We, Indians, are emotional people,
who thrive on love of our family, acceptance by society and you might not agree
but to a great extent on fear of failing. We breed this
fear in our system making it imperative for us to take any step to fulfill the
parameters to success. We might give up our hair if we are told that
this might bring success to our business. We might donate away half of our
wealth if it could earn blessings for our children or even armor all kinds of
ornaments, which is supposedly good luck charm. So,
even if you say I am not of the above kind, don’t you cross your heart if you
see a patient being carried away? Or don’t you take special blessings
from your elders on your some special day? We all do. It’s not only respect
that makes take this step but also fear of something going wrong.
So, when we do so many small
gestures just out of fear then why can’t we have this inquisitiveness in our
financial lives too? Why can’t we just spend a lakh a
year over our life and just forget it as an offering towards our life safety? Yes, you read it right donating away a Lakh
to secure your and loved ones’ life.
Stop the horses of your mind, before
you start thinking that I am talking about giving away charity to someone needy
or trust. You may do that but that wouldn’t get you any security for your family
finances in case of uncalled event in future. What I am talking about is simple
four pillars, which will give guaranteed financial aid to your family in case
of your absence.
·
Life Insurance
a)
Get yourself a minimal life cover or
sum insured of at least 10 - 15 times your annual income. If your current age is above 40 years, then even 8 -10 times
is sufficient. Please remember, I have mentioned the word “minimal” in the
first line.
b)
Never forget to take a life cover
your loans and liabilities to protect your assets in future.
c)
If you are in beginning of your
career, cover yourself for your monthly expenses.
·
Health Insurance
a)
Medical expenses are
shooting up, so have a handy health insurance in place to protect yourself and
family from huge hospitalization expenses.
b)
Never ignore your children from this
policy, even if it means including them in your expensive policies. A new born
is also equally vulnerable to these expenses.
·
Personal Accident Cover
a)
The adrenaline rush of quick success
can sometimes cause big trouble to our future life. Roads are full of uncalled
dangers and it is necessary to protect ourselves from them.
b) A permanent disability
leaves us paralyzed for life to earn a decent livelihood. Make note of all your
“happening and cool stunts” before your fix a figure for this policy.
·
Critical Illness Cover
a)
Call it lifestyle disease or gift of
civilized society, stress and unhealthy family eating habits can give us many
not so cool illness. These illness are sometimes never
even heard by us but when they occur, it can flush out all our life savings.
b)
Don’t be shy to talk to
elders about the various hereditary diseases, which might even be passed on to
you. It might seem a little stretched but its’ worth the
lakh you spend on it.
Now just what I mean
when I say, a lakh for your safety !!!
|
Policy type**
|
Premium Range Rs.
pa
|
Sum Covered
|
Coverage age/ number
|
|
Life Insurance
|
18000-36000
|
2 crore
|
Up to age 65
|
|
Health Insurance
|
7000- 32000
|
5 lakhs - 12 lakhs
|
2 adults + 2 children
|
|
Critical illness
|
8600 - 25000
|
20 lakhs
|
|
|
Personal Accident
|
4000-6000
|
20 lakhs
|
|
**- the comparison is taken for a 35 year old person
with a family of four and monthly earnings of Rs1.5 lakhs. All premiums are
indicative and not exact.
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