Most insurance cos offer term plan online

How can I get a term insurance as agents never advise me to buy one. What kind of premium do I have to pay for taking such a policy?

Raghavan Rao

Buying term plan is the most important and right thing to do and the amount of life cover and tenure of cover depend on current earnings and age. The good news is that buying term plans have got easier than ever before as now you can buy it online from insurance companies. They will get back to you for collection of documents and medicals but you can fill the form and make payment online. Also, term plans have become cheaper than before — the cost of Rs 1 crore cover for 20 years can be annual premium of Rs 20,212 for a 40 year old non-tobacco user. You can compare online various policy features and rates and choose the one.that suits your need best, but take care to ensure you are buying adequate cover.

I have heard that health isurers do not renew policies after one is 60 years. Would I do for meeting any emergency?

P S Pramod

There are several health insurance companies that offer cover beyond 60 years of age. However, since the health risks are perceived to be higher, the premiums too may be on the higher side. Do compare offerings from different health insurers in term of price, benefits and convenience and choose the policy the best serves your needs.

How can I get an insurance for my two-year old child and can I get any tax benefit on the premium that I pay?

S Swaminath

There are lot of good child plans available under ULIP and traditional platforms; I presume your objective is to create a corpus for higher education/marriage, since the tenure of child plan willbe long. I would recommend you to go for Ulip child plans. Yes, as a proposer to this policy you will be entitled to tax benefits

How would I get an insurance for my home which is kept vacant now?

P S Bhasin

You could approach a general insurer for a home insurance policy. There are different products on offer. While comparing offerings from different insurers, understand the exclusions and then choose a policy that best serves your needs.

What are the Income Tax benefits I can get for paying insurance premium?

Arindan Sen

You can get benefit upto Rs 1 lakh under Section 80(C) of the IT Act where premium paid up to Rs 1 lakh would be eligible for exemption from tax. Either of the spouse can take the benefit, in case you are the premium payer and your spouse want’s to take the tax benefit,