Life Insurance

Shashi Shekhar: I am 28 and recently got married. My wife is also working. Should I buy life insurance for her against my life although she is not financially dependent on me?

Brijesh Parnami, Executive Director and CEO, Essel Wealth Services, replies: It is a wise thought to have both partners covered under term plans. Ideally, all working people should have term plans as they not only provide financial security in case of any unfortunate event but also take care of liabilities. When selecting a term plan, the premium payable should not be the only criterion. Check the claim process and the settlement ratio of each life insurer before you finalise on one. It is easy to buy a suitable plan as term plans are now available online. You can try HDFC Life Click 2 Protect or ICICI Prudential Term Insurance Plans for this purpose.

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