Life Insurance: Deepak Sood

I wish to take an insurance cover of Rs 25-50 lakh. How much will I need to pay for it? How should I choose a plan? Are there any terms and conditions?
Though a multiple of eight to 15 times annual income is the thumb rule, the life insurance cover requirement depends on age, expected income growth, dependants, etc.

If one does not have dependant(s), he may not need insurance.

The premium would depend on the type of plan (term or a savings), age, occupation and present and past health history. Premium under the pure term plan is the lowest.

In the case of life insurance, if an individual is suffering from some illness, he/she can still get medical cover by paying an enhanced premium.

Life insurance is a contract of 'utmost good faith' and, hence, fill the application form honestly.

The writer is the MD & CEO of Future Generali Life Insurance. Views expressed are his own.
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