How to select term insurance plan?

Term plan taken online is cheapest

I am looking for a term insurance for my wife and kids. Please suggest suitable plans. HOW TO SELECT? Life insurance should be bought only for the earning member of the family or if anyone is financially dependent on you. If your wife is not earning, she does not require any life insurance. Your kids also do not require life insurance. But if your wife is earning, then she should take life cover equal to 10 to 12 times of her annual income. It is advisable to buy an online term plan as it’s least expensive. Also, cover yourself and your family members for adequate health insurance. All earning members should also be adequately covered for a critical illness and accidental policy. I am currently insured by Oriental Insurance for the past two years without any claim in an individual policy. Could you guide me on the charges if I switch to a new insurer? I am also planning to go for a knee surgery towards the end of this year. While porting your policy, you need to disclose all the facts regarding your knee. But based on that, it is unlikely that any company will agree to accept the policy switch. So, you should continue with your existing health insurance policy. However, please note that your policy has a room rent sub-limit of 1% of sum assured. In case you stay in a room costing higher than this limit of 1%, all other expenses will also be reduced on the basis of what you would have been entitled to if you had stayed in a room that costs within your room rent limits. My son, who is a salaried employee, earns `60,000 monthly, wish to take a car loan of `15 lakh from me. I am a consultant and fall in the 30% tax bracket. Kindly advise if it’s a better option than taking a bank loan, from the perspective of both the father and the son. Well, your son is salaried and will not get a deduction for the interest payable on the loan taken to buy a car. If you provide him the loan and he pays you interest, then the interest payable by him is taxable in your hands. It might be a much better idea for you to gift the money to him and he can gift the money back to you as per your arrangement with each other (including any additional monies by way of compensation to yourself for gifting him the lumpsum money in the first place) . In such a case, it will not have any tax implications for either of you. I want a personal loan. But all I have as an address proof is bank passbook which shows the address of my office. What can I do for arranging the address proof for lender? I have some of relatives here, too. You will need proper documented proof of residence such as a registered rental agreement, Aadhar card, PAN card or election card, etc. It will otherwise be very difficult for you to get a loan. I am 39, live in Hyderabad and earn `50,000 per month. Best term plan options for `50 lakh? You have taken a wise decision to buy a term insurance. Online term plans are the cheapest. It is always advisable to take 10-12 times of your annual income as insurance cover. The best plans for you for a sum assured `50 lakh, term 21 years are Aviva I-life Plan (premium `7,719) and HDFC Life Click2Protect (premium `9,663). It is advisable to calculate exact life insurance need on the basis of present life style and future goals. Take advice from professionals like certified financial planners. At the time of buying a term policy, disclose all facts about your health.