Will I be eligible for a term insurance?

I am 29 yr old. My monthly salary is ₹20000 and I am employed in a hospitality sector. Can I buy a term plan? Kindly suggest an insurer who offers term insurance to low income earning people like me.
- Rahul kumar

Of course you can buy a term insurance cover for yourself. You need life insurance cover if you have anyone who is financially dependant on you. Infact term cover is the most suitable for you if have low income but require a cover to protect your family's financial future in case of your demise.

Here are two plans you may consider buying. We have also provided the annual premium for ₹25 Lakh cover for a 29-year-old male.

Aegon Religare iTerm Plan: annual premium ₹3,320 (claim settlement ratio: 98.63 per cent)
Max Life Online Term Plan: annual premium ₹3,766 (claim settlement ratio: 98.63 per cent)

Make sure to disclose all personal and health-related details so as to avoid any inconvenience for the family just in case a claim arises.

This article was originally published on July 15, 2016.