Calculate the percentage of premium you should pay for insurance policies.
While choosing the right policy, the proverb - cut your coat according to your cloth - closely connects to it. However, due to lack of awareness, insurance penetration has always remained low, most of us confusing it as a tax benefit instrument.
According to Insurance Regulatory Development Authority of India (IRDAI) annual report 201718, the overall insurance penetration in 2017 was 3.69 per cent. And, the highest insurance penetration of 5.20 per cent was recorded in 2009. Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, said, “Mostly people feel that insurance is a dead investment with no return value. This attitude needs to change. It is important to properly research about the various insurance plans available.”
Apart from providing an extra layer of protection, insurance also eases the financial hardships during rainy days. However, clueless about our needs, we often ponder over the question, how much should be spent on insurance.
According to experts, life insurance cover should be about 10-15 times of one’s annual salary. Souvik Jash, Appointed Actuary, Aegon Life Insurance, said, “On an average, the rule of thumb generally followed for recommended life insurance cover is to multiply the annual gross income by 10 or 12 and add to it any outstanding liabilities such as home loans or motor loans. In addition to annual income, current age, life stage and liquid assets versus liabilities also define the recommended insurance cover.”
Bu hikaye Outlook Money dergisinin February 2019 sayısından alınmıştır.
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Bu hikaye Outlook Money dergisinin February 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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