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You can measure a value of a car by its purchase value, then by its market value.
But a Human life value is calculated majorly based on his active income. If a car gets damaged in
an accident and repair cost is Rs.50000, It can be repaired with that cost of 50000. But if a
human passes away in an accident or due to an illness, the financial loss is measured by how
much he was earning. So a simple strategy is, let take a person earns 5Lakhs a year. If that
income has to be replaced yearly from a fixed deposit with 7% interest, he should have a deposit
of 70Lakhs. That is his human life value. This is a basic version.
Advance version will consider his other financial commitments say financial goals and loans outstanding. Whatsapp 9994266772 for a detailed plan.
Life insurance is an important tool to protect our ACTIVE income. If earning member in a family passes away. There are two kinds of losses. 1. Emotional loss 2. Financial loss
Emotional loss cant be replaced. But financial loss can be replaced by proper insurance cover. Let’s see an example: if your income is 5Lakhs you should have a cover of 15 to 20times of your annual income.
So you have the below choices
1 crore life cover : 3.3lakhs premium per annum
Total Payment: 1CRORE | Returns 2Crores.
1 crore life cover : 5Lakhs premium per annum
Total payment : 25Lakhs (5yrs Limited PAY). Returns : 1.2crs
1 crore life cover : 20000premium per annum non-refundable.
Total payment : 8lakhs
1 crorelife cover : 40000premium per annum 40yrs 16Lakhs
To protect your financial loss, Term insurance is the best option as it is affordable and gives higher life cover to protect our HUMAN LIFE VALUE.
Health insurance is an important factor of wealth protection. Most of the investors think,’I’m healthy. Why should I take a policy now’. But the point is when you become unhealthy, Insurance firms will reject your policy. And the medical cost will eat your wealth created out your hardwork.
Under current scenario, we should have a health insurance cover of atleast 5Lakhs. In most of the policies under 5Lakhs, there are sublimits for every expenses. Next if you feel your health cover is less, go for TOPUP policies which comes up with a low premium. Even if you have company group insurance, pls have a separate policy. There may be times you might quit a company or you start up your own business. During those times it will help.
Car insurance helps the car owner to protect himself from risks related to finance and expense that he has to bear when an accident occurs. The question of affordability arises when one has to face the unexpected expenses along with the legal expenses due to the accident case tried in the court of law. Most of the insurance companies offer Cashless facilities in major Auto service centres. This will save your wealth as well as unwanted tension.
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