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Term insurance for me and spouse

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18 Apr, 2021 by  Surendra Khemka

I want a term insurance for me (graduate) and my wife. (10nth pass ) for 1 crore.

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Term Life Insurance

1 Answer

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20 Apr, 2021

Dear Khema Sahib

To curb moral hazard , most of companies offer term insurance to people who are graduate and filing income tax return .

Depending on your age and income , you can get cover of Rs 1 crore provided you have an earning of approx Rs 6 lakh per annum and you ate around 30 year old . But if you are around 45 then your income should be over Rs 10 lakh .

I don't think any insurance company will offer cover of Rs 1 crore to your wife .

If she is a housewife then maximum cover she will be offered is Rs 10 lakh .

Hope this clarifies

Shailesh

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22 Apr, 2021
Ramdas Shingate
Dear Expert, Thanks a ton for your valuable information and suggestions in this thread. Q1.As you are suggesting Term Insurance with CI (rider), but I heard this combo pack will be less comprehensive (not covering all major illness) than standalone policy. Is it correct? Q2.Kindly let me know do I get term insurance cover with CI (rider) for spouse as well? She is homemaker. I read one comment of you (Shailesh K.) regarding term insurance cover for spouse (10L max.), If that cover is inadequate then should I go for standalone cover? Your suggestion would be highly appreciated.
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22 Apr, 2021
Ramdas Shingate
Kindly delete my question here as I typed at wrong place. Thanks.
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