ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Personal Finance»
  • Financial Planning

Are You Planning for the Future?

Updated on July 2, 2016

Why You Should Plan Your Future?

According to the Association of Safe International Travel, nearly 1.3 million people across the world lose their lives every year because of road accidents. This numbers comes down to 3,287 deaths a day. More than half of the people involved in these accidents are aged between 15 and 44 years. In 2013, 1.25 million deaths were registered globally and over 1,37,000 people were killed in India alone in the same year. There is 1 death every 4 minutes in India due to road accidents. According to the Center for Research on the Epidemiology of Disasters (CRED), 337 natural disasters and 192 technological hazards took place around the globe in 2013. In 2010, 297,728 people lost their lives because of some natural calamity. These accidents are unfortunate and also unpredictable. Nobody can be blamed for this. People died on motorbikes and they died in cars. Yes, there were few instances of irresponsibility but mostly the deaths were uncontrollable. You cannot plan for any of these incidents but what you can do is plan your future in a way that your family is secure even after your demise. Wondering how? This is where a premium calculator becomes important.

How Does Insurance Premium Work?

All the insurance companies charge a fixed amount of money every month, which is called the insurance premium. It varies from company to company and plan to plan. If the chances of calamity and claim are higher, the premium is also going to be higher. For example, a 20-year old car racer who drives a sports car is likely to pay higher premium than a 35-year old man who has an office job and drives a sedan. However, what needs to be understood is that the premium that is actually charged is slightly different from the one that was quoted. This difference is because of the way the company calculates the amount. Various statistical data, including age, health and life history, are analyzed and an amount is estimated. This differs from person to person, depending upon the data gathered. Now this can be very difficult to understand for a common man. So Birla Sun Life Insurance's term plan calculator has made it easier to calculate this amount through its premium calculator. All you need to do is go to their website, provide some basic information and it will come up with the exact premium amount.

Benefits of Insurance?

According to the Life Insurance Council, insurance not only provides you security but also guaranteed savings for the future.

  • Long Term Investment: The IRDA of India has ensured that the policy holder's money is in safe hands and is taken care of properly. It has a defined set of rules and regulations that have to be followed by all insurance companies. It ensures that the investor gets appropriate returns for his money.
  • Secures Future: Life is a roller coaster ride and is full of surprises. Unfortunately, all these surprises may not be pleasant ones. In case of an untimely death, these policies provide a secure future for your family and kids. It provides support for their marriages, education and even provides a comfortable retired life.
  • Loan Against Policy: This is one of the additional advantages of an insurance policy. The holders have an option to take a loan against a policy that they acquire. It helps them fight the unplanned adversities of life. It makes them ready to face difficult challenges without affecting their life.

You may get many other benefits depending upon your plan. Given the uncertainties of life, it is our responsibility to ensure that our loved ones are not affected in case of an unfortunate accident. So, plan your policy with the help of a premium calculator and make sure your family is financially secure.


    0 of 8192 characters used
    Post Comment

    No comments yet.