Ask Value Research

What would be a good term plan for me?

You should take term insurance only to take care of liabilities or financial dependants

Suggest me a good term plan for my age with good settlement ratio. I am 22 and already covered under HDFC Click2 protect for a ₹25 lakh cover.
- Vignesh R

You do not necessarily need life insurance if you have no liabilities or financial dependants.But if you are planning towards the future, you already have a good term plan from an insurer who has a good claim settlement ratio. You need to increase your insurance cover in future based on various factors like annual expenses required by your dependants in your absence and liabilities like home loan or education loan etc.

This article was originally published on June 10, 2016.

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