Can people over 60 years get Life Insurance?July 7, 2021
1. I am 69. I have Rs.1 crore and I want to come up with a life insurance policy. Give advice.
The family should take out life insurance on behalf of the highest earners. If anything happens to them, the family (nominee) will be insured at a flat rate. Life insurance is not required if you are not an employee. You can take it if someone in your family depends on you. Or those with high incomes in your family can get term insurance. They have protection because they nominated you.
Make sure the term policy is at least 10 to 15 times the annual return. Generally, it is advisable to take out term insurance at an early age and continue until the age of 60. It is also difficult to find a contract term for those over 60 years of age. Make sure the information in the policy is correct without any problem in case of future loss. You can get a higher insurance guarantee with a lower premium on the term policy. See the guidelines for online terms of Max Life, SBI and ICICI. Premium can be checked on sites like Cover Fox and Policy Bazaar.
2. I am a private employee. My monthly salary is 12 fingers. I want to buy a house near the city, can I get a home loan? What is its price and what is the interest rate?
You can take out a home loan. To do this, you can contact SBI or the nearest bank. Generally, you can request pay slips, 6 months bank statement, income tax returns (if required) from your employer. It is possible to get a loan of Rs 6 to Rs 10 lakh depending on your monthly salary. This varies depending on the bank. The interest rate should be around 7 per cent. It is a good idea to keep your EMIs above 30% of your monthly income. Invest for your other goals as well. The home loan can be repaid from the remaining income.
3. I am 29. I have Rs. 2000 Grant. Suggest health insurance up to Rs 5 lakh.
You invest SIP in an index fund. UTI Nifty Index Fund can be selected. You can get good returns if you invest for at least 10 years. You can invest directly in the plan through fund companies and other websites (such as www.mfuindia.com, www.kuvera.in, myCAMS / Paytm mobile app). In this you do not have to pay commission, so the return on these is 1 to 2 percent higher compared to normal plans.
It also makes sense to take out health insurance. When you take out a family floater policy, you can get more benefits by taking out a super top-up policy. See guidelines from Max Bupa, Apollo Munich and Star Health.