Your Parents Depend On Your Salary: How Much Life Insurance Does Your Family Need?
Life insurance is a critical product that ensures your family's financial security. Simply put, it is a policy where your insurer pays a tax-free financial payout (known as a death benefit) to your designated beneficiaries in case you pass away. In India, it is a common practice to buy life insurance, especially if you are the sole earner. It ensures that your family stays protected in the event of your untimely demise. Insurers sell many ranges of life insurances. From around Rs 50 lakh to Rs 5 crore, the amount can depend on how much you think will fulfil your family's needs. ALSO READ: IRDAI Weighs More Time On Distribution Reforms As Brokers Seek Extension, Fair Pay: Sources Major financial obligations: Before selecting a policy amount, you must consider outstanding loans, home EMIs, children's education, marriage expenses, and household medical bills. The idea should be that your…
