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Investors India
|October 2025
Q. I am planning to secure my family members by taking a suitable Life Insurance Policy. My age is 40 years and I have two children aged 9 and 11 besides my wife who is homemaker. My current annual income is Rs. 30 Lakhs. Your local Chandigarh office is recommending me to consider TULIP. Please guide me properly. Ravinder Jeet Singh, Chandigarh
Ans. Dear Ravinder Ji, we appreciate your love and concern for your family. There are various types of Life Insurance Policies available for you to choose the most appropriate one. Two popular varieties of Life Insurance Plans are Term Plan and ULIP. Kindly note that TULIP is a combination of Term Plan plus ULIP. It is highly recommended for you as it gives you benefits of both different types of plans, i.e. Term and ULIP. The thumb rule for Term Plan is that Sum Assured should be at least 10 times of your annual income. Accordingly in your case you need a insurance cover of at least 3 crores.
We recommend you to evaluate and consider Kotak Life ULIP Plan which apart from Insurance cover also assures you a decent fund value at the end of policy term. Besides you also get Accidental death protection rider (Rs. 50 Lakhs) and Critical Illness benefit rider (Rs. 10 Lakhs). Approximate annual premium payable by you for 10 years will be Rs. 5.25 Lakhs and you may get Fund Value of Rs. 4.75 Crores after the end of policy term of 40 years. For more details, please meet your relationship manager in our Chandigarh office and read the policy terms in detail before taking your decision.
This story is from the October 2025 edition of Investors India.
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