Term insurance thread : What kind of term insurance did you buy and why ?
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What kind of term insurance did you buy and why ?
1) Cover till 60
2) Cover till 85 or till max age
3) Cover till 60 with return of premium
4) Cover till 85 with return of premium ( or till max age )
5) Any other.
Did you have any doubts while buying term insurance ?? I would love to help if anyone has any doubts. We are tied up with all term insurance providers , so would love to help with any queries.
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At the end of coverage(60 or 85), you get all the premiums you paid minus taxes and rider premiums.
Premium is little on the higher side than pure term policies.
Cover till 60 - Basically buying only till the time I expect I will be in active gainful employment. If you retire at 55 then buy till 55.
Reason - I am not looking to profit from insurance I am simply keeping a financial replacement of myself for if I die during employment period.
1) Cover till 60/65 with regular pay: Read this: https://www.desidime.com/discussions/term-vs-pe...
With a "Return of premium" rider, your premium will drastically increase, this is only present to fool normal persons. If you invest the additional amount anywhere (even in FD) and redeem it at the time at the same time, I believe the return will be greater than the "Return of premium" amount.
Also, In "return of premium", the GST amount of the premium paid is not returned.
just go for no return after cover period end. If you want to get the amount do the below option.
Invest the difference amount of [return-no return[ strictly in some options(RD/FD/equity) and get it after your policy period. You will get a good amount than what is promised by these companies
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I already have a regular term insurance but can you plz tell me what's advantage/disadvantage in cover with return of premium.