What is the minimum amount of sum assured?

[Vipul]

I am 27 years old and working with a leading MNC. My annual salary is Rs 4.5 lakh. Looking to buy life insurance policy for myself. I have selected to buy term insurance after reading a lot about life insurance for myself. Please advice - What is the minimum amount of sum assured that I can have?

Regards,

Vipul

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[CONFUSED]

It good you have selected term insurance to cover yorself. There is no minimum value fixed by life insurance companies for life, but due to moral hazard, most of the Insurer keep a maximum limit of 20 times of the annual salary of person, looking to buy life insurance.

[narayan]

I am 27 years old and working with a leading MNC. My annual salary is Rs 4.5 lakh. Looking to buy life insurance policy for myself. I have selected to buy term insurance after reading a lot about life insurance for myself. Please advice - What is the minimum amount of sum assured that I can have?

Regards,
Vipul

Why are you going for minimum amount of cover, that too in term insurance cover?

[Vipul]

Why are you going for minimum amount of cover, that too in term insurance cover?

It was a typo mistake. Please read it as 'maximum'.