We all understand how uncertain our life is, and if you are the only earning member of your family then it becomes more crucial as you only have to plan for your family even after you. Most of the financial experts ask people to take term insurance plan with adequate cover for the financial security of your family as term insurance plan are pure insurance plans which offers cover against the life of the insurer.
But here is the most important question how much cover is adequate? As there are number of companies offering there life insurance products with different cover plans it is important for you to choose the one which offers maximum cover at reasonable premium.
People have perception that high cover plans are very expensive due to which they don’t even bother to know about the same. But time and competition have drastically changed the market rates. Earlier thinking life cover of Rs 1 crore was for high end customers but now one can get the same in just Rs 15000. Isn’t it great!!! Some well know insurance companies like Birla Sun Life Insurance is now offering cover of Rs 1 Crore at Rs 15000 pa. like wise other insurers are also in line with BSLI such as ICICI Prudential life insurance and HDFC standard life insurance.
LIC policy is having term insurance plans with the annual premium of Rs 27500 to Rs 32000. This policy caters most of buyers as other lower premium policies offers their policy only to people in good health.