Dear Sree,
I am a new user of your blog. I found it very helpful and detailed. Thanks you for all these articles.
I want to seek your help as I am slightly confused between taking a Term Insurance plan or just an Personal Accidental Insurance and investing into a SIP for long term.
I am a 39 years old man and leaving a normal life with no any hereditary or life style disease.
I have identified Max Life Term Insurance with a cover of 60 Lakh and an accidental rider of 46 Lakh. For this I need to pay an yearly premium of almost 15k.
My other plan of action is buy an accidental insurance of almost 50 Lakh by paying around 4K of premium and along side start a SIP. This way on my survival i'll have some amount as a result of SIP.
Please suggest me what will be the best option.
4 Answers
Hi,
May I know if you have any family member(s) who is financially dependent on you? Do you have financial liabilities or financial commitments?
Kindly go through below articles;
http://www.relakhs.com/insurance-importance-life-health-accident-covers/
http://www.relakhs.com/financial-planning-pyramid-wealth-protection-accumulation-distribution/
Thanks for your reply sir. Yes, i do have wife and an eight year old son who is financially dependent on me. I also have a home load running for of around 40 Lakh.
Hi,
Considering your profile, you need to have both TERM PLAN with basic life cover and can also consider buying a stand-alone PERSONAL ACCIDENT insurance plan. Most of the Accident benefit riders linked to term plans do not offer 'Disability risk cover' they just offer Death benefit due to accident.
Kindly read:
http://www.relakhs.com/best-online-term-insurance-plans-india/
http://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
Once you plan for the above, you can also start investing in MF SIPs for your long-term goals.
Read:
http://www.relakhs.com/personal-financial-planning-articles-list/
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