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Best term cover for a government servant

Term plans should be selected after taking into account the claim settlement ratio of the insurance company and the premium offered by the insurer vis-a-vis its competitors

I am a government servant with an annual salary of ₹27,000. I am 27 years old. Please suggest the best term plan for me.
- Anup Baruah

It seems, your have entered your annual salary figure wrong.

Term plans should be selected after taking into account the claim settlement ratio of the insurance company and comparing the premium offered by the insurer with its competitors. Based on these factors, we think you should consider buying a life insurance cover from Aegon Religare iTerm Plan, HDFC Life Click2Protect, Max Life Online Term Plan, Aviva i-Life Term Plan, etc. All these companies offer online term plans. We recommend online term insurance plans as these are cheaper than offline term plans by 30% to 50%. Find the premiums applicable to your age under all these policies and select the one that suits your budget.

You must buy an adequate life insurance cover to take care of the needs of your financial dependents. A good thumb rule is ten years' income but there could be other factors influencing it. Some of these factors could be whether you own a house or other property, any liabilities; what kind of income your spouse or other family members have, children education needs etc. Simply put, the proceeds from your life insurance cover should be enough to take care of the financial needs of your dependents after you are gone.

Finally, disclose all the details while filling the proposal form to avoid any inconvenience while making a claim.

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