How to Protect your Family with Life Insurance
Friends, One the eve of Raksha Bandhan, can we look at how can we gift raksha to our families?
Recently Satish Aged 32, with his wife Swati, both professionally qualified and visited our office and the topic of discussion was how do we protect them from the uncertainties of life? Satish being the only earning member, If something happens to Satish, how can he protect that his family’s standard of living is maintained and the education for the children is not affected.
We calculated his human life value, based on their income, assets and liabilities – which projected that he needed to have a 3 Crores of Life Insurance protection – 3 cores exclaimed Swati !!
Both Satish & Swati was positively surprised, on knowing that merely a premium of Rs.2,100 p.m. could buy them a term insurance of 3 crores for 25 years…thus give a huge sense of security and safety to the family. Satish happily said, as a family they usually spent Rs. 2000 everytime they go out for a movie or dinner, & did not know come life protection be so cheap? Is there any catch in this? Will the insurance company pay the claims?
So, we explained that Term Insurance is the purest form of Life Insurance and it gives you huge protection for a small amount of premium…Just like we pay insurance premiums for our vehicles or Health, you pay only the insurance cost to the company, so it is cheap.
They were very happy and bought the same instantly.
This Week’s Fisdom:
On the eve of Raksha Bandhan, Lets pledge to protect our family from life’s uncertainty.
This is a small effort from Team Arthashastra for investor education and we strongly believe, Together We Can, & We Will make a Difference.