Topic: When I compare among different Life Insurance Policies, which policy is the best?

This message was edited 1 time. Last update was at 02/04/2009 14:32:19

Are there any parameters to judge which policy is suitable for me? What about the amount of life insurance one should take?

You need to have an insurance cover of roughly around 7-8 times of you annual salary in addition to any loan protection policy.

You need to be clear why you need an insurance policy. If it is only for protection then you need to buy term assurance and your parameters parameters would be premium payable and rider coverage.

If you need insurance for savings and investments you can take endowment plan. Again your risk profile would decide whether you want traditional plan or a ULIP plan. In case you opt for traditional plan your parameters would be bonus rates of the insurance company. However, if you opt for ULIP plan then parameters would be charging structure of the ULIP including surrender charges in early years , Fund Managers track record and flexibility offered in the plan etc.

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