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  • Rs. 1 Crore
    Term Cover @Rs 17/Day
  • Tax Benefits
    Under Section 80C & 10(D)
  • Extra Benefits
    Accidental, Terminal & Critical Illness
  • 12 Lac+
    Families Secured

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What's the Big Deal Behind taking a Life Insurance Policy?

If you’re reading this article, I presume somewhere you’re already aware of the benefits of term insurance plans and are looking for one more reason to convince yourself to buy it.

Having worked in a Life insurance company for close to 5 years, I was always convinced of the benefits myself but never pushed my friends to purchase life insurance lest they may think that I’m hard selling my companies’ plans! But, one day, an incident occurred that changed my outlook. 

There was a colleague of ours in Human resources department. He was in late 30’s, reasonably healthy (at least no medical issues that he had mentioned) and in a mid-management position. He lived with his wife, who was an home-maker and 2 young kids (both below 10). He had come from very humble background and so his family and the relatives were proud of his personal achievements which included a thriving professional career in a Multinational organization. Out of the blue, one day, he complained of chest pain while at home and before his family was able to figure out his condition, he had his first major heart arrest and passed away. As merely his colleagues, I remember there was absolute silence and a feeling of deep shock when we heard the news. We couldn’t imagine what the family was going through at that time.

In an attempt to provide financial assistance, the company’s HR tried to help in claiming his life insurance but to our utter shock we realized that he had only an investment plan (with very little term insurance cover) as his personal investment portfolio. Also, the company group life insurance cover, which is usually never enough to support the family in such an eventuality, was in adequate. In the end, besides ensuring he gets the company group life insurance cover, the HR had to initiate a support drive where the colleagues contributed money to support the family!

As we did our bit for our beloved colleague, it dawned upon me how the lives of his family members had changed forever. I also wondered what he could have done differently to make the burden of his absence easier on his family. I realized, while void left by him can never be filled, he could have ensured that his family led a comfortable life without any financial burdens. All this, by paying less than Rs. 1000/- a month for a term plan for Rs. 1 Crore. His family could have had an income of 8-9 lakhs per annum from the interest alone.

That was the day i realized the power and importance of Life insurance cover. As an Insurance professional, i consider it my responsibility to make everybody i meet more aware of this. So if you’ve come this far, and still don’t have adequate life insurance cover, I hope there is no reason for you to postpone this decision anymore. You love and care for your family too much to not act.
Next time we’ll talk about how much insurance cover should you have.