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My son is aged 30 yrs. un-married earning a CTC of Rs. 5,00,000 P. A. Father retired 64 yrs. & mother is a house wife aged 58 yrs.

What should be an ideal SI for him for Term Insurance OR any other factor is required for deciding the same.
asked in Insurance by (13.6k points)

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1 Answer

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First factor is 10 times of annual salary and secondly, sum of all future cost of responsibilities. The best way is combine both the factors. He can take S.A. of 1 crore easily and that will be sufficient in future also after his marriage. Getting early term insurance will be beneficial for him as he will pay less premium throughout the tenure. Also, he can take 2 term insurance policies of Rs.50 lacs each from 2 different policies.

Hope it will help you.
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answered by (48.8k points)

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