The Corona epidemic in the country has claimed many lives. In such a situation you should take term insurance if you do not want your family to face money problem in your absence. However, there are several things to keep in mind before taking out insurance. Like, do you need it or not? If so, how much insurance cover will be right for you?
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First of all, find out if you need it.
First of all it is important to know that term insurance is not an investment. It will benefit your family after your death. In such a situation, ask yourself, will your income make a difference to your family after your death? If the answer is yes then you should take term insurance. But if the answer is no then you should not take it. If you have enough money and you have invested a lot you do not need term insurance.
How much cover would be appropriate?
The biggest question in people's minds is how much term insurance cover should be taken. Experts have come up with many formulas for this. It will help you estimate the amount of insurance.
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First of all, find out if you need it.
First of all it is important to know that term insurance is not an investment. It will benefit your family after your death. In such a situation, ask yourself, will your income make a difference to your family after your death? If the answer is yes then you should take term insurance. But if the answer is no then you should not take it. If you have enough money and you have invested a lot you do not need term insurance.
How much cover would be appropriate?
The biggest question in people's minds is how much term insurance cover should be taken. Experts have come up with many formulas for this. It will help you estimate the amount of insurance.
Also read
Human Life Value Concept The
Human Life Value (HLV) concept calculates the total income that a person can earn during his working life. It is then discounted along with the estimated inflation rate. In other words, a person's future income is calculated at today's prices. This value is calculated to find out how much the individual spends and what the financial value of that person will be in the family.
Suppose there is a 40-year-old man named Ashok who earns Rs 5 lakh annually. Out of this, he spends 1 lakh 30 thousand rupees on his personal expenses. While the remaining 3 lakh 70 thousand rupees are spent on the family. It will have 3 lakh 70 thousand economic value. This means that in your absence, your family will need 3 lakh 70 thousand rupees annually. You should choose term insurance cover according to this requirement.
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Human Life Value Concept The
Human Life Value (HLV) concept calculates the total income that a person can earn during his working life. It is then discounted along with the estimated inflation rate. In other words, a person's future income is calculated at today's prices. This value is calculated to find out how much the individual spends and what the financial value of that person will be in the family.
Suppose there is a 40-year-old man named Ashok who earns Rs 5 lakh annually. Out of this, he spends 1 lakh 30 thousand rupees on his personal expenses. While the remaining 3 lakh 70 thousand rupees are spent on the family. It will have 3 lakh 70 thousand economic value. This means that in your absence, your family will need 3 lakh 70 thousand rupees annually. You should choose term insurance cover according to this requirement.
Also read
The Income Replacement Value Concept
is a basic way to calculate your life insurance coverage needs and is based on your annual income. Accordingly, the required insurance coverage is a calculation of your annual income and the remaining years of retirement. I.e. required life insurance coverage = annual income x number of years for retirement.
For example, your annual income is Rs 4 lakh and you are 30 years old and you are planning to retire after 30 years i.e. 60 years of age. In this case, your required life insurance coverage should be Rs 12 crore (4,00,000 x 30).
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The Income Replacement Value Concept
is a basic way to calculate your life insurance coverage needs and is based on your annual income. Accordingly, the required insurance coverage is a calculation of your annual income and the remaining years of retirement. I.e. required life insurance coverage = annual income x number of years for retirement.
For example, your annual income is Rs 4 lakh and you are 30 years old and you are planning to retire after 30 years i.e. 60 years of age. In this case, your required life insurance coverage should be Rs 12 crore (4,00,000 x 30).
Also read
Underwriters thumb rule The
amount of insurance under it should be in the calculation of annual income based on age. For example, individuals between the ages of 20 and 30 should have life insurance coverage of 25 times their annual income. While people over the age of 40-50 should have life insurance coverage of 20 times their annual income.
Take care of it
if you have taken a loan If you have a loan or debt, you should also take care of it. In such a case, if you have taken a home loan of Rs 50 lakh, it should also be included in the term insurance cover. Insurance cover should also be considered keeping in mind if you have a loan or debt.
What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage at a fixed rate of payment for a limited period. If the insured dies during the term of the policy, the cover amount is given to the nominee. It provides financial security to the family.
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Underwriters thumb rule The
amount of insurance under it should be in the calculation of annual income based on age. For example, individuals between the ages of 20 and 30 should have life insurance coverage of 25 times their annual income. While people over the age of 40-50 should have life insurance coverage of 20 times their annual income.
Take care of it
if you have taken a loan If you have a loan or debt, you should also take care of it. In such a case, if you have taken a home loan of Rs 50 lakh, it should also be included in the term insurance cover. Insurance cover should also be considered keeping in mind if you have a loan or debt.
What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage at a fixed rate of payment for a limited period. If the insured dies during the term of the policy, the cover amount is given to the nominee. It provides financial security to the family.
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