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Buy life insurance when you start earning, review it later

Research is crucial before you buy a term cover. Agents or any online aggregators can guide you in this process

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How much insurance should I buy? I am 28 years old and earning Rs 8 lakh. I am not married and living with my parents. Should I buy now or wait till I am married? 
– Kushal Dogra

One should consider buying life insurance as soon as he or she starts earning or has a financial dependency on them. It would be advisable to consider buying a term cover. While your earnings have a bearing on what the ideal sum assured should be, you need to make a complete review of your investments, assets, and liabilities to determine the cover. The earlier you begin, the lesser premium you will have to pay. Going forward, as you achieve more and more life stages, you financial liabilities will grow further. You may want to review your life insurance requirement then. There are certain products available in the market currently that account for these life changes and offer the option of increasing the sum assured. Research is crucial before you buy a term cover. Agents or any online aggregators can guide you in this process.

What is the lock in period for Varishta Pension Bima Yojana? 
– Ganesh Prabhu

The lock in period for Varishta Pension Bima Yojana is 15 years. Having said that, it is advisable that you get in touch with the insurer concerned for the right and complete details on this scheme.

The writer is MD & CEO, Edelweiss Tokio Life Insurance

Clear your doubts with regard to life insurance. 
Send your queries to
personalfinance@dnaindia.net

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