Personal Finance
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
Updated : Jun 13, 2018, 03:05 AM IST
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.
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.
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.
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.
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