Hello Sir,
Let's assume one buys a term insurance plans (e.g.) ICICI i-Smart for 20 years tenure, 1cr basic coverage, 1cr ADB and 25 lacs Critical Illness. Post 20 years my age would be 50. If I encounter a natural death post 20 years of paying all premiums would my family still be eligible to get the Basic Coverage of 1cr?
3 Answers
Hi,
If policy tenure is 20 years and if the risk (event) happens after 20 years then no claim will be accepted.
Kindly read my review on : ICICI Prudential i-Protect Smart - Details & Review
Hello Sir, I was thinking of purchasing term plan for 20 years (as I am 30 now). But then if anything happens to me after I am 50 then this policy would be no good. What is an advisable coverage period to get term plan for someone who is 30 years? Please help. I am thinking how would I pay the premiums after my retirement.
Hi,
The ideal policy tenure can be till your expected retirement age and also till the time you expect that you would free from all possible financial commitments/liabilities/obligations.
So, ideally till the age of say 55 to 60 years. Kindly note that most of the individuals may not require any kind of life cover as they near their retirement age.
However, suggest you to select the policy term as per your requirements. Cheers!
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