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INSURANCE

We insure against risks. However actualization of risk is an area which has to be well understood.

For example to understand and calculate the amount of risk coverage required for an individual earning ( Rs.2,40,000/- ) per year or ( Rs.20,000/- ) per month, we first need to have a look at @ of bank interest. At 8% per annum simple interest ( Rs.2,40,000/- ) can be earned on a principal amount of ( Rs.30,00,000/- ).

However for an individual earning ( 2,40,000 ) per year, servicing a money back policy for ( Rs. 30 LAC ) will be just impossible.

However his actual risk stands at 30 lac against his life, as because in case of his death, to support the same earning, his family will need to deposit ( Rs.30 Lac ) in bank and @8% per annum interest, they will be able to recover ( Rs.2,40,000/- every year or Rs.20000/- per month).

The above risk can be covered comfortably by going for TERM INSURANCE. Although there is no money back in this category, but actual risk of life can be covered for as little premium as Rs.250/- for every lac of rupees, on minimum and Rs.500/- on higher side, depending upon the age, health of insured and the money value of policy !!