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Is Life insurance necessary? 

Do we really require a term plan? 

Why should I buy one? 

How much cover is sufficient for me and my family? 

From where should I buy insurance? 

Are there any other products insurance companies offer?

Let us understand what exactly life insurance is. Life insurance is a tool by which one can safeguard his/her family financially in case if some mishap (death) happen to him/her.
In today's world life is really unpredictable and one can never be sure of his or her life expectancy. Pandemic 2019 has made it really clear that the world is changing at a really fast rate and we should be prepare for anything and everything emotionally, psychologically and financially.
Let us take an example: 1. There was a family of 4 people husband, wife, and 2 children where only the husband was bread earner (earning a salary of 1 lakh per month) of the family. Due to a mishap (COVID/accident) he passed away, at this time it will be almost impossible for the rest of the family members to survive financially as he was the only bread earner (doesn’t matter if he was a businessman or in any service).
For unknown situations like these life insurance is a must for every family.

The next question that we face is how much is sufficient. There is a small calculation to understand this part.
Going back to the first example total family income in a year is 12 lakhs. Now in order to maintain the old lifestyle and way of living the family needs to have a source of income generating this much income .
The safest source for any family would be FD in a bank. So if the bank is giving interest @6% pa then the family should have a cover of 2 crores so that it can fetch Rs. 12 lakh per year to maintain the same lifestyle.

There are over 25 insurance companies in India and while buying an insurance plan one must be cautious about a few things
Claim paid ratio
Solvency ratio
Customer base
Way of working
There are various other products that insurance companies have to offer like guaranteed plans, ULIP, bonus linked plans.
But primary the most important thing is term insurance. Security and safeguarding your family first.

We specialise in generating good returns and managing your portfolio as per your needs and resources.

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