Will be for a married person in the age group of 30-35 years, who has small children and has a car loan of up to Rs 5 lakh. For such a person, 5-8 times more insurance of his annual income should be taken.
In today’s time, the pressure of financial responsibilities on a person is so high that to deal with this pressure, insurance has become a necessity in today’s time. Where insurance guarantees a secure future, it also brings peace of mind. But it is very important to take care of some things while taking insurance, in which it is most important that at what age taking insurance of how much amount will be beneficial. However, some factors matter for this, in which the monthly expenses of the person, estimation of inflation, estimation of responsibilities/liabilities and estimation of future liabilities etc. are necessary.
Keeping in view the general condition and responsibilities, experts have told that at what age a person should take insurance for how much amount. Whose details are as follows.
25 years: According to experts, a 25-year-old person who is single and does not have any family or other responsibilities. Also, this person has an education loan and he also has to help his family financially, so taking a term plan of 2-3 times more than the annual income can be beneficial for him. This term plan can also be taken for up to 40 years, so that the said person does not need to take any other term plan later. This insurance can be of 25 lakhs, whose cover will be 25 lakhs and its premium will be Rs 2862 annually.
30-35 years: This insurance will be for a married person in the age group of 30-35 years, who has small children and has a car loan of up to Rs.5 lakh. For such a person, 5-8 times more insurance of his annual income should be taken. It can go up to Rs 1 crore, with a cover of Rs 1.25 crore and an annual premium of Rs 11,476.
35-45 years: The children of a person of this age are a little older and as the family grows, the responsibilities also increase. The responsibility of the home loan is generally on the individual. In such a situation, it would be right for the person to take insurance up to 50 lakhs. Whose cover will be 1.75 crores and its annual premium will be Rs 18,969.
45-55 years: At this age the home loan of a person is almost on the verge of getting over. But education loan is required for the education of children. According to experts, at this time it would be right to take an insurance term plan up to Rs 1.75 crore, whose annual premium would be Rs 18,969.
55-65 years: By this age the children of the person start working and most of the responsibilities are over. In such a situation, a loan of 50 lakhs will be sufficient. In which a cover of 1.25 crores will be available and the annual premium will be Rs 11,476. After 65 years, the age of retirement of a person is and in this no company gives insurance plan.