We all know death & taxes are unavoidable – we plan for taxes to avoid trouble but do we plan for other one. NO… most of the Indians don’t. People look so sure that nothing will happen to them. That makes their families life miserable in case of sudden demise of the bread winner.
Let us look at an example: Suppose your friend or relative passes away due to food poisoning at under 30 years of age. You realise that he never thought, what will happen if he will not be there? What if this person had a wife and children? No one can fulfill the emotional vacuum but what about finances? If he would have given some importance to this, his family would have been financially secured. In some cases death occurs at young age when the deceased has loans to repay. Do you think the banks will not ask for the home loans or personal loans repayments from the families of the deceased?
So don’t delay this & take a term plan today. But which one is still not answered. Simple answer is going for the policy which is having least premium. NO this will be a big mistake. Here we present a true case study from our annals:
“I had asked for the quotes for Term Insurance from various Co’s about the sample insurance of Rs. 50 lac for 31 yrs. old. The various quotes have made me more confused than ever. The rates vary from Rs. 5, 800 to Rs. 15, 450.”
Could you understand the difference between the quotes?
Sample Quotes of Term Plans received were:
- Age – 31 Yrs
- Policy Term – 25 Yrs
- Sum Assured: Rs. 50, 00, 000
