I want to buy insurance from LIC for a period of 20 years. I want something where I can put in Rs 1,000 per month.
-Shiv
We will give you a few guidelines that you should be following when you buy insurance. Firstly, since insurance is a protection you're taking for your family, look at it as an expense. For this purpose, buy a term plan. Don’t buy any policy that combines insurance with investment, because such ULIP policies fail to give adequate insurance and are not ideal investment vehicles. The policies offered by LIC are quite expensive, instead of which, you can buy insurance online where you’ll get higher coverage for smaller premiums.
This article was originally published on July 24, 2012.
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