Buy Pure Insurance
Buy pure insurance, keep in mind that there is no maturity amount.
Buying insurance is in your budget, but the reality is that people do not want to buy insurance, they just want to buy a product in which they get back their spent money on maturity.
First of all, you should clear your misconception that you are going to get a refund on the maturity of the insurance. Since childhood, we have been seeing in our social environment that insurance gives you a desired amount back on maturity, so our mindset is such that we have started considering insurance as a product of investment.
Insurance means that there is a net expense, like when you buy insurance for your car or bike, then you do not get any amount back on maturity, the only difference is that the premium of auto insurance is slightly higher because it includes you and third party.
Along with party insurance, the vehicle is also insured. But pure life insurance is much cheaper than auto insurance. If your car is insured with Rs 4 lakh, then the premium of insurance will be around Rs 15-16 thousand and the insurance of bike costing 30 thousand will be around Rs 1100.
Just like health insurance is an expense for you in which nothing is available on maturity, but both you and your family are always financially protected from any health calamity under the shadow of health insurance.
As personal accident insurance is also a pure expense in which your body is insured, there is also a separate sum insured for each part of the body, but in this also no amount is refunded on maturity. In pure insurance, always keep in mind that this is an expense for you, and the premium amount will never be refunded in any way.
Now let’s talk about life insurance, then this is the biggest weakness of us and we take traditional insurance plan, in which we take an insurance of Rs 12,000 annually in which we have to pay for the next 15-20 years and only 2 We are insured with Rs.3 lakhs.
We are happy that we will get back whatever premium we have paid on maturity after 20 years and some interest thereon and we start considering the insurance product as the product of investment, as it gives us exemption on saving in income tax also. Is.
In life insurance, if you go to buy pure insurance, then a person of 35 years of age will get insurance of Rs 50 lakh only for 7-8 thousand rupees. Money will not be refunded only on maturity. But here the future of the insured’s family remains secure.
If conventional insurance is taken and the insured person dies then the family will get only 2-3 lakh rupees and the family will face financial problems, but if they have taken pure life insurance then they will get 50 lakh rupees and the family will get Rs. You will not have to face any kind of financial troubles. The main objective of pure life insurance is that the family can maintain its current standard of living.
Generally, pure life insurance should be taken at least 10 times of your annual earnings and can take up to 20 times maximum. If the annual income of a person is Rs 3.50 lakhs, then they should at least take insurance of Rs 35 lakhs and maximum of Rs 70 lakhs for the security of the family.
If a person’s age is 28 years and monthly income is 20 thousand rupees, then they will get insurance of at least 25 lakhs for the next 30 years at an annual premium of about 2,500 rupees. Whatever savings you have to make now, you should invest in investment products, such as equities, mutual funds, fixed deposits, etc.