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New to Life Insurance, completely overwhelmed by the options available!

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29 Oct, 2021 by  Fleming D'costa

Hi everyone! I'm new to life insurance or anything about being financially literate. I am considering life insurance. I have a funny worry of dying and leaving my parents with nothing if something happens to me. I want to start looking into life insurance and what my options look like for a 25 y/o working man. I am totally overwhelmed by the no. of insurance plans and companies out there!

I’ve so many questions like what happens if I die if I don’t finish paying it off? How long does it take to pay off life insurance? What is the best company to look into?


1 Answer

30 Oct, 2021
CEO, Insurance Samadhan

Dear Fleming

We all carry three risks :

1. Dying early

2. Living too long

3. Medical expenses

We can either manage it on own by creating emergency fund or transfer the risk to a pool which is called insurance .

It makes sence to transfer risk to an insurance company and we must buy four insurance products :

1. Term insurance where sum assured is paid to family in case of untimely death . There is no survival benefit . By paying less than Rs 10000 per annum , you get a cover of Rs 1 crore . So on death , your family will receive Rs 1 crore and there will not be any future liability of premium .

2. Accumulation for living too long can be done through any saving plan through which you buy an annuity plan.

3. Health insurance for medical expense , have a combination of base plan plus super Top up .

4. Supplement your cover with Accidental death and disability cover . Supplemrnt a critical illness cover .

All thesr planning would give you a peace of mind and provide longivity to your life .

All insurance companies are good and regulated by IRDA . Find a good advisor rather a company . Ask as many questions as possible and resprct tge knowledge and not the art of selling

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