Smruti Valegaonkar, 25, Mumbai-based senior architect and product designer at MuseLab Design Engine, has a life insurance cover. “My parents bought it when I was a child,” said Valegaonkar, who has an endowment life insurance plan. The nominee of her insurance plan is her younger brother. “If she does not have dependence requirement, Valegaonkar can continue with the same plan,” said Suresh Sadagopan, founder of Ladder7 Financial Advisories. However, Valegaonkar wants to buy a separate life cover next year.
Unlike Valegaonkar, Bhavika Maniar, 30, operations manager at Indiabulls Asset Management Co. Pvt. Ltd, does not have a life insurance cover. “This is the right time to buy because I have a stable monthly income now,” said Maniar.
