I am planning to invest in an LIC policy, mainly to as a contingent plan for my mother.
Policy will be on my name and she will be the nominee.
Here is a backgrounder about me -
I am 32M, engineer with 6 years if exp, moving to North America soon.
Plan to earn there for 3-4 years and then self-fund my MS program from my savings.
My mother (57) has chronic schizophrenia and needs hospitalization almost 6 months a year. When she's at home we need to take her to the hospital at least once a month for treatment. If she's hospitalized, we need to pay at least 50k INR/ month to the hospital.
I want to take an insurance so that in case something happens to me, she gets good coverage for the rest of her life.
One financial planner has advised me to take a combination of Jeevan Umang and Jeevan Labh
- Umang details
Term: 67
Premium paying term: 15
Basic sum assured: 13L
Total premium paid in 15 years → 1568358
Risk cover → 26.74L to 89.19L
- Labh details
Term : 16
Premium paying term : 10
Basic sum assured : 5L
Total premium paid in 10 years - 4.31L
Risk cover → 10.2L - 13.2L
Which one should I go for?
I personally prefer getting a long term policy like 20 - 25 years so that my mother gets maximum coverage.
NB → I will be paying premium from my savings once I enroll for MS.
Submitted April 13, 2022 at 04:31AM by edisonpioneer https://ift.tt/fGKyuqE
