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Thank you so much for visiting the site and for the patronage to “Tabeel Consultants”… Hope this site will be a blessing for each one of you, as you plan your finance for your future and investments. I would like to share the basics of personal finance management through this space through various sessions.
22/08/2011
If you take the Indian scenario, we have “savings” in our blood and we always have an attitude of saving for future… but “How, how much and where” is a question???
A person who can save his 70% of his income will save 10% and the person who can spend 70% of his income, will spend only 20% and he lives like someone who struggles to get his three times of food. This kind of disparity is generally visible in developing economies.
Being a financial planning professional and serving in Indian economy for last six years; if anyone is asked a question about their investment, the first answer would be “I have LIC”. And if we asked about the life cover (Insurance Cover); “yeah… I have a huge cover; I am paying around half a lakh every year!” If we analyze, it will be around 10 lakhs and this person may be having liabilities worth a crore, including his housing loan outstanding and other responsibilities…
Since we have been considering Insurance as an investment; today, I would like to share some thoughts on Insurance… I wish, all of you can find the answer for the below questions…
1. If you are the only source of income (Earning Member) for your family…in case, in your absence, how much money should be requiring to your family to maintain the same level lifestyle that you have been living? Loan out-standing, children’s education, regular household expenses etc… (A)
2. Calculate your current life cover and present value of your investments except the value of house where you live in.(B)
3. The Adequate insurance cover (C) = (A-B)
4. If you take another policy, how much you need to pay the premium?
5. Can the premium be affordable for you? (If your answer is “NO” you are unaware about term insurance).

Nobody wants to get richer by the loss of their loved one’s life… But, it’s the responsibility of the bread-winner of every family to ensure that, he/she is adequately insured so that…even if he/she is not there tomorrow, their family will lead a normal life. Mixing up of feelings and sentiments in this matter, will only carry us away from realities of life and force us to take wrong decisions…

This, I am writing here not to put any fear factor and to sell my products; but to make you aware of what you are paying as premium and what you are getting as cover. The cover is not decided by the amount of premium we pay, rather the design of the product. A 30 Year old man can purchase Rs. 1 crore of insurance by paying Rs. 2500/- per month into a term plan or he can get a cover of Rs. 3 lakhs by investing into insurance cum investment plan. Wherein if you want to attain a cover of 1 crore through Insurance cum investment plan, you may have to invest minimum Rs. 10 Lakhs. The matter of fact is that; the person who is capable of paying a premium of Rs. 10 Lakhs annually, in most of the cases, either his liability will be more than 1 crore… or the adequate cover he requires will be less than 50 Lakhs.

“A prudent man sees evil and hides himself, the naïve proceed and pay the penalty” (Proverbs 27:12) This is what the King Solomon Says in Bible. God has given us wisdom to understand, please give a thought… Nothing to be emotional; be logical…

Recommendation: Insurance and Investments should not mix it together; Term plan is to cover the Liability and investments are into various avenues; that is purely for investments.

For assistance in calculating the adequate cover, comparative analysis on term plans, and cover purchase assistance, feel free to contact at 9768022202 or at binson@tabeelconsultants.com or on tabeel.india@gmail.com
Hope this message will open up many eyes to think about their value to their families…

Please write your opinions and valuable suggestions to support@tabeelconsultants.com
Regards,
Binson Mathew

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