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LIFE INSURANCE: Rushabh Gandhi

While there is no minimum income criteria for buying a life insurance policy, the precise amount of sum assured could vary depending on age and income criteria

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Is there a minimum income for buying life insurance policy? I am a school teacher and my annual salary is less than Rs 4 lakh. Can I buy a life insurance policy?
Sharada Panda

Life Insurance policy is available for all life stages and age; only the sum assured is arrived on the basis of applicants age and income. While there is no minimum income criteria for buying a life insurance policy, the precise amount of sum assured could vary depending on age and income criteria. Basis the annual salary mentioned, you can easily buy a life insurance policy.

My company is offering group life insurance. Should I still take a personal life insurance policy? If yes, does it have to be from the same company? Can I buy it as an addition to the group life insurance policy?
Anand Reddy

From your query, it’s not evident if you would like to take additional cover in the same Group Life policy or you want to buy an individual life insurance policy. Both are possible as there are some companies which allow their employees to add additional sum assured in the same Group Life policy. That being the case, you will have to take the additional cover from the same company. However, if you are looking at purchasing an individual policy, you can take it from any of the 24 life insurance companies that operate in the Indian context.

Like health insurance can I include my wife in my life insurance policy too? How will the premiums be calculated since her salary is lesser than mine?
Rakesh Rao

Unlike a family floater health policy, life insurance policies are on single life only. Hence it will not be possible to include your wife in the same life insurance policy. Your wife can buy another life insurance policy wherein the maximum sum assured offered to her will depend on her salary.

My name on the insurance policy is wrong. Now my policy is maturing. The agent changed my second name to my husband’s name though I have retained my maiden name. Now my policy is maturing. Will there be a problem in getting the money due to the wrong name?
Pritika Sudhir

Yes, it is advisable to get your name changed as accurate. This will avoid any issues and / or delays at the time of payment of maturity proceeds. Success of any financial transaction depends on matching of name and bank account details. If the two do not match in the records of the life insurance company, it could result in failure of transaction.

Rushabh Gandhi, Director- Sales & Marketing IndiaFirst Life Insurance

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

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