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I Want to take a Term Life Insurance Policy for 25 Lakhs

This is Sunil Kumar, 30yrs from Chennai. I want to take an term policy for 25 lakhs jointly with my spouse (24 yrs). please suggest me which one is the best one to opt. as I am working in nuclear power sector, which company will provide the risk coverage for radiation effect also. I want to include my spouse also in term policy then the premium will change? Please give your favorable response at the earliest?

Dec 5, 2015 by Sunil Kumar, Chennai  |   Life Insurance

Let us first address your question on the joint life insurance policy. If your spouse is working and has an income, it makes more sense to take a joint life insurance policy. The premium will be higher than what you would have to pay if you take an individual policy for your own life cover, but it will be lower than what you and your spouse would have to pay for two separate individual life insurance policies. However, if your spouse does not have any income, it does not make sense to go for a joint life insurance policy. An unfortunate death of your spouse is emotionally devastating, but purely from a financial perspective, if she does not have any income, then there is no income loss and hence no need for life insurance protection and additional premiums.

Now to answer your question of nuclear radiations risks, nuclear radiation is a standard exclusion from the policy bond text of most life insurance policies. This topic has been subjected to much debate here in India since the unfortunate Fukushima disaster in Japan, however, as of now, there is no life insurance guideline that covers radiation related risks. However, indirect effects of radiation such as cancer can be covered under your health insurance or Mediclaim policy. You should check if your Mediclaim policy, whether through your employer or if you purchased on your own, provides for a comprehensive coverage of such a risk. If not, you should definitely buy a Mediclaim policy that covers your treatment in the event of a health hazard due to radiation exposure. This is even more important than life insurance. Your life is much more precious to your family members than your life insurance death benefit. You should discuss with an financial planner or an experienced insurance advisor and make sure you are adequately covered both from a life and health insurance perspectives.

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