| Topic : Changing perception of people towards insurance |
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Activity:
155 views;
last activity : 12 10 2010 07:48:30 +0000
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Find your Human Life Value first..
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HLV AND NO BONUS CONCEPT
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Need $ the Family Need.
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Need for minimum protection
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Current income level
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Accumulating for specific needs
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Monthly Family Expenses
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Find Human Value and Family future expenses
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It must start with find your HUMAN LIFE VALUE if you want to know how much insurance you need. |
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Even though I agree with human life value, but one must also assume the capacity to pay. Say for eg. I want to cover for a crore S.A. but my annual income is around Rs.1.5 lac how is it possible? I have to cover up my basic needs and daily routine. In this case I have to contribute little towards Insurance. Many can say that to cover up life, one can pay premium for non profit plan where one can get sum assured in case of risk happens, if nothing happened he will get his premium back. In a cheaper plan one has to lose that money also that too will not cover up HLV. In this case what is your suggestion. Based on the undecided marketing condition investment on ULIP is also not better. In India people's earning are very hard, hence they are unable to part their amount towards these kind of products. It is imperative we should have insurance as one of the lessons in the school curriculum, then only Insurance is a most successful one.
agree with kaushal, it must be based on human life value with consideration of additional assets available and liabilities.
I agree to kaushal, calculating HLV is the best way to find out the amount of insurance needed by any person. It takes into account your assets, liabilities, income and expenses to tell you what amount of money will be needed by the family members when the person is not there...
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human life value is the prime concept in deciding how much insurance you need. but that concept goes bersek once you know how much premium you have to pay for securing that much sum assured. as mr.chandramouli rightly said that no body wants to loose their money in investing in non-profit plans. then there is one solution. you take one policy with highest bonus or loyalty addition and take another policy with only risk coverage. so your bonus will offset the premium on your pure risk policy and at the end of the term you will get back all your premium amount (forget that the policy has given you bonus) and also you will have higest risk coverage. or else you can take a policy which gives you higher risk with return of premiums |
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It is answering as what should be your salary. It depends upon person to person and their needs and the family they support. Most importantly it is the family they support. It is the family which is going to be affected by the questioned person's demise. So family needs is the point which can decide How much insurance you need? |
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Mr. Vishabh,
You are right when you say a person can take insurance upto 20 times his current income. But when the question of his future expenses and future income comes, you can only make a guess. And it is a ticklish point. What should be that guess. So please tell us if you have any idea as what should be that guess.
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It is essential that a particular level of income should be maintained for
the family even when its breadwinner is not around. If one also wants to
provide for the future fall in the purchasing power of rupee due to inflation,
one must necessarily take policies for higher amounts. No widow, they say, has
ever complained that her husband bought too much insurance.
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This is the most important factor for a middle class family. Payment of insurance premium results in an outflow of disposable income. You may, therefore, not like to buy too much insurance. One might have to limit the quantum of insurance keeping in mind the cash flow problems that will be created as a result of the obligation of regular payment of insurance premia. |
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If I expect to spend a particular sum of money for the education and / or wedding of my children, I will like to buy an insurance policy for a specific sum to meet such a lump sum commitment. |
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Hi Vinod,
Are u talking about investment or insurance as an investment.?? Could you please elaborate on your point..
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E.g:Mr.Raju aged 40,working in MNC and his wife Rekha housewife 35,their monthly house hold expenses is Rs50000/- out of which Raju spends Rs15k on himself.Raju were expected to live till 70 and his wife till 75,
How much does Mr.Raju needs to be insured? Assuming money being invested in Risk free instrument yielding 7% P.A return...
It is Rs5665013
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One person can take insurance of 14 times of his current income . or one can take insurance equal to his next 25-30 years expected income. or he / she can take insurance equal to his/her families future expenses. these are the some easy way to identify how much insurance we need to take. |
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Hi Jitesh, I have seen less importance towards training in this field. It is very important to ensure high levels of training and development not just for staff but also for agents and distribution organizations. Insurance companies have to train... |
I do not think this is actually going to create any differences. When the company is exapnding the first thing it is going to do is bring its own employees to the newer place. |