Suggest a suitable term insurance plan for my family.
The move is commendable as it is pure life insurance, with no savings or investment component
By OLM Desk
I am looking for a term insurance for myself, my wife and 10-year old son; please suggest a suitable plan for us.
Lalit Sharma, Delhi
The move to take term insurance is commendable as it is pure life insurance, with no savings or investment component. However, there is no need to take term plan for your son, who is not earning. As for you and your wife, the quantum of cover that you take will depend on several factors such as your age, income and the period for which you seek insurance. Go in for an online term policy as these are more cost effective compared to buying insurance from an insurance agent. Do take adequate health insurance for all your family members, including your 10-year old son, and depending on your age, you could consider critical illness cover too.