What will be ideal age for me to start the term Insurance?

[Ansh]

I am 27 years old and working in a software firm earning 5 lakh per annum.
1- What will be ideal age for me to start the term Insurance? I have no liabilities.
2- If I take multiple Term Insurance (from different companies), can a claim be made to all of them.

[Master]

I am 27 years old and working in a software firm earning 5 lakh per annum.
1- What will be ideal age for me to start the term Insurance? I have no liabilities.

If you have any liability then buy life insurance. If not enjoy life!, no need to buy.

There are various methods to calculate your life insurance need - Human Life Value (HLV) (http://www.policywala.com/hlvcalculator.php) or 10 Times of your annual income (http://www.policywala.com/content.php/399-How-much-life-insurance-cover-do-you-need) or buying life cover for home loan (http://www.policywala.com/forum/showthread.php/2266-Home-loan-which-one-is-better-mortgage-plan-or-term-plan) or covering specific risk. So check these methods and calculate your sum insured.



2- If I take multiple Term Insurance (from different companies), can a claim be made to all of them.

If you buy two different policies from different insurers, each will pay in case of claim.

It always good to over insure yourself than under insure.

[Arun Sachdev]

Hi Ansh,

Youngsters in their early 20's start taking financial planning seriously and look out for investments/insurance etc. You should start going the same. That's the right age!
Why don't you buy a term plan from Aviva India. Online term plans like 'i-Life' might be a good idea. Aviva has some really nice term plans. You can refer to the website for the variety of plans they offer. Also, they have some really amazing tools that help you find the right plan for yourself according to your age/ family requirement etc.

Do start investing now. Like I said, it is the right age and will give you better benefits :)
Good luck!

[David123]

Agree!! If you start investing in such plans from now only, you'll be in a much better position in a later phase of your life. But you should choose the plan that suits you and don't overburden you, as it seems like you are not earning huge.

[Paul01]

I think this the ideal age to think about investments and go for the financial planning. I appreciate your thought from this age you are thinking about the savings and it will really help you in your future stability.

[vaibhav45]

I am 27 years old and working in a software firm earning 5 lakh per annum.
* This is absolutely right time to take a term plan. You should take term plan as early as possible because at the age of 27 your premium will be less & after 2 or 3 years you might have to pay extra price for same plan. Also you should not compromise with your safety. Term Plan is not investment plan its for safety of your loved ones, so don't take any chance. Invest as soon as possible & live peaceful life

1- What will be ideal age for me to start the term Insurance? I have no liabilities.
I think i have explained this in 1st Question. its good you don't have any liability. You will get 1 crore term plan with a salary of 5 lakhs.

2- If I take multiple Term Insurance (from different companies), can a claim be made to all of them.

Yes u can claim from all them but you need to inform 2nd company that you already have term plan with so and so company. If not disclosed in documents that 2nd co. will not be liable to pay you.

For security take insurance policy & for investment plenty of options available in market.
All Insurance companies have term plan, you can check riders and benefits they are providing. Check plans of Max Life Insurance, Aviva India, Bharti Axa, Aegon