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.
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.
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