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Life insurance/term insurance

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26 Mar, 2022 by  Kartik jain

My father is 49 years old..and he did not have a single policy covering his life. What type of plan should I buy to cover his life? Because at this age monthly premium for term plan is so high. Pls 🙏 help

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Term Life Insurance

3 Answer

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Hi Kartik,

The mortality charges will be higher at his age. If you want to take his life insurance, then go for pure term policy only.

Policy issuance will be subject to medical and financial underwriting.


Gurleen Kaur Tikku


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Dear Karthik,

You can buy pure term insurance for your father or ULIP for investment cum insurance.

But income proof is mandatory for pure term insurance.

Pure term insurance is suggested only to people who has dependents.

Consult financial advisor before buying

Thanks & Regards

Vikram Aralikatty CFP

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28 Mar, 2022
CEO, Insurance Samadhan

Dear kartik

Why does your father need insurance :

1. Does he have financial liability like loan or dependents on his income

2. Has he completed financial responsibilities

3. Does he enough saving to providevregular income to your mother

If answer of any question is No , then he needs term insurance.

But many companies need proof of income generation and education qualification before issuing cover under term insurance.

If your father is not having a pension and ypu are funding the premoum then companies have monthly income plans where you pay for 20 years and get monthly income for 15 years . In case

of death , family get sum assured and monthly income .

Hope this information is sufficient


Insurance Samadhan

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