Is housewife eligible for term insurance?
Most insurance companies are not forthcoming in selling insurance to housewives. Also the option of term insurance plans is limited in India. However, housewives can take their pick from endowment, pension, money back plans or ULIPs.
How are term plans calculated?
For an individual aged between 35 and 45 years, they are advised to calculate the term insurance cover by adding up their outstanding loans to 10-15 times the current annual income that they are earning.
Do I need to file ITR for income less than 2 lakhs?
It is easy to confuse income tax jargon. The terminology in annual budget announcements and a lot of income-tax related articles and forums tends to be convoluted and nobody can be blamed for being misled into getting the incorrect picture. The short answer is No, you do need to file ITR for income less than 2.5LPA (lakhs per annum).
What is the minimum amount required for term insurance cover?
A term Insurance cover should be 15-20 times of your annual income. Industry experts often recommend this simple formula. For example – If your annual income is Rs.6 lakh, then you should get cover for minimum Rs. 90 lakh to Rs.1.20 crore.
How to choose the best term insurance plans in India?
With the availability of so many insurance companies offering policies in India, a term insurance calculator facilitates easy comparison of various plans and thus, allows you to choose the best insurance as per your needs. The Term Plan calculator can be used online free of cost in a simple and hassle-free way.
How to buy term insurance plan without an agent?
You are not required to submit any hard documents to get premium quotes. It will suggest an apt term insurance plan that fits your needs in less than 2 minutes. Once you have selected a plan, you can buy it online also without the intervention of agents.
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