Life is uncertain, Death is inevitable; while living, high risks of accidental chances are prevalent anytime, where financial security is the most important factor that eases your grim situation and here, comes Life Insurance to ensure your Financial Security.
Human Life is a beautiful chance to showcase your optimum strength with your best performance and enjoy social life as a family. So, your today’s insurance will be appreciated by your children when they are adult and realize your devotion, love, prayers & passion for your wonderful future, affections because they are beneficiaries of your insurance ultimately. So, it is said that, “Life Insurance is granted for you, your family while living and even after you.” Do something today that your family members will be thankful to you even after your life because your family as an heir of your policy. It is good for you, your wife/husband/children’s future in context of financial security.
Things to Remember:
If you have money stored in following areas, then, benefits are as follows.
A. BANK: SAVING MONEY (Not Mandatory) + INTEREST RATE (relatively low than Insurance Company)
B. INSURANCE COMPANY: SAVING MONEY (Mandatory yearly)+ BONUS (Interest)+ LIFE RISKS COVERAGE (LIFE INSURED RETURN ON MONEY VALUE).
|S.N||BANK POLICY||INSURANCE POLICY|
|1||Flexible saving + low interest + No Life Risk/Accidental Coverage||1. Mandatory Saving Yearly/Quarterly/Half+ Life Risk coverage+ Bonus (Interest) Return after accident or|
|2||It is expended anytime, any amount. For Bank loan, they require many documents.||2. Only after two years you can get loan upto 90% of your saved $$ (on certain interest) without any hassle, as it is your own money.|
|3||No financial advisors or actuary (if you go with money on bank, they won’t suggest you anything, just keep balance as saving in your account only).||3. In Insurance company “Actuary” will give sufficient time to guide you on your insurance premiums based on financial capacity, Calculating your yearly saving premiums, choosing best policies by understanding your interest without any additional charge.|
|4||But it is good for daily financial transactions like home shopping, business transactions etc..||4. Since you have to deposit premiums yearly, it will enforce a good habit in you of Saving, Employment search habit more for future security.|
|5||5. In case of any fatal or disability accidents in between of your period of insurance, you don’t have to pay any amount of sum assured, but in return, your insurance company will give you full-fledged money to you or your nominee family members as beneficiaries.|
|6||6. If you do not incur in any life risks till full maturity of insurance period, you will receive your saved money+bonus money immediately and your family will get money equivalent to “sum assured” after your life.|
|7||7. In case of any accidents, immediately contact your insurance company for insurance premiums and they will look after all case and if you case is true, you or your family will receive money as per policy you applied.|
So, Is life insurance policy better than bank?
HARD FACTS to understand on how to apply?
1. Check Policy: For you or your child or your wife or combination or accidental
2. Your Location: It doesn’t matter where you live or work.
3. Premiums: It is amount you need to deposit “compulsory” in insurance company at least a year.
4. Period: Most policy plans begins from 10 years, optimum is 15 years, but for children it varies and you can keep it longer plan. Let us suppose if you are age 35, then, better to get insurance return at age of 50 years, this money you can invest in your wish.
5. Actuary: You can always ask to calculate premium, best policy plan, etc. Choose your near and dear actuary because they will help you to contact insurance to get policy.
6. Nominee: Select your nominee as beneficiary in case of any accidents to receive insurance.
So, how much do you love yourself, family and plan it. You need to make a plan and every successful people have always investment plans of A, B, C or D etc. So, Insurance plan is one of it.
EXAMPLE: ACTUARY CALCULATION
ANAM= JIWAN ANANDA
If current age is=19
Sum assured= 500,000
Insurance Period=15 years
Yearly Insurance Premium Pay to LIC=Rs. 36,450 (UK= 278, RATE=131 Rs.)
(you have to pay until 15 years every year)
Benefits: YOU GET MONEY BACK + FULL MONEY BACK ON FATAL LIFE ACCIDENTS
After 15 years, you get= Rs. 5lack + Bonus (45,7500)= Rs. 957500 (UK Pound= 7309)
After life, your nominee will receive Rs. 500,000 (equivalent to Sum assured)