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Before buying an insurance policy, it is always important to find out the amount of life insurance cover you need. The following factors should be considered before buying a life insurance policy:
· Your age and number of dependents
· Your annual income and annual expenses
· Your outstanding liabilities like home loan, car loan, etc.
· Your investments / savings
· Your lifestyle expenses
· Monies you would require in future
As a thumb rule, it is suggested that you should have an insurance cover of around 5 to 10 times of your annual income. A good financial advisor in your neighborhood can help you ascertain your appropriate insurance cover.
Human Life Value
· What is your Human Life Value?
Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.
· Why should you calculate your Human Life Value?
You should calculate your Human Life Value so you can accordingly invest in insurance plans that will provide your family with adequate finances and hence security, even in your absence.
· How do you determine your Human Life Value?
Your Human Life Value is determined by 3 factors:
1. Your age
2. Current and future expenses
3. Current and future income
As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, your existing investments and your life stage.
· What are the tax benefits available?
Life, Pension and Health insurance as a tax saving tool, offers savings under various sections of the income tax act. Some of the key tax benefits offered are as follows:
o Our Life Insurance policies are eligible for tax deduction under Sec. 80C.
o Our Pension policies are eligible for a tax deduction under Sec. 80CCC.
o Our Health Insurance policies/ riders are eligible for tax deduction under Sec. 80D.
o The proceeds of our Life Insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.
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