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Article published in Prajavani 24th July 2019

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Uncertainty of life

Uncertainty of Life[1]

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Important factors to keep in mind while buying a child insurance plan

Selecting an insurance policy for children is one of the best ways to secure their future. Child plans can take care of your child’s higher education and marriage expenses. In the event of demise of the main breadwinner, a child plan will take care of the child's future. It is equally important to select the right policy that gives you maximum benefit.
Few important factors which you need to keep in mind while buying a child insurance plan:
Maturity benefit: Children’s insurance plans are designed in such a manner that your child is protected financially at every important stage of his life. Most often, the maturity of child plans is around a specific stage of a child’s life. Most child insurance plans will offer a maturity period which is related to your child’s age, for instance, when he child turns 18, 21 or 24 years.
Adequate protection: The most important benefit of buying a child insurance plan is to protect your child in case of an unfortunate event. A good insurance policy covering your children’s financial needs can take care of their welfare even in case of your absence.
Premium waiver benefit: In case of death of the provider, premium waiver benefit allows continuation of the plan without the burden of further premium payments.
Thus choosing a comprehensive child insurance policy that provides maximum benefits will not only ensure that all your child’s needs are met, but also that his future is financially secure even if you are no longer around.

Why it makes sense to start investment planning early?

Sachin is a 22 year old software engineer with a good job and a handsome salary. He was recently advised by his financial advisor about the benefits of investing early in life. He wants to invest in a good plan, but at the same time he also feels that delaying it by a few years would not make a big difference as he has just started his career. Through this article let us try to understand the benefits of early investing. Investment can be defined as the action or process of investing money for profit. Advantages of investing at a young age: 1. Advantage of time on your side - This is the most important benefit. By investing at a young age, you are able to save more money to invest and for a longer time period resulting in a higher benefits. 2. Benefit of compounding returns - According to Albert Einstein, compound interest is the greatest mathematical discovery of all time. The wonder of compounding transforms your working money into a highly powerful income-generating tool. Compounding is the process of generating earnings on an asset's reinvested earnings. To work, it requires two things: the re-investment of earnings and time. The more time you give your investments, the more you are able to accelerate the income potential of your original investment, which takes the pressure off of you. 3. Better financial security - The earlier you begin investing, the better your personal financial situation will be in future. As compared to people who chose to invest later in life, you will be able to afford things that others can’t.
4. Less responsibilities – When you are young and single you have less number of responsibilities as compared to when you are married and have children. So when you start early you have more funds to invest.
5. Money for emergencies: By investing early, you would have a comfortable backup which you can use in case of emergencies.

What will happen to those dreams which you had for them?

More than 5000 people lost their lives due to severe floods and landslides in Uttrakhand.

According to media reports, life insurance companies received claims of more than 1 000 crore rupees
  Many people who died probably did not have any life insurance. Life insurance cannot replace the personal loss, but it cannot definitely ensure that your family can continue with theircurrent standard of living.

Nobody knows what will happen tomorrow. Can you imagine the situation which your family will need to face if something happens to you unexpectedly? What will happen to those dreams  which you had for them?

Are you an NRI? Why life insurance is important for you?

Working in a foreign country, whose currency has a higher exchange rate, offers the advantage of higher savings when the money earned there is remitted to India. At the same time there could be disadvantages such as uncertain economic conditions which result in recessions and job layoffs. We all know what happened in USA post 9/11. Many people lost their jobs. A similar situation was again repeated during 2007-2008, not just in USA, but across the world. Many Indians working in the Gulf were left with no option but to comeback to India.
Hence it is important to have an adequate financial plan in place to provide for long-term security and achieve financial goals for you and your dependents.
Listed below are some questions which will help you to analyze your requirements for life insurance.
Do you wish to settle in India after retirement?
Do you have dependent parents?
Do you have dependent children?
Do you have long term financial goals?
If the answers to the above questions are yes, adequate life insurance is a must for you. Besides financially securing your dependents, adequate life insurance can also create a provision for your retirement. Over a period of time, your life insurance policy will build up a substantial cash value can come in handy in case of unforeseen circumstances such as loss of job due to recession. LIC offers a variety of insurance plans which can help you to fulfill your long term financial goals. If you still do not have adequate life insurance it is just the right time to get in touch with  us and buy adequate life insurance.

There is difference between depositing money to bank and insurance companies.

It is a real experience. Lesson from this experience is we should not be late in paying insurance premium. One of my customer has delayed in paying insurance premium. He did not care as he is ready to pay the late fee. Meanwhile he unfortunately died. His wife the nominee did not get anything!!

As customer  not paid the premium within grace period, (that too in first continuous two years) nothing is due from insurance company!. So kindly take care on this, as there is difference between depositing  money to bank and insurance companies.

How to retire rich and in style?

Most people expect to retire from work with an expectation of a relaxed and peaceful life. For most, retirement would be to pursue a hobby with no worries to catch a train or a bus. In fact, it is the time to enjoy with grandchildren and get a break from your working life perhaps forever.
Everyone wants to have a happy retired life but sadly, only a few of the many make an attempt to ensure that their retirement phase would be something that they would look forward to than fear the arrival of it.
The reason why people fail to achieve their desired life after retirement is because they either leave it on fate or incorrect planning.
Thinking of packing your responsibilities from work should put a smile on your face because a new life awaits you. So get down to achieving it. All you need to do is set aside a small amount regularly for your retirement.
In simple words, planning for retirement is a lot more important than you may realize. The price at which things are available will not be the same when you retire. Your standard of living has probably improved over the years as result of which you will now have to set aside more money to maintain the same level of lifestyle after retirement. Are you prepared for that? How will you bridge the gap of the cost of living with no means of income? The questions are complex but the answers are simple.
We offers a wide range of pension plans which can be used for planning your retirement. By starting off early you can avail the dual advantage of saving more and investing for a longer duration. So make no further delay to plan out a happy retirement life and retire rich.

Which had given higher return?

Does your family know about your life insurance policies?

Mohan’s father passed away recently due to a heart attack. Neither Mohan nor his family members were aware of the fact that his father had a whole life insurance policy worth 30 lakhs. One day while searching house for some papers, Mohan came across a premium receipt of a life insurance policy paid by his father. Just like Mohan, there are lakhs of people in our country who do not know about life insurance policies taken by their loved ones when they were alive. As a result many life insurance policies are never claimed. According to a petition filed by the Society for Consumers and Investors Protection, a registered society of investors, the unclaimed deposits lying with 24 insurance companies amounted to over Rs 4,453.27 crores as on March 2012. Life insurance policy is an important tool to protect one’s family financially in the event of the policyholder’s death. This objective remains unfulfilled when a policy remains unclaimed by the nominee due to lack of awareness of the existence of policy. Hence it makes sense to tell your spouse/dependents about the life insurance policies taken by you. Also it would be advisable to write down the details of your policies in a dairy or in a file on your computer where your spouse/dependents will be able to access it when required. Important things to do after purchasing adequate life insurance
 Tell your spouse/dependents about it
 Keep a written record of your policies in a diary which can be accessed by your dependents when required
 Keep your policy in safe place

Retirement planning: Don’t do the same mistake which Sudhakar did

Sudhakar, a former middle level executive who never had any retirement planning in place is just another example of how people like to gamble with their lives post retirement. Despite having a decent take home salary, he never really saved for his retirement. At the peak of his career, he had been earning as much as Rs 4,00,000 a year but never bothered to save a single rupee for his retirement. All his earnings were spent on home loans, car loans, children’s education and marriage. As a result, today he has to depend on his two children for even day to day expenses.
Just like Sudhakar, there are millions of Indians out there today, who feel retirement is far away and postpone or fail to plan for their retirement.
Let us understand why it makes sense to plan for retirement
1. Increased life expectancy: With access to better medical facilities and living conditions the average age of life expectancy has gone up beyond 75. Hence you need enough funds to take care of your needs as long as you are alive.
2. Inflation: With increase in inflation, the cost of living also goes up. Hence you need to keep inflation in mind while building up your retirement fund.

3. Health problems: With increasing age, health problems are also likely to increase. Hence it makes sense to have adequate financial provision which will take care of any medical treatments for health problems.

Now let’s understand why it is best to start retirement planning as early as possible.
By starting early for retirement, you have more number of years in hand to save. Hence you can build a huge corpus which will help you to lead a comfortable life post-retirement. Also by starting early you can get the advantage of compounding.
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”….. Albert Einstein.
Over the period of years the amount of compounding interest earned on your investment can help you to maximize your retirement fund.
Another advantage of starting an early retirement is that after a certain number of years, you can stop investing. The money already invested by you will keep increasing due to interest income getting added to it.
If you still have not planned for your retirement, it is just the right time to get in touch with your financial consultant and start retirement planning. Remember earlier the better.

Why Life is similar to the game of snake and ladder?

For all those believe they don’t need life insurance because nothing will happen to them.

There are many people who strongly believe nothing can happen to them. Such people often ignore the importance of life insurance because they don’t understand the importance of it. By doing so they are exposing their families to multiple risks in the event of their sudden death. There are few things which are beyond the control of human beings. Lets take a look at some deadly factors which cannot be ignored. Increasing number of health problems According to a WHO Report, cardiovascular diseases (CVDs) are likely to be the largest cause of death and disability by 2020 in India. 2.6 million Indians are predicted to die in 2020, due to coronary heart disease.

According to an estimate by the Global Burden of Disease (GBD) study, 52% of CVD deaths occur below the age of 70 years in India. There is a danger at every turn of life
A look at road accidents in India between 2001 to 2010

 In our country lot of people who die without any life insurance, often leave behind misery and poverty for their families. In absence of adequate life insurance, the family is left with no choice other than selling assets and compromising on children’s education. Even for basic needs such as food and clothing they may need to depend on others.

Adequate life insurance will ensure that the family continues to enjoy their current standard of life and eliminates the need to sell assets and property.

Look before you buy. Things to keep in mind while choosing an insurance company.

These days newspapers, magazines, television are flooded with advertisements of life insurance plans and companies. Cricketers, film stars, television stars and sports persons all are there on media endorsing a variety of insurance companies and plans. Some advertisements are too good and leave a deep impact on your mind, whereas some just fail miserably to catch your attention. According to leading marketing studies, celebrity endorsement can bestow special attributes upon a product that it may have lacked otherwise. But everything may not be as rosy as seen in picture; celebrities are after all mere mortals. It is upto you to decide whether the product you are purchasing is good or bad for you. In simple terms whether it really suits your requirements.Another important thing that matters is the insurance company. Things that matter while choosing an insurance company 9 How long has the company been in existence? 9 Is the premium charged by the company competitive? 9 Does the insurance company offer hassle-free procedure of claim settlement? 9 Does the insurance company have a claim settlement ratio of over 95%? 9 Does the insurance company have a long term track record of profitability? 9 Does the company have a nation-wide presence? 9 Is the company closing opening new branches or closing existing branches?

Please spare a minute to think about it

Few months back, we came across shocking news reports that India's world cup hero and man of the tournament was diagnosed with cancer. The reports also mentioned that the cricketer would be leaving to USA for medical treatments and chemotherapy. If a person who is very active and fit can be affected by a disease like cancer, what about the most of us who hardly get any time to exercise? A deadly combination of stress, junk foods, pollution, lack of adequate rest or good healthy diet will make things even worse for us. Can you imagine what will happen if one day you are diagnosed with cancer? The cricketer was lucky as he could afford the best treatment available. What about a person from an average middle class family? What will happen to him/her? Will he/she be able to afford the treatment? What about his/her family? According to the U.S. Centers for Disease Control and Prevention, 20 percent of cancer patients younger than 65 delay or refuse treatment due to the high associated cost. The cost of chemotherapy in USA can range from $1000 to $30,000 whereas in India it can vary from Rs 2,00,000 to Rs 10,00,000. A recent study has found that cancer affects Indians at a much earlier age than people in western countries. Cancer claimed 6 lakh Indian lives in the year 2010. A major finding of the study was that 70 per cent of cancer deaths were in the age group of 30 to 69 years. If you are healthy now, it is the right time to buy life and health insurance because tomorrow you may not get a chance to do so. Adequate life insurance will ensure that your family has enough money to live comfortably even in your absence. Health insurance can help you to get the best treatment and improve your chances of recovery in case of any unexpected illness. Always remember any financial planning is incomplete without adequate life and health insurance.

Saving money can be useless if you have no insurance

We all know saving money can be more difficult than making money or spending money. All those of us who have regular monthly income need not worry about inflow of the money at the end of the month. It is also true that we can hardly resist the ever‐growing temptations of spending money on new gadgets, phones, electronics, eating out, new clothes or buying a new car. No wonder it is rightly said saving money is more difficult than making money or spending money. Saving money is like climbing a hill. It requires a lot of efforts and determination. Some people never bother to think of it while others manage to save a lot. If you are a type of person who actually manages to save enough money you also need to purchase adequate insurance which includes both life insurance and health insurance. Let us understand this with the help of an example.

Rohan is salaried employee with dependent parents and draws a monthly salary of Rs 30,000. After finishing all his expenses every month he saves Rs 5000 in a bank recurring deposit and Rs 5000 in an ELSS. After three years he has a good amount of savings. However tragedy strikes unexpectedly and he is diagnosed with cancer. As he does not have health insurance he has no option but to use his break his recurring deposit and surrender the ELSS to arrange funds for his treatment. As we can see from the above example saving can be useless without adequate insurance. If Rohan had taken adequate health insurance cover earlier, it would have taken care of his treatment costs and his savings would have remained intact. Also now he cannot take a life insurance policy because insurance company would reject his policy on medical grounds. Always remember any financial planning is incomplete without adequate life insurance and health insurance.

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