t to next of ...
1 0 57 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 11,2021If a person dies and does not have any life insurance or cover but he was a tax payer, is he eligible for any kind of benefits from IT department?
Dear There is no benefit from Income Tax Department , but other countries provide benefits to Tax Payer.
1 0 44 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on September 17,2022If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?
Dear As per Insurance Act , no insurance company can shut down . At the most , another company would ...
1 0 160 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 21,2021If a person dies abroad, will term insurance taken in India is still valid? and sum assured will be given to nominee in case of death?
Yes , term insurance is universal and claim will be paid in case death happens in foreign land . ...
1 0 396 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 01,2022I have a question if my company is providing term insurance for me then should i have my own term policy for my self while i am working in that company?
Dear Your company insurance is like rented property , you are not owner . The day you leave the job ...
1 0 55 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 24,2021If I take a plan now and if I am not able to afford the plan for a higher premium, so after a few years can we take another term plan. Basically, can I take two plans?
Dear Yes , you can buy as many plans as you wish . But ensure that you are sharing details ...
1 0 27 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on February 14,2022If I opted for an Endowment plan of 1 crore cover and nothing happens to me in the covered period, does the insurance company returns 100% of the amount I paid all these years after the maturity of the policy?
Yes , that is the meaning of endowment . On maturity , you receive guaranteed sum assured along with accrued ...
1 0 45 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on March 01,2022If I opted for an Endowment plan of 1 crore cover and If I'm getting hospitalized, does this policy covers the bill amount as well? Or that come under health insurance?
Life insurance covers risk of death unless you had taken critical illness rider . For medical , you need Health ...
1 0 20 -
Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 02,2021If the difference between a term plan and a return of premium plan is 700rs per month for 40 years, for a same cover, is term plan still a better one?
Dear Yes , term is always better . Why should you pay extra . Save the money in mutual fund and ...
1 0 21