Life Insurance
I’m young and healthy. Why do I need life insurance now?
That’s exactly WHY you need it now! When you’re young and healthy:
- Premiums are super cheap (₹500-1000/month for ₹1 crore cover!)
- No medical issues to worry about
- You can lock in low rates for 30+ years
- If you have loans or dependents, they need protection
What are the different types of life insurance? Which one should I choose?
Here’s the simple breakdown:
Term insurance
Pure protection, highest cover, lowest cost (BEST for most people)
Endowment plans
Insurance + guaranteed savings
ULIPs
Insurance + market investments
Whole life
Coverage until 99/100 years old
How much life insurance coverage do I actually need?
Easy formula: 10-15 times your annual income
- If you earn ₹5 lakhs/year → Get ₹50-75 lakhs cover
- Add extra for loans (home loan, car loan)
- Consider inflation and family needs
Can I save taxes with life insurance?
Absolutely! Double tax benefits:
Section 80C
Deduct premiums up to ₹1.5 lakhs from taxable income
Section 10(10D)
Death benefit is completely tax-free