insurance for self

how much sum assured for self

income annual 03 lakhs

asked Sep 18 '11 at 22:23 by Amit Bhati 111

what is paid up value in insurance?
(Sep 18 '11 at 22:25) Amit Bhati
Paid up value is applicable only for traditional policies and not on term insurance. If policy premium payment is stopped after a particular time (3-5 years depending on policy), sum assured reduces to a value as per contract. Policy is not cancelled but remains existent with small sum assured. New sum assured/Paid Up Value = Original sum assured * (Number of premiums paid / total actual policy term)
(Sep 24 '11 at 15:36) pankaj

between 25-30 lakhs.. take a pure term insurance plan.

answered Sep 19 '11 at 17:57 by Yatin 16225

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Sum assured should be on basis of multiple things like age, annual income, any liabilities (home/car loan etc), number of dependents, future expected expenses (child education, marriage etc), future expected increase in income and monthly expenses.

Considering only your annual income and child/wife dependency, you should take a pure term life insurance with minimum 50 lac sum assured.

answered Sep 24 '11 at 15:29 by pankaj 5.2k320

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Asked: Sep 18 '11 at 22:23

Seen: 1,067 times

Last updated: Sep 24 '11 at 15:36