I have Insurance

Well, when we ask any one about Insurance, They immediately say I have Insurance, Good that they have Insurance, but are their life really protected?

 

I ask this question because.

 

The concerned person might be drawing a salary of  `1 lakh per month, But he may have couple of policies. When you look in for the whole life cover value it would be only `2 to `3 lakhs or some times `5 lakhs  (This is the scenario in 95% of the cases).

 

It simply means if the insurer dies , the family gets `5 lakh ,if the money is put in a savings account it fetches 6% per annum ,which is  `30,000/- in this case, that is ` 2500/- Per month. Imagine the condition of the family status; they were earlier getting `1 lakh per month once the insurer was alive now they get only ` 2500/- Per month. Just imagine the living standard they might have after his loss.

 

So Kindly double check when ever you say you have Insurance. Check if you have the necessary life cover. In this case he needs a life cover of `2 crore, that is it means in case of any uncertainty, the family gets `2 crore. If it is put in a bank that fetches 6% per annum the family gets `12 lakhs per annum that is `1 lakh per month, the last drawn salary of the life insured.

 

One can achieve this by shelling out just `2 to `3 thousand depending upon their age for tenure of 30 years. For more details send in your date of birth and email id to rajiprem72@yahoo.com. I Will tell how much you should save per month to get 1 crore Insurance cover.

Are we Human Beings inferior than 2 Wheelers and 4 Wheelers?

In Today's world all 2 wheelers and 4 wheelers are insured because the law say's so. Is Human Life inferior compared to 2 wheelers and 4 Wheelers?. In India 90% of the Population are not insured as of yet. Do we need a law like the vehicle insurance to be made strict so every human being is insured? We take life for granted ,we are not bothered about our near and dear.

Let's see the importance of it.The Policy similar to Vehicle Insurance is Term Insurance in Life Insurance.The example below is of a person who has insured for 1 crore for a term of 30 Years Which includes Accident Benefit rider and Waiver of Premium. His age is 25

* He has to Pay Rs 1559 every month for the next 30 Years.

* With in this 30 years some thing happens to him (if he dies). His family will get Rs 1 Crore from the insurance company.If his family puts the amount in any bank that gives 6% they get 6 lakhs per annum which is Rs 50,000/month . They can also put the same in FD which fetches higher percentage of interest.

* Suppose if he dies due to an accident his family will get extra Rs 25 lakh that is Rs 1.25 Crore in total.

* If the demise happens in a public transport say bus,train,plane or Ship another 25 lakhs will be given making it 1.50 Crores in Total.

* The accident benefit will cover his whole term or less depending upon his age one joins the Insurance scheme (Here as his age is 25 he will be covered for the whole 30 Years)

* Within this 30 years if he is disabled due to illness. The premium will be paid by the company for the rest of the tenure and the policy remains in force.

* The Waver of premium will cover his whole term or less depending upon his age one joins the Insurance scheme (Here as his age is 25 he will be covered for the whole 30 Years)

* If he survive the whole 30 years NO MONEY will be paid back.This is how u will have to look out at this policy he pays 1559 per month that is approximately 20,000 per year, approximately 6 lakhs in 30 years for which his family gets 1 Crore in return for any uncertainity.It is similar to a bike or car insurance where we do not get anything in return if there is no accident in that calendar year.

* Suppose if he buys a property worth 1 Crore he can assign this policy to the Bank where he availed the home loan, so incase of any uncertainity the bank will make use of this policy take their money pay his family the property and extra money if any.

* The key factor is that this policy should not go lapse during this 30 year tenure.

* Kindly Click this LINK to know how much one should save as per your age if you need 1 crore in return for your family.

I don't need Insurance

Often,I hear this term I don't need Insurance.Let's assume the gentleman who
says this draws a salary of Rs 1,00,000/- every month (may be his salary would
make him speak like this). I would like to ask him if he can just write down
three names who would give his family Rs 1,00,000 month on month to his family
incase of his absence (I mean after his life span).If he can list atleast one
name, YES he do not require Insurance.
 
People like Ambani whom we consider who do not require Insurance have approached
insurance companies for Insuring their life.So common man like us should
seriously think about insurance, As the life drama is full of uncertainity.

What is Human Life Value?

In short Human life value is Invaluable.But in practical terms it is the present
value of your future earnings.
 
Human Life Value is determined by 3 factors
 
Age,Current and future expenses, Current and future Income.
 
The thumb rule is that one should save 8 to 10 times of his Annual Salary.
 
For easier understanding, If some one earns Rs 1,00,000 as an income per
month.Incase if he dies his family should have atleast 2 crore. The idea is if
they put this Rs 2 crore in a savings account and if they get 6% per annum as
returns .they get Rs 12 lakh which is 1 lakh per month, which is the income that
he was drawing when he was alive.So here 2 Crore is his Human Life Value.
 
Actually this process of evaluating the human life should be done every year as
the commitment, income ,expenses all changes every year.