It is hard to miss the catchy TV commercial where actor Akshay Kumar dons the avatar of Yamraj 2.0. His message: why you should protect your family through insurance against uncertainties. While its humorous quotient cannot be ignored, the need to secure the future of the loved ones, with₹1 crore sum assured by spending a meagre₹680 per month, does leave an imprint on the viewer’s mind.
The ad promotes a standard term insurance plan, where a predetermined death benefit is provided to the policyholder’s family if the untoward happens. “The plan is a boon for first-time buyers who do not have knowledge of the product. It primarily caters to consumers falling under the lower-income group and for those who do not have uniform income proof. It is standard across insurers, and is easy to understand,” says Santosh Agarwal, Chief Business Officer, (Life Insurance), Policybazaar.com
Adding few riders for a comprehensive cover can take the monthly cost close to₹2000. While it appears to be a beneficial offer, in a country where per-capita monthly income stands at₹11,254,₹2000, or even₹680, can be a big thing. Hence, it is not surprising that insurance penetration stood at 3.7 per cent in 2018, as per the Insurance Regulatory and Development Authority of India (IRDAI).
Denne historien er fra January 2021-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2021-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
