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Firstly, anyone who has a family to support and is an income earner can take (and must take) a life Insurance policy. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk. To put it simply, anyone can buy a life insurance policy for themselves or for their dependents.

Lets us look into the criterias for different types of life insurance plans:

Term Life Insurance plan:

  • Entry Age - 18 to 65 years 
  • Health status - If you have attained 50 years of age then you may need to undergo some health check up such as HIV test, urine test, blood test and so on.

Whole life Insurance plan:

  • Entry Age - 18 to 65 years
  • Health status - health check up needed.

ULIP:

  • Entry Age - No age limit but highly recommended for youngsters.
  • Health status - NA
  • Risk bearing capacity.

Life Insurance is needed

  • To ensure that your immediate family has some financial support in the unfortunate event of your demise
  • To finance your children’s education and other needs
  • To have a savings plan for the future so that you have a constant source of income after retirement
  • To ensure that you have extra income when your earnings are reduced due to serious illness or accident
  • To provide for other financial contingencies and lifestyle requirements
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