Life Insurance
It is said that Knowledge is Power. And the lack of it ? Disaster!
No where better does the statement hold true than in the field of Life Insurance.
So are you insured? Ofcourse you are… you must be having a policy of maybe Rs. 5 – 15 lacs.
So you love your family? Ofcourse you do, lets just find out ‘how much’ financial love is actually necessary. .
The term Life Insurance is quite incomplete with out the prefix ADEQUATE Life Insurance. Whether we know it or not, all of us a special ‘economic value’ attached to us which is different from the next person’s. It is also known as HLV – Human Life Value.
Whether you are alive or no longer there with your family, you would surely want them to enjoy the SAME STANDARD OF LIVING just as if you were still with them, providing for all their needs. .
After the expiry of the earning man, being a part of this profession, we have seen family dreams like higher education for kids, amassing enough for their wedding expenses completely shatter. We have seen a simple housewife suddenly hunting for jobs not to mention other traumas she goes through. .
We have seen cars and homes, which were on loan being taken away in front of the left behind family. Yes, a cruel world it is and all peace of mind is lost. .
But then Knowledge is Power!.
Which means that the above-mentioned details can be totally avoidable. An intelligent plan today, one simple and timely step today can ensure that whether you are alive or not your family will always bless you for their struggle free life and successful lives. .
To show his eternal love, a Good Life Insurance Policy is infact the most valuable love letter a husband can give to his wife…
So lets CalculateADEQUATE Life Insurance
-
It encompasses mainly 3 basic principles:
- CTF – Contribution To Family (p.m./p.a)
- MILESTONES
- OUTSTANDING LIABLILTIES
CASE STUDY :
YOU are an employee with Pvt. Ltd. company, Age – 32 yrs, are married, living with aged dependants parents, have 2 kids both below 5 yrs of age. .
YOU and your family are staying in house worth 60 lacs and have also purchased a car worth 5 lacs. Both have been taken recently on loan. YOU plan to work till you retire, i.e., till YOU are 60 yrs old. Which means YOU have a working life left of 28 yrs . YOU have a Life Insurance policy worth 25 lacs. .
On mentioning that given the above situation YOU are Dangerously Under Insured, YOU can’t understand why??? Why? Because Knowledge is Power and the lack of it? – Disaster! .
Your 25 lacs of cover will leave your family Exposed to face the harsh realities of the cruel world if you’re no longer alive tomorrow. Find out how –.
Lets touch upon the 3 Basics to Adequately cover YOU:
- . C.T.F. – Contribution to Family:
- . MILESTONES – .
- . OUTSTANDING LIABILITIES – .
Without including whatever your very own Personal Expenses are, start adding up how much you contribute the STANDARD OF LIVING OF YOUR FAMILY, i.e., food, phone bill, electricity bill, medicines for parents, school fees of the kids, fuel costs, etc. per month. Lets say it comes upto Rs. 20,000/- per month.
So your ANNUAL CONTRIBUTION to Family is Rs. 20,000 x 12 = Rs. 2.4 Lacs.
No fancy maths, not even the required inflation rate, just plain simple calculation: .
2.4 lacs x 28 yrs of working life left = 67.2 lacs. .
That is, if unfortunately, you are no longer amongst your family tomorrow, they will NOT GET this amount (Rs. 67.2 Lacs) ever again to sustain their
Regular ‘STANDARD OF LIVING’
YOU will be needing at least Rs. 15 lacs (keeping inflation in mind) for your Daughters Marriage when she comes of age.
YOU will need about Rs 10 Lacs (keeping in mind inflation; it costs approx. 4 lacs today) for your Son / Daughter’s future Post Graduation from a reputed institute.
House Loan of Rs. 60 lacs
Car Loan of Rs. 5 lacs
Finally after understanding the above-mentioned simple theory of HLV – Human Life Value, lets understand what YOUR HLV or Adequate Life Insurance amount should be:
CTF + MILESTONES + OUTSTANDING LIABILITIES – EXISTING INSURANCE = Human Life Value
Which means if you Truly don’t want your precious family to suffer a rupee if you are no longer alive starting tomorrow, your HLV or Adequate Life Insurance Amount =
Rs. 67.2 Lacs + Rs. 15 Lacs + Rs 65 Lacs – Rs. 25 Lacs = Rs. 1.22 Crores
According to ICICI Prudential Life Insurance Co. Ltd., the no. 1 private Life Insurance company, best known for its products and services, the Premium of Rs 1 Crore of term insurance for age 32 is approx Rs 36,000/-.
Rs. 36,000/- p.a. or Rs. 98/- per day for life long Peace of mind and guaranteed welfare of your family!
FIND OUT YOUR HUMAN LIFE VALUE TODAY!
….and get Adequtely Insured! The procedure is very simple.
How to get Started ?
Please Contact us in case of any queries at Service@wealthmax.co.in or call us at +91 9811364858 (Mr. Achint Arora)