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Adequate Insurance Cover

The only earner of a family should ensure adequate life insurance cover…

I am 27, earning around Rs 6.5 lakh per annum. I am the only earning member of my family, which has four members. What insurance policy should I opt for?
- Pamela

As you are the only earning member in your family and have financial dependents; you should take adequate life insurance cover. To start with you should consider taking cover which is 7-10 times your annual income through a term insurance policy. These are insurance policies that cover only risk, which means there is no investment component and if you die during the tenure of the policy, it will pay your dependents the sum insured for. Moreover, these policies are the least expensive and you can temper the quantum of cover if you cannot spare huge sums towards the premium.

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