News From Press Life Insurance: Term plan can be bought only by an earning individual

Life Insurance: Term plan can be bought only by an earning individual

Source: Financial Express Jul 10, 2018

Can I buy a term plan for my 19-year-old son?
—Lohit Sunder

A term plan is issued to a person who is earning. Both the proposer of the policy and the life to be insured has to be the same person. Hence, if your son is working and can provide an income proof he will be able to purchase a term plan for himself. You can guide him to opt for the appropriate plan. In case he is not earning, for now you can make him a nominee in your term plan.

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