We all want to invest in insurance plans. While we save our money by investing here on one side, it also gives us financial security. But many times we do not understand when to take insurance? At what age should we take insurance so that we have to pay a lower premium and get risk cover for a longer period of time?
Adhil Setty, CEO, BankBazaar.com says, “If we take financial cover at an early age, it will be very beneficial for us. This will also reduce our premium. ‘ Setty explains, ‘If you are 45 years old and you buy 1 crore rupees insurance for 20 years, then you have to pay a premium of Rs 30 thousand every month. But if you are 30 years old and take this insurance for 35 years, then you will have to pay a premium of Rs 10,000. In such a situation, you can gift risk plan to your family at a very young age, that too in very low income. ‘
He further explains, “Besides premium, if you buy insurance early, it will be very beneficial in future. Responsibility increases with us over time. ‘ Also, there is an exemption of 1.5 lakhs under the Income Tax Act 80C on insurance. If you have not yet invested in tax saving this year, then life insurance can be a good option.
