You must recognize the importance of protecting yourself and your family if you were to die or suffer a serious illness.
But our lives are constantly changing—buying a home, receiving a promotion, getting married, having children or retiring—and it is just as important to review our level of financial planning when these changes happen.

If there have been a significant event in your life recently, now might be the time to assess your protection needs to ensure you and your family are prepared, whatever happens. Our best financial experts are always willing to come down to provide enough support on consultancy free of charge.

Expenses provision method (EPM) as the name suggests it is providing a cash flow adequate to take care of the expenses post retirement. While it might appear to be a simple idea, our agents/divisors/consultants should not presume a figure for expenses and quickly work to find the corpus required. Many times even the clients estimate a rough figure and say it will be more than enough if we have about 20,000 rupees a month to cover our expenses, “we both of us at our old age may not have big expenses.

We are very simple people so, we will also lead a simple life”. We must not get carried away by these seemingly simple statements, because while we adopt an Expenses provision method (EPM) for retirement planning we are making a tight rope walking thereafter. There will not be much scope left later to re-adjust the corpus.

The following points have to be taken in the mind before estimating the corpus required:

1) The Family size2) Health history3) Spouses needs
4) Current levels of expenditures5) Liabilities and Assets in values and terms

The assumption that after retirement there will be only the couple to be provided is a wrong assumption. There are at time aged parents living with them and at times dependents with special needs, and even at times grand children need to be supported.

So while adopting the EPM a dialogue with the client about various possibilities in his personal circumstances is necessary. It can not be a “Questionnaire-fill-instant-plan”
approach.

Health history is a very vital information to plan adequately for the expenses required.
While at old age the likely hood of falling ill is ascending, people with certain history has to take special care. So health history gives some idea of two types of expenses normally associated with health. The first is related to preventive or maintaining activities like physical exercises, specific diet etc, the second is related to the treatment part like the insulin, puff, dialysis etc.,

There are some special needs of spouse which also need to be addressed. Many times religious attachments and commitments are contained under this head. Pilgrimages, religious discourses, etc. also will require cash provisions. Apart from these, they can still be some special needs which are not very obvious and the same can be found out only by engaging

into a conversation with the client about those “SMALL” things that give “BIG”satisfaction or happiness to them. Taking all the current expenditures and reducing those of which is not relevant post retirement, and then adjusting to inflation we must arrive at the value required to meet the same in those days, we must work out corpus that can generate this value on a regular basis.

Many times what is forgotten in the din of these working on a tight rope is the liabilities to be fulfilled. The current balance sheet must be carefully studied and all those liabilities should be valued at the future date and the amount required to settle them also to betaken into consideration. So also the future value of the assets and its sufficiency to meet out the outstanding dues. The excess asset can be used to build into the corpus for retirement planning. While doing this care must be taken in terms of the physical assets, that the cost of maintenance also should be provided in the cash flow.

The total of the above aspects will be the amount required to meet out adequately the post retirement needs. It is also advisable to provide for cash surplus for emergency needs.

We have seen both the RRM and EPM ways of retirement planning. One of the important aspect of both these methods is that we must quite early to provide adequate capital for our own golden days. If adequate capital can be provided then retirement can be truly an entry into a life of freedom to do what we desire to, and need not be an exit from dignified life.

The Life Insurance marketing personnel can make this world truly a paradise to live long. There are not many alternatives in term of long term instruments, that encourage disciplined regular savings to life insurance. So use this magic wand to bring about happiness and a great sense of freedom.

Whole of Life insurance is a protection with return of premiums.  It has both an insurance and an investment component for the person insured.  If something happened to the insured person the death benefit will be given.  The investment component also accumulates a cash value that the policy holder can withdraw or borrow.

Whole of life is a protection in which we can be covered for all the following benefits…….you may include critical illness, permanent total disability, hospitalization benefit, accidental death benefit, long term care benefit, family income benefit, and waiver of premium.  Certain benefits which you cannot find in the the term assurance.  In this benefits that we get in whole of life critical illness will cover you until the age of 95.  Whole of life is the right protection plan that  can help to safeguard our family’s financial future.

But, that’s not the case with majority of us who solely depends on our monthly wages. We may not be as fortunate as the others but we couldn’t be at part when it comes to looking after the welfare of our loved ones. It is heartbreaking to witness others who have members of their family struggle not just emotionally but more so financially after death of their loved ones. It is worse when that person happens to be the breadwinner of the family.

Choosing to have life insurance is a guarantee that we may not leave a fortune to members of our family but assuring that life after the death of the breadwinner would not be an added burden to those left behind.

Most people usually aren’t interested in Life Insurance until they learn that it really works. Mediocre people usually thinks that Whole Life Insurance will only benefit their beneficiaries or themselves when they’re dead and that’s the main reason why they don’t buy it. Once policy holder fantastically discover the real benefits while they are still alive, they continue to buy it year over year and enjoy it as it’s provide accumulation of cash value which can be used when needed.

Unfortunately, you can’t rely on a Government to maintain your current lifestyle. But putting the right protection plans in place can help safeguard both you and your partner against the financial impacts of critical illness, injury or death. You can replace your house, computer or car but you can’t replace you, your spouse or partner. That’s why it’s important to make plans to help protect your financial future.

You are living life to the full, you may have finished paying your mortgage and the children could have left home. You’re enjoying spending time together and socialising with friends. In short, you’re enjoying your life. But have you thought what would happen if your income suddenly stopped, or was drastically reduced? It is uncomfortable to think about, but how long could you maintain your lifestyle if you were unable to work?

Unfortunately, you cannot rely on a anyone but putting the right protection plans in place can help safeguard both of you against the financial impacts of critical illness, injury or death. Most people usually aren’t interested in Life Insurance until they learn it really works. Thousands of people continue to buy it year over year and fantastically discover benefits while they’re still alive and enjoy it.

Whole life policy refers to permanent life insurance as it provides life-long protection and guaranteed sum assurance. For choosing whole life policy, you have to pay a fixed amount of premium for life rather than the increasing premiums found on renewable term life insurance policies. Technically, whole life insurance is not related to term life insurance.

Whole life policy offers cash values, which is the cash available to you if you need cash any time. The premiums in this policy are higher than term life premiums and are guaranteed to remain level for as long as you own your policy.

As long as you pay the premiums, the death benefit will be allocated. Whole life policy is intended and priced for you to keep over a long period of time.

Always remember that if you’re not sure that you’re going to keep this kind of insurance policy or you think that this is a wrong type of insurance for you. In that case, you should look at term life insurance.

Whole life policy ensures something that will unfortunately happen for certain – one’s death, where as Term insures the possibility of you dying during the term period, whether that is 1 year or up to 30 years depending on the type of term insurance you get.

The plan offers a risk cover of up to 11 to 30 times of annualized premium or 1.25 times of single premium. The policy holder has the option to select any of four funds namely, bond fund, secured fund, balanced fund, growth fund.

Features of Endowment Plus

• Minimum risk cover is guaranteed.
• This plan has a facility for Loan after 3 years from commencement.
• Partial Withdrawal is possible after 5 years from commencement.
• Plan can be utilized on the life of a child, above the age of 7 years.
• It has 2 optional riders, which means extra protection.
• Flexible benefit combinations and payment options Additional benefit options such as a critical illness cover.
• In case of a death benefit, higher the sum assured and the policyholder’s fund value shall be payable.

Endowment plus plan not only offers financial stability for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. This plan provides insurance cover and maturity benefits.

Life insurance is perceived differently by different people. Depending upon an individual’s age and lifestyle, it can either be taken for granted or considered as critical provision for a family’s financial security.

The life insurance official contract comes under two classes that are, protection policy and investment policy. In case of protection policy, it is typically planned to provide a selected sum in the outcome specified by the policy owner, and the second investment policy is meant to facilitate the policy owner with an increase of capital by regular or single premium. The most ordinary kinds of investment policy under life insurance are whole life, global life and changeable life policies.

Life insurance involves sum assured, which is the amount guaranteed to be paid or allocated in the case of a loss. The plans offered by the life insurance corporation provide a definite amount of money to the insurer in case of life insured dies or becomes disabled due to any accidental case. It only requires paying premium on time and also helps in attaining short term-financial needs like mortgages etc.

Tips Related To Life Insurance

You must understand your income requirements. Get a rough estimate of your insurance needs by adding your debt, estimated costs, and a year of income replacement.

It is good to consult an insurance agent. The agents will have access to many insurance services. They provide different LIC polices that adjoins risk cover with the savings and investment for your future.

For buying an insurance policy, the one thing you definitely need to read the contract thoroughly, and if you need help ask an insurance agent. Never sign before you fully understand all the clauses and are satisfied with the same.

Read the product disclosure statement, which describes the product, its benefits and any limitations as well as its charges.

Once you know which cover and how much you need, compare costs with a number of insurers.

Life insurance is a type of bond between the policy owner and the insurer. It deals in making policy that individuals buy from a life insurance company and generate financial stability in their future. Life insurance provides a way to restore the loss of income that arises when someone dies. It also covers the new costs that occur after the taxes, probate costs and facilitate many useful plans for your future.

Benefits of Having Life Insurance:

1. Life insurance guarantees to offer a good amount of money or sum in any risk cover uncertainties.
2. You can gain secure and money-making long term investment by the plans offered by life insurance.
3. The main benefit of these plans is they offer assured income through allowances.
4. Insurance perform as an efficient tool to cover mortgages and loans taken by the policyholders.
5. Life insurance is beneficial in retaining your trade from the loss of a key employee.
6. Insurance provides the best deductions on income tax by offering a way of premium for life insurance focus on the income tax rates.

Life insurance protects your family from any type of circumstances like loss of income etc. In general insurance is defined in terms of cash value. Policies are used to pay for the cost of insurance and a portion is linked with investments that develop over time. The time period for surrendering the policy depends on that the policy must be in power for three years or more. The core benefit of cash value is its ability to provide coverage for the whole life of the policyholder. These values can be borrowed against or can be withdrawn from during the life of policy. Any types of taxes on any interest are not required to cash value accounts.

Life insurance provides various plans:

1. Endowment plus
2. Children plans
3. Endowment assurance plan
4. Term assurance plan
5. Whole life plans
6. Special money back plan for women

Life insurance is perceived differently by different people. Depending upon an individual’s age and lifestyle, it can either be taken for granted or considered as critical provision for a family’s financial security. Life insurance guarantees to offer a good amount of money or sum in any risk cover uncertainties.