We people think so much about future. Our next career goals, our future
aspirations and so many other things. We take the big decisions of our
life after taking account of so many factors that we think are most
important to us. But we forgot some very small things. These things
might be small but the bearing these could have on the future of our
families is immense. One such thing is insurance.
The question I
raise here is "Are we adequately insured?" There is no single answer to
this question because it depends a lot on our current financial
situation. As a thumb rule, if you are a young couple and you have
family dependents, your insurance cover should be 5 times to your
annual income on the lower side. On the higher side, it is 10 times.
You
must have invested in some various kind of insurance policies just
because to save tax. Calculate the sum assured of all the policies that
you have and most probably you will find out that it falls much shorter
than the required cover.
Do you know that for an insurance cover
of Rs. 30 lakhs, you just need to pay less than Rs. 10000 annually. I
guess you may not know it simply because while taking the carrier
decisions, we inquire about so many things. But when it comes to
financial matters, we invest almost blindly.
There is no
replacement for a human life, but we can make the hardships manageable
to a good extent that our families will face in case we are gone.
At
last, I would like you to know why I am writing this piece. I have
become an insurance advisor for Birla SunLife and I would like to
encourage you to go for a decent life cover. And Birla SunLife’s Dream Plan is the insurance plan that provides you this kind of cover at the minimum cost. So the next time you are talking to an insurance agent, do compare their price with the premium amount of Dream Plan.
provides good information about the importance of term plan.