Since time immemorial, life insurance has been promoted in India primarily as a tax saving instrument. But life insurance is neither a tax saving, nor an investment instrument. It is unfortunate that so far, little attempt was made to tell people the real logic for getting life coverage. The true logic behind a person getting his life covered is the risk coverage, security and protection of the life-style of his dependents in the unfortunate instance of something happening to him. You must keep in mind that since last three decades mankind which also includes India, has started living in extremely insecure and volatile environment. Road, rail and plane accidents including hijacking have become common place. Organized crime has increased many folds. Everyday we read stories of people including children getting kidnapped for ransom and in many instances, those kidnapped never came back.

Apart from increased incidence of crime and accidents, violence has also crept up in the minds of the people. Social fabric has been torn apart. Earlier, joint families in India which were the best form of insurance, are breaking up fast. Almost everyone has become self-centred and is averse not only to help the weaker sections of the society, but even one's closest relatives like brothers, sisters and even parents.

In this highly insecure environment, life insurance is an absolute necessity if you really care for yourself and your dependents. For how much you should insure? This is a question which can be answered only by everyone himself. Professional guidance can be of considerable help in this matter. The object should to generate enough revenue to protect the life style of your dependents in case of any unfortunate incident. They should be able to live in the same comfort which they enjoyed till the bread-winner of the family was there to take care of them.

People normally rush or are rushed by their agents to get the life coverage in the month of February and March as a tax planning measure and therefore, in a hurry they end up taking the policies which do not answer their needs. Therefore instead of rushing, plan your life coverage with a cool and calculated mind. Use a professional and well-trained agent to find answers to your needs. Treat him as your friend, philosopher and guide. In the process if you can save some taxes, consider this as bonus but tax-saving should not be the driving engine for getting life coverage.

And apart from LIC, now many large world renowned companies have entered the field of life insurance, many of which can tailor make solutions in answer to your needs. Max New York Life Insurance is one such outstanding example of this.

HAZARDS OF LIFE

Even in the life of a successful man there are some hazards. Proper financial management will enable a person to anticipate such hazards and to take suitable measures beforehand. These hazards are :

TOTAL PERSONAL FINANCIAL PLANNING

Proper financial planning will safeguard all sorts of financial and mental hazards

CONCEPT OF LIFE INSURANCE & ITS UTILITY

• Life Insurance protects Human Capital and property Capital.
• Life Insurance gives assurance for one's expected future income.
• Life Insurance can give a sense of security to the insured as it will provide a Guaranteed capital fund for the family in the event of untimely death of the insured.
• Death benefit and maturity benefit cannot be attached under Married Women Property (M.W. P) Act.
• Enhancement of Credit / Collateral and commercial Loans.
• Enables one to take risk in other investments.
• Protects shrinkage of "Property Value" in the event of untimely death.
• Adequate Life Insurance also hedges mortgage and other personal obligations.
• Adequate Life Insurance can be treated as a property as it increases the credibility of a person in business and other fields.
• Maturity amount may be used for education, marriage, starting of life, old age provision etc.

FINANCIAL PLANNING FOR FAMILY

FAMILY : Family and its Financial Protection are the soul of Life Insurance. Now a days every family has become an isolated economic unit consisting of :

FAMILY ECONOMICS :

1. Generation of Income
2. Consumption (Expenditure)
3. Conservation (Savings)

FAMILY OBJECTIVES :

1. Optimum utilisation of earning person's Mental, Physical and Financial Resources.
2. Maintaining the Standard of Living.
3. Providing for contingencies and meeting anticipated and unanticipated expenditure.
4. Accumulation of Wealth.
5. Financial Independence / Retirement Planning.
6. Estate Planning.

We are in a position to offer you all the products of LIC and also Max NewYork Life Insurance which is one of the three largest life insurance companies in the world. Max NewYork Life Insurance can even offer you policies tailor-made to your needs.

For further details do get in touch with us