Insurance should be a part of the Portfolio. Starting to plan for Insurance at the early stage is always better. Delay in Insurance planning leads to expensive premium. The premium that is age specific will vary and go high as we grow older.
There is a huge need of Insurance cover at younger age also. The individual has to cover himself as he has responsibility towards his family and society.
At the earliest first take a Term Cover and then move into ULIP’s, Pension or Endowment plans etc.
The duration of the plan i.e.) Term also matters in term of building corpus. Longer the Term, more the benefit. Power of compounding will work better in longer term. Instead of starting late its better to start early.
Treat Insurance as an expense which mandatorily or compulsorily to be taken.
