Reader's corner: Is it possible to take a loan against life policy?

In case you surrender or break up the policy, you will get lesser amount compared to your original maturity benefit, as surrender charges will be applicable

I am 23 years old and have just started earning. I plan to purchase term life insurance for tax saving purposes as well as life cover. Is it wise to purchase a cover for up to only 70 years, or should I opt for a cover till 99 years?

You have made a prudent decision by choosing to opt for a term plan early in your career. At the age of 23, the plan will be much cheaper for you and therefore you can take the plan for a much longer duration. You should be aware that term life insurance