View
226
Download
0
Category
Preview:
Citation preview
8/13/2019 ETM_2013_8!26!34-Insur at Each Age
http://slidepdf.com/reader/full/etm201382634-insur-at-each-age 1/1
Health insuranceThis is a critical period since you are likely to start facing medicalproblems. To ensure you retain the health cover and critical illness
rider/cover, pay the premium so that the policy does not lapse. If it
does, you'll have to pay a high premium, take medical tests, and
pre-existing diseases will be covered only after the waiting period.
Continue with your existing covers for accident&disability, as well as property
insurance. Raise the latter toaccountfor inflation or after a rise in contents.
Health insuranceThis is the most crucial period
expenses are likely to compri
ensure your premiums are pa
COVER
`10 lakhANN
Wil
Personal accident & disability coversContinue with your existing covers.
COVER (STRUCTURE & CON
`60 lakh
Property insurancDo not end this policy as you n
contents at all times. Review
in contents.
SINGLE & EMPLOYED
MARRIED, WITH KIDS
MIDDLE AGE, OLDER KIDS
MARRIED, NO KIDS
RETIREMEN
Life insuranceDuring these years, you are unlikely to need fresh insurance unless
you take a loan or act as guarantor for your child's education loan.
It will also be the period when you start to cash in on your endow-
ment policies or child plans. So continue with your existing cover.
Life insuranceBy this time, you would have s
be financially independent, m
and debts, would have been p
So when the life cover's term
COVER
Nil
From the time you start working till retirement, each life
review of your insurance portfolio. While some covers, lik
vehicle and travel abroad, are mandatory, others need to
proactively. Find out the type and quantum of insurance y
Insurancefor eachlifestage
TEXT
RIJU MEHTA
ACCIDENT COVER
`25 lakh
DISABILITY COVER
`25 lakh
ANNUAL PREMIUM
`1,500
ANNUAL PREMIUM
`1,600
Life insurance
If you have no financial dependants, you don't need to buy a lifecover, but if you support someone or have taken an education loan,
you may need one. The best option would be an online term plan till
retirement. The amount should be 5-6 times your annual salary. If
you are a non-smoker male with a monthly salary of `30,000:
COVER
`20 lakhANNUAL PREMIUM
`3,400TERM
30 years
Life insuranceIf your salary has risen to `45,000 (approx 10% a year) and your
spouse is working, you will need to raise your cover. Instead of a
fresh cover, you can also pick a top-up plan, with a lower premium.
If your spouse is 27 years old, non-smoking and employed, with a
salary of `35,000 per month:
If your spouse is non-working, buy a higher cover for yourself.
COVER
`30 lakhANNUAL PREMIUM
`4,200TERM
30 years
COVER
`20 lakhANNUAL PREMIUM
`3,400TERM
30 years
COVER
`50 lakhANNUAL PREMIUM
`4,700TERM
30 years
SPOUSE COVER
`45 lakhANNUAL PREMIUM
`6,500
If your spouse's salary has risen to `55,000 a month (10% a year):
If you want to plan for your kid's education/marriage, buy a child
plan. While it offers a cover and a lump sum on maturity, the premi-
um is high. For your 4-year-old, it will yield `10-14 lakh on maturity.
Life insuranceIf your income is now `75,000 (approx 10% a year), you have two
kids, aged 6 and 4, and have taken a `30 lakh home loan, a car loan
of `4 lakh, your cover should be:
COVER
`80 lakhANNUAL PREMIUM
`9,500TERM
25 years
COVER
`40 lakhANNUAL PREMIUM
`60,000TERM
15 years
COVER
`45 lakhANNUAL PREMIUM
`6,500TERM
30 years
Property insuranceIf you've bought a house worth `40 lakh, insure it against damage.You'll also have to review the contents and raise the cover, if needed.
COVER (STRUCTURE & CONTENT)
`50 lakhANNUAL PREMIUM
`5,000
Health insuranceAt this stage, you will need to increase the cover of your family
floater plan to include your children. Also consider a critical illness
rider, which will cover the risk of major illnesses like cancer, heartattack, etc. It takes care of the costly treatment and loss of income.
CRITICAL ILLNESS
`5 lakhANNUAL PREMIUM
`3,000
COVER
`5 lakhANNUAL PREMIUM
`10,000
COVER
`80 lakhANNUAL PREMIUM
`9,500
ANNUAL PREMIUM
`
4,500
ANNUAL PREMIUM
`20,000Personal accident & disability coversIf your spouse (27 years) is working, ensure she also buys these.
ACCIDENT COVER
`25 lakhANNUAL PREMIUM
`2,000
Property insuranceYou may not have a house of your own, but cover the contents of
your house, including electronic gadgets, jewellery, etc.
COVER
`5 lakhANNUAL PREMIUM
`1,600
Personal accident & disability coversDon't write off this cover as superfluous since it’s probably one of
the most important ones you need once you start working. It willhelp ward off any loss of income due to a mishap, including partial/
total or temporary/permanent disability.
25 YEARS
30 YEARS 35 YEARS
45-50 YEARS 60
COVER
`7.5 lakh
CRITICAL ILLNESS COVER
`
5 lakh
Personal accidentSince you would have stopped
assets by now, you won't need
COVER
Nil
ANNUAL PREMIUM
`4,000
Health insuranceYou’re likely to be covered by your employer’s group insurance, but
given the rising cost of medical care and the fact that you could be
coverless between jobs, it’s better to have your own medical insur-
ance. Besides, the premium will be lower at this age.
COVER
`3 lakhTERM
1 year
Health insuranceConvert your policy into a family floater plan, which will cover both
you and your spouse at a lower premium than individual plans.
COVER
`3 lakhANNUAL PREMIUM
`4,800
Premiumsare indicative.Theywillvaryamonginsurers,andasper aperson'ssituation/needs.
Premiumsforhealthcoverwillvaryas perclaims.
Insteadofbuying freshcovers,itwill be cheapertobuytop-up plansand riders.
Considerinflation while calculating covers.
16 The Economic Times Wealth, August 26-September 1, 2013
Recommended