I am getting married next month. I want to take a joint term insurance plan for me and my wife for 30-40 years with a ₹1 crore cover. I want to take it before 30 yrs so that my premium is low. Kindly advise me on which plan I must take
Can we both get tax benefits from the above? We want to go for a policy from an insurer with a good claims ratio and low premium.
- Arvind Vatkar
Joint term insurance policies usually have lower premiums than buying two individual policies. Based the claims ratio of the insurer and premiums, we suggest HDFC Click2Protect+, Bharti AXA Life eProtect, Aviva i-Life, SBI Life e-Shield - Level Cover. All of the above mentioned plans are online term plans which are cheaper than those bought through agents. You can find the premiums applicable to you on their respective sites. The proposer of the insurance policy will get the tax benefit under Sec 80C for the premiums paid and the proceeds received from the insurance policy are exempt under Sec 10(10D). (You can refer to the following link to know the benefits of choosing a joint term plan: Benefit from joint life policies)
This article was originally published on March 11, 2015.
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