How to buy best Income Protection plan India
It was a few years ago, a friend of a member of mine was working in an IT company and earn well, he had taken 90 lakh house for his family 3 years ago, but after 1 year He died suddenly, due to which it becomes necessary for the other member of the house to take the responsibility of the house and the members, now in this situation, he should fill the expenses of the house and EMI on time, Otherwise the bank will cease his property for recovery.
If they had taken an income protection plan India, then they would not have to face these problems, Maybe tomorrow our condition will also be like this, so we should take an income protection plan keeping our future in mind.
If you do not have any other source of income, then you and your family may have to face problems.
Keeping these things in mind, today in this article, we will tell you about some good income protection plans, which will protect you from future income-related people.
Whether you live or not, in this situation, the income protection plan protects your family members.
Table of Content
- What is an Income protection plan India?
- Who should take Income Protection Plan India?
- Benefits of taking an income protection plan early
- How much to get insurance cover?
- Where do we get the protection plan?
1- What is an Income protection plan India?
The income protection plan is like a term insurance plan, You must be aware of that and discussed before some of the best term insurance plans.
According to the plan, in case something happens to you or your accidental death, then cover provided by the company.
So your family members do not have to face problems in the future.
2- Who should take Income Protection Plan India?
Here we are giving you some situations, you should see in which category you come, then decide whether you should take an income protection plan India or not.
- If you have got a new job and at the same time your parents also work, and you do not have any other responsibilities, then in this situation you should not take an income protection plan.
- You are doing a job but you are not married, and your parents are also independent, or you have taken a loan, then you should take an income protection plan in this situation.
- You are doing a job and married, but your wife does not work or is a housewife, then in this situation, you should take an income protection plan.
- If you are married, you have children too, and your wife is a housewife, then in this situation, you must definitely take an income protection plan.
- If you are married and both do jobs, then you should take an income protection plan because your lifestyle is different from the rest of the couple, and your planning is according to the income of both, due to which your expenses are more.
- If you are married, and both of you do a job, even if you are not there, your wife or husband can manage the house, but you have taken any loan, even then you must make an income protection plan in this situation.
If your situation is different from all the above conditions, then you can ask by commenting below.
3- Benefits of taking an income protection plan early
If you have got a new job, do not carry any responsibility, and you must be thinking about taking policy after marriage then get the benefit from a protection plan.
Anyway, you will have to get a plan sometime in the future, that’s better that you try to take it early. There are many benefits of taking an early income protection plan.
- With your age, the premium of your plan will increase, like, “let’s say you are 25 and you pay X amount for a plan at that time, but at the age of 26, you will pay X + 1 amount for the plan.”
- When you choose an income protection plan, then your family history is also asked, in which the details of the age of your parents have to be a mansion. If your parents are older, and the company finds risk in it, then it may increase the premium or refuse to pay the plan.
4- How much to get insurance cover?
By the way, many experts believe that take a premium plan of 10% to 20% of your income.
But I believe that you should do your calculation for premium, we will explain to you how to calculate. That way you can do your own calculations and take the best income promotion plan.
Write down your living expenses, financial expenses, and liability expenses for 10 years, and subtract them from your savings and investments, It will almost give you an idea of how much cover you should take.
5- Where do we get the Income protection plan india?
Nowadays, you do not get the same term plans. Today there are many variations in the plans of every company. That’s why you first identify your requirement and then buy the plan.
IRDA managed all companies giving the entire income production plan, the entire company follows the same guidelines, so it is not so important to measure CSR. Still, you must keep two things in mind.
- Whichever company’s plan you are choosing, identify it well.
- There should be transparency in your plan, not hiding anything from you, so read all conditions carefully.
Note- As per section 45D, if you have paid a premium for a protection plan for 3 years, a company cannot reject your claim due to a mismatch.