Small choices, big impact

Lately I have been attending many spiritual programs. The central emphasis of these discourses is that this life is temporary and at any time we may have to leave this abode. So while we are alive we must prepare and channel our actions to deserve a glorious death. Most of these speeches encourage the habit of simplifying life and planning for the future. These teachings instill in us the habit of being a more responsible person. After attending these seminars I feel that life is a celebration and should be lived that way. Pure celebration comes with discipline and control of the senses. One can celebrate life by removing or removing worries from our lives. Worries can be eliminated by accepting the inevitable and counteracting avoidable stressors in life.

Insurance is a tool designed to thwart the financial impact of such contingencies or stressful situations in life. People who are successful in life always see themselves as good planners. They foresee the future and formulate action plans accordingly. Since attending these programs, I am trying to make a lot of positive changes in my life. I’m trying to take as much control of my life as possible. In these speeches I also learned that our own attitude towards the problem defines the magnitude of that problem.

Now I would like to be less of a preacher here. Among the many things that I am trying to change in my life lately, is calculating what and how many insurance policies I should have to guarantee the maximum protection for me and my family, of course, taking into account my budget. In my research, I found that the top two essential insurance policies that a family owner should have are term insurance and family health insurance.

Here in this article, I would emphasize the term plan more, as unlike health insurance plans, many people have ambiguity about it. A term insurance policy is basically intended to replace the income of the earner of the family. In the event of the death of the breadwinner, the impact is double-edged. In addition to the fact that the family is emotionally shattered, a huge financial burden also falls on their shoulders. In most cases, family members have to lower their standard of living. Teenagers may have to start working earlier and may have to sacrifice for higher education. But if the person had taken out a term insurance plan and dies within that stipulated time, the policyholder’s nominees get a pre-agreed amount called the sum insured at death. This sum insured is generally twenty times the current annual income of the proposed policy (the bracket may change according to age and health status). With attractive tax benefits under section 80 C and 10(10)D of the Income Tax Act of 1961, these term plans also come with several useful features depending on the insurer.

Therefore, I would advise everyone to compare first before buying. It is always favorable to get more and more quotes from different companies to get the best deal. Don’t just choose the companies you’ve heard from your friends or whose ads you see the most on TV. To get a fair and unbiased comparison, you can get help from various specialized insurance comparison portals available online. According to studies, people have saved significantly when they have purchased insurance plans after comparing on these portals or service provider websites.