The Right Term in a Term Insurance Plan.


Right Term Insurance Plan - Vector image having check boxes

Yesterday I overheard a conversation between two friends, here’s a transcript of how it went –

Amit : Hey Suman, I turn 30 next month, what do you think should I gift myself?

Suman : Haha, finally you go to the wrong side of youth, very soon you will be the disadvantageous demographic dividend 😄

Jokes apart, I think it is time you get yourself a term insurance plan man. Trust me no girl will marry you these days if you don’t have a term plan, you are as it is not even easy on the eyes 😀

Amit : Enough already, treat me with some respect now, I would be graduating to a different age group 😀

But yes, I have been wondering about getting a term insurance plan myself. I was thinking of buying a 1 crore plan with a term till 90 years, what do you think?

Suman : dude, are you crazy?

  1. Even if the current inflation rises in a linear way, 1 crore would be peanuts over the next 60 years. Think of at least 2 crore or more. Moreover, incrementally speaking, the amount of premium you would pay for 2 crore would not be significantly higher as compared to 1 crore.
  2. Restrict your term till you are about 60 years of age. By then you would have fulfilled all your family obligations – educated your child, married her and things like that. All you would need is decent money for self-sustenance.
  3. I know you are big on energy flow and spirituality, but you do realize we are human right. Why would you want your daughter or son for that matter to constantly keep thinking (unconsciously if not consciously) about when you would die so that the term plan matures?

Okay, now you owe me dinner.

Amit : What for?

Suman : Dude, I just gave you the advice of a lifetime. Who knows if nothing, someone marries you for buying a term plan astutely, thinking you are financially literate.

Well, believe it or not, I recommend everything that Suman recommends. I even offered her a position at my firm.

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Susheel Agarwal

Susheel is the CEO of Ethika Insurance Broking P Ltd. This company, which has a current value of 10 million dollars, was bootstrapped by him and two of his friends. He attributes his success to his ability to inspire others to seek happiness at work.