Life Insurance...!!! Why I need it?

Hi

Human Life is God's gift. We are living as human beings because its so destined. The journey begins when child steps out of mother's womb and enters the beautiful world. Parents ensure their child gets the best upbringing in the world; and to make it happen, they work day and night and year after year. Some parents plan all the finances well in advance to achieve financial security for their children and for themselves too, however some do not plan it and claim to meet financial needs as and when they arise. This blog highlights the importance of the financial security aspect for which, life insurance is a major tool.

I understand most of us own one or more vehicles, a two-wheeler and/or a four wheeler. Starting from the year of vehicle purchase, every year we ensure our vehicle is duly insured under a motor insurance policy. You know why we ensure this every year well in time. This is because its a mandatory requirement under Motor Vehicles Act. And we fear we might be fined by the cops on the road if not found carrying a valid insurance cover at the time of driving. While we have a very valid concern for something like a vehicle which is non-living.... HOW MANY OF US actually have a similar concern to make sure that our precious life is adequately insured against uncertainties, in which we might not be a culprit in the eyes of law, but for our loved ones we pose even a bigger challenge to fulfill their personal & financial goals, apart from a lifelong emotional suffering.....???

This reminds me of a similar analogy. You would have definitely noticed, many people, not all, wear helmet or fasten seat belt while on a bike or a car respectively, because of fear of getting fined by the cops. Some people religiously follow the rules of road and make it a practice to wear helmet or fastening seat belt. For others, the story is different. Once their vehicle is out of sight of cops, they feel at home and remove these security tools. So, actually they do it just to save themselves from a monetary fine.....but what about even a bigger fine which they actually leave behind to be paid by their loved ones, throughout their lives if a mishap occurs on the road ahead......???

I hope these questions are eye-openers and make us understand the importance of life insurance.

Many of us have a misconception about life insurance and it is - Life insurance is all about death. Please note life insurance is not about death, its about your sense of responsibility towards yourself and towards those who are near and dear to you, its about peace of mind you achieve when you are adequately insured, its about securing your invaluable human life which, as I said is God's gift, its about contributing in Nation's development by way of paying insurance premium and of course, its about a long-term tax free investment that on one hand helps you saving income tax and creating a wealth for you on the other.

In India, most of us buy life insurance only to fulfill the tax saving goals and very few buy it for its real cause. Its lack of awareness and myths about life insurance due to which insurance penetration in our country is very less. Thanks to the Government of India & R N Malhotra committee recommendations which made Indian life insurance market growing at a never before pace. Apart from LIC, India now has more than one and a half dozen life insurance companies, presenting to you all innovative life insurance solutions to meet your specific insurance & financial needs.

I never recommend that you should put all your disposable savings into buying life insurance solutions. In fact, I suggest we should at least have one low premium but high life insurance cover plan like a "Term Insurance" which is very low in cost, yet powerful to cover you adequately for rest of your life. I present my belief here in the form of this analogy - If a Maruti 800 is a necessity for you today and Honda City is luxury, similarly term insurance is a necessity and all other high premium plans are luxury. As all our fingers are not alike, our individual financial needs are also not alike. There are hundreds of life insurance solutions available in market today to cater to your changing life insurance needs and long term financial goals.

I'm sure you would be interested to know more about these life insurance solutions. In my upcoming blogs, I would take you on a tour to life insurance products sold in Indian market. In the mean time, you try and identify where do you stand in terms of life insurance coverage. Any questions or concerns, please let me know through your comments. Till then......play safe :)

Madhya Pradesh - Bhopal - You just can't miss it..!!

Dear friends,

India has around two and a half dozen beautiful states. I have not visited all of them, though I feel I would like to visit all of them one after the other as and when time permits me. Madhya Pradesh is one state that is close to my heart and its actually a perfect place for a long adventurous & religious trip.

Madhya Pradesh (popularly known as MP), as the name suggests "Madhya" meaning - Centre and "Pradesh" meaning - State, has its own strategic and locational importance. At times, because of its location, its also known as the "Hindustan ka Dil ' or Heart of India. Its indeed one Indian state which I wish to visit again and again. Although there are many reasons attached to this wish, I would like to mention the immediate reason first. Its that I have close connection with MP as I have stayed there for good time and my elder brother and his family stays there currently. M.P. has many historical monuments, places of religious interest, tourist destinations that are serene, calm yet natural & beautiful. It has a good number of places of interest such as Bhopal (the Capital), Indore, Ujjain, Mandav (or Mandoo), Pachmarhi, Bandhavgarh, Gwalior, Khajuraho and many small towns as well which have their own specialities. In this write-up, I specifically wish to write something about state capital Bhopal - the city of lakes, and in the upcoming blogs I would include its surrounding tourist spots as well.

Its said that Bhopal was founded by Parmar king "Raja Bhoj" ("Kahaan raaja Bhoj, kahaan gangoo taili" An old & popular Hindi saying is used to negate a comparison between a very poor and very rich person). City was initially known as Bhojpal. The climate of this city is very pleasant. Bhopal has several natural as well as man made lakes. The biggest of all lakes in Bhopal is a HUGE water body spreading through a catchment area of around 360 Sq.km. to the west of main city. I happened to visit this lake a number of times. The aerial view of this lake gives an impression of a giant lizard. This lake is a major water source for the residents of Bhopal. Throughout the year, this lake is one of the favorite destinations for all tourists & natives, especially in summers & winters, when people come here in the evening for an outing and enjoy boating. The lake is also famous for its yearly water sports events. Its popularly said in north central India "Taalo me taal Bhopal ki taal, baaki sab tallaiya" meaning - the biggest of all lakes is this big lake of Bhopal, all others are tiny in front of this one." When you move ahead on the road by lake's side, you'll be delighted to find a national park known as Van Vihar national park which has some very good wildlife to be viewed & experienced closely. I spotted white tigers there.

A road named VIP road making the outline of lake, takes you ahead to the other side of it. Going ahead on this road you can go to Indore which is some 180 kms away from Bhopal. The same road takes you to Bhopal Airport. On the way to airport, there is a small hilly area known as "Manuabhan ki Tekri" on the right hand side of road. Atop this hill, a Jain temple named "Mahaveer Giri" is situated. This temple of course is an interest for the Jain religion & other religion followers, but surrounding areas adjoining the hill have been developed as a site for picnic and outing. There is a rope way which can be used to go on top of that hill, though a motorable road too exists. In my last visit in June, the road condition was not very good probably due to rains, though I managed to accelerate my car to the top. The natural beauty of this place is class apart. From the Top of this hill, one can get a reasonably larger view of the Big Bhopal lake. In the evening, You may enjoy a magnificent view of Sunset. To the west of the hill on the sunset side, You can see the Bhopal Airport runway. The sight of a descending/ascending plane is amazing. Bhopal is not a very big airport, though there are direct flights to and from Delhi, Mumbai, Indore and Gwalior. From the top of hill, you can also spot the Bhopal Indore Railway line which is clearly seen taking a curve towards west. You can spot many couples spending private moments hiding themselves somewhere behind the rocks or bushes.

Natives of Bhopal are very special. They are good at heart, soft spoken and easily mix up with people of other cultures. If you happen to speak to a native, a typical Bhopali accent will grab your immediate attention. Remember Soorma Bhopali of Sholay fame? Autos in Bhopal is another site of attraction. Though, you have mini buses, bhat-suar (A big three wheeler having a projected nose like bonnet which hides the powerful engine, used to seat as many as 8-10 passengers at a time), Bhopal autos are different from Autos in any other city. They are well decorated with cosmetic interiors, well maintained. With improving infrastructure and lots of urbanisation, Bhopal is carving into a never before modern look. One of the Six new AIIMS (All India Instt of Medical Sciences) is under construction at Bhopal. BHEL (Bharat heavy electricals ltd.) Bhopal is already serving the nation for last so many years. Many prestigious professional & technical educational institutions are making Bhopal an ideal education hub as well. Various big corporate houses have their industrial plants at Mandideep industrial area in the outskirts of Bhopal on Hoshangabad Road. In terms of connectivity, Bhopal is almost located at the Centre of India. All south bound trains have Bhopal as their main halt since the North South main railway line passes through the city. Habeebganj is another happening railway station (7 kms south of Bhopal) catering to needs of increasing train & passengers traffic at Bhopal. Air connectivity is already being mentioned by me earlier. Road connectivity has improved a lot in MP in recent years. Conditions of roads has also improved substantially. Some well known names in retail and multiplexes are making their entry into Bhopal, in addition to existing popular shopping hubs like New Market, TT nagar & Bittan market.

I salute the bravery, strength and patience of Bhopal natives, who have seen one of the worst tragedies (Union Carbide) in 1984 in which thousands of people lost their lives and many a people had long lasting crippling effects. Despite the nightmare, people of Bhopal have always stood firm to reestablish themselves and to make Bhopal a clean city and a beautiful place to live. Hats off to you....!!!

Bhopal is at # 2 in my choices of cities to spend rest of my life post retirement. A really happening place....!!! You'll love it....