Young individuals these days spend a lot of money on electronic gadgets, holiday travel and parties. However, it is advisable to buy some basic insurance plans before investing in any instrument.
Young age
Term plan: Go for an online term plan as soon as you start earning. As a term plan is a pure insurance plan without any investment component, the premiums are very low. For example, a 25-year non-smoking individual with Rs 5 lakh yearly income can purchase online term plan of 35 years duration of `1 crore sum insured by paying Rs 5,000-7,000 premium yearly.
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