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Made in Madurai                

Thursday, May 12, 2011

Life Insurance for 1 Crore of 50 Lakhs is good for me and my family? - Madurai Finance

I was recently thinking about life insurance coverage for myself. Since I am a family man, I would like to cover my family, when I am not there and if any unfortunate thing happens to me.

Frankly speaking, in this modern age, we do not follow a healthy lifestyle, though we have all money to survive. In olden days or in past days, we were suffering from poverty and at least do not have sufficient money to survive. But, these days there are only very few people who struggle for food. Every body is affording to eat and do basic things.

The quality of food we get these days is all unnatural and inorganic food, which is not good in long run. Even take for example, the chicken we get. It is all huge and completely unhealthy - since they are broiler hens. At any case, I want to come to the point...

Life is not secure these days with the lifestyle and the diseases we get in these days. Now, how do I secure my family, when I am not there?

I thought of choosing life insurance coverage. Due to lot of demand in life insurance coverage, the premium of high budget and high value insurance has come down.

Say for example, for natural death and accidental death and disability the coverage policy is about Rs.50,00,000. But the premium per year is around Rs.15,000. It is completely not refundable and every year we will have to pay and have the coverage continued. This can be done till the age of 58. Is this a good idea? We can think that we are spending around Rs.1,200 per month on something without considering anything.

However, these days even Rs.50,00,000 has become a small amount! Is that right? I am just kidding. At least in the coming days or years, due to inflation it might be an easy amount.

In other hand, I am thinking - Instead of wasting this kind of amount, we should go with investment of land which will appreciate a lot in coming days. What if we invest in a house far away? What if you invest in an agri land far away? In this latest days, since the Real estate appreciates to a great extent, it is better to invest in real estate instead of taking any policies.

Think about this idea? i am sure you would agree, except for any LIC or insurance agents:)!!

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