Should I take a term insurance now or after retirement

[adityasingh216]

I m in central gov job and I have insurance of 75 lakh from gov till 2036 I also tried to take insurance from HDFC but the premium was 2800 per month due to risk profile in job so should I take insurance now or after 2036 what will we the best suggestions for financial stability??

 

[Bharatiya Nagrik]

I m in central gov job and I have insurance of 75 lakh from gov till 2036 I also tried to take insurance from HDFC but the premium was 2800 per month due to risk profile in job so should I take insurance now or after 2036 what will we the best suggestions for financial stability??

Does the insurance from govt cover post retirement? If yes then no need to buy a separate one but if not then definitely you should get one now as it will be a very high premium at that point of time.

 

[Sailesh Ivaturi]

Taking insurance now is better, as the premiums will cost you more if at all accepted because policies don't get accepted for individuals at a greater age.

 

[adityasingh216]

Does the insurance from govt cover post retirement? If yes then no need to buy a separate one but if not then definitely you should get one now as it will be a very high premium at that point of time.

No it will not cover sir but the premium for now is 2800/month and will have to pay it for 12 yrs instead of having insurance till 2036 is it will be a good decision to get now or after 2036 bcz at that time my age will be 34 yrs

 

[Bharatiya Nagrik]

No it will not cover sir but the premium for now is 2800/month and will have to pay it for 12 yrs instead of having insurance till 2036 is it will be a good decision to get now or after 2036 bcz at that time my age will be 34 yrs

You mean to say that your age is 22 right now?
If yes, then I will still suggest taking your own term insurance at this stage because now the premium is the least that it will ever be. If you plan to take it at 34 then definately it will be increased based on the age and the health factor (medical test) and you might be not be 100 percent healthy so that will increase premium even more.
Also please research on different term insurances available I am there are good policies with better cover and lot less premium in the market. The one which you are saying costs 2800 per month is rubbish. It should not cost you that much at your age.
But I say this again definately take your own term insurance of at least 1 cr.

 

[adityasingh216]

Thankyou sir for replying, I again reconsidered SBI e shield next but they are demanding 2300 premium for the same 1 cr but they don't have waiver of premium due to cricticall illness or disability so should I take or not

 

[adityasingh216]

You mean to say that your age is 22 right now?
If yes, then I will still suggest taking your own term insurance at this stage because now the premium is the least that it will ever be. If you plan to take it at 34 then definately it will be increased based on the age and the health factor (medical test) and you might be not be 100 percent healthy so that will increase premium even more.
Also please research on different term insurances available I am there are good policies with better cover and lot less premium in the market. The one which you are saying costs 2800 per month is rubbish. It should not cost you that much at your age.
But I say this again definately take your own term insurance of at least 1 cr.

Thankyou sir for replying, I again reconsidered SBI e shield next but they are demanding 2300 premium for the same 1 cr but they don't have waiver of premium due to cricticall illness or disability so should I take or not

 

[Bharatiya Nagrik]

I am not sure if premium is waived off in any term insurance but there are some term insurances like ICICI Pru iProtect Smart Term Insurance Plan which provide critical illness benefit. You will need to check which insurance company provided you with a plan that suits your needs.
But as mentioned a Term Insurance in this day and age is or rather should be mandatory.