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A simple guide to buying term insurance
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₹50,000 per month ( ₹6 lakh a year), do you think 10 times of that (60 lakh) is enough to secure your family? Probably not. So, you may have to go beyond that 10x rule here.
On the other hand, if you are the CEO of the highest paying AMC and get a ₹50 crore-plus annual salary, should you compulsorily take a term plan coverage of ₹500 crore?To sum up, I would say, the following 5 simple rules can be a good guide:The sixth, and probably the most important rule, is that don’t fall for oversimplified calculation. Ankit Kanodia is founder of Smart Sync Services, a Sebi-registered investment advisory firm.Milestone Alert!
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