Frequently asked questions
How much life insurance cover do I need?
Roughly 15 to 20 times your annual income, plus outstanding loans, minus existing savings and cover. The life cover calculator on this site gives a personalised figure.
Term plan or endowment plan — which should I buy?
Buy a term plan first for protection, because it gives the largest cover for the lowest cost. Add a savings or guaranteed plan only after protection and health cover are in place.
Is my company health insurance enough?
Usually not. Group cover is often small, ends when you leave the job, and rarely covers parents adequately. A personal policy keeps your waiting periods running in your own name.
What happens if I miss a premium?
Life policies have a grace period, after which the policy lapses or becomes paid-up. Health policies have a shorter grace period and a lapse resets the waiting periods you have already served.
Can I buy insurance for my parents?
Yes. Senior citizen health plans are available, though underwriting is stricter and co-pay is common. Buying earlier is always cheaper and easier.
Do I pay more by buying through you?
Premiums are determined and filed by the insurer in accordance with applicable regulations. For a particular insurance product, the premium generally depends on factors such as age, coverage, policy term, health profile and other applicable underwriting factors. Whether you purchase directly online or through an advisor, the applicable premium is determined according to the insurer's product terms and pricing.
How long does policy issuance take?
Anywhere from a day to a few weeks, depending on medical tests and underwriting requirements. I keep you informed at each stage.
Is the maturity or death benefit taxable?
Death benefits are generally exempt, and maturity proceeds are exempt under Section 10(10D) subject to conditions. Please confirm your specific case with a tax professional.