Synopsis: Life insurance is critical for financial planning and protecting one’s family, and the cost of a term plan is quite inexpensive in comparison to the financial protection it offers.
Analyzed the cases of three people – Himanshu Gupta, Dharmendra More, and Priyanka Joglekar – and their respective approaches to life insurance.
- Himanshu Gupta, has not purchased life insurance, leaving his family financially vulnerable if something happens to him. Experts advise him to purchase a term cover of at least Rs. 2 crore before turning 40.
- Dharmendra, purchased two term plans totaling Rs. 35 lakh, which may be insufficient to satisfy his outstanding obligations and future educational expenses for his children. Experts recommend that he consider boosting his life insurance policy.
- Priyanka Joglekar, being single with no dependents, does not require extensive term insurance coverage. Instead, she could think about investing in a ULIP to grow money.
Read More to know what are their different approaches to life insurance?
