What is the ideal way to purchase a life insurance plan?

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I am 30 years old and I am considering taking out life insurance. Could you help me find the best way to select a font?

-Name masked on request

It’s good to know that you’re thinking about buying life insurance. It’s a wise choice that will help you protect your financial future and that of your loved ones. Buying it in the ideal way, I would say, is a very critical decision, and you should see all the plans available in the market, and then make the right call. Don’t take the leap and make an informed choice instead. You can also seek advice from a financial advisor, who can present you with several plans depending on your needs. In this case, the advisor will calculate your need and do risk profiling and also tell you the pros and cons of multiple plans while you select the best plan for yourself.

I am from Bangalore. I’m a working mom and haven’t taken out life insurance yet, but I have other investments. Do you think life insurance is still necessary?

Asha Priya

I want to commend you for doing a commendable job and taking care of your child and your responsibilities. You do a great job of planning for the future by investing and thinking ahead about your family’s needs. This makes it more necessary for you to take out a life insurance policy, which will protect your loved ones in adverse times. In addition to financial protection, there are other benefits of purchasing a life insurance policy, such as: Critical illness cover – Critical illness cover can be included in the term plan by adding it via an addendum.

Plus, you can leave a legacy for your loved ones – nothing can replace you, but strong financial support will ensure that your family or dependents don’t have to worry, at least financially, in the event. unfortunate incident. Can give you tax-free returns – life insurance gives you tax-free returns with protection, no investment limits, and payment flexibility depending on the plan you choose.

Queries answered by Sanjiv Bajaj, Co-Chairman and Managing Director, Bajaj Capital. Queries and views to [email protected]

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