Scene 1 : A lady weeping besides the dead body of her Husband....her 3yr old son quite oblivious to what had happened just wiping his mothers tears...her 5 yr old daughter cud understand something has happened to her dad..she sits besides him trying to wake him up....
The lady had shared some of her wonderful moment with her hubby but now she will be alone left with the responsibility of the house and her kids...
They had recently bought their house on loan and the installments are still pending...
So many questions come to her mind for which she has no answers....
Can u imagine her condition.....She is just a house wife and she has the following responsibilities on her..
1) To Pay back their housing loan.
2) To have a sound income for the household expenses
3) To accumulate a suitable corpus for her children?s education
4) To accumulate a reasonable corpus for her daughters wedding.
5) To Have a retirement corpus for herself.
Scene 2 :Someone knocks her door..She sees a known face and suddenly she gets relieved of half of her tension?It?s the Insurance agent with whom her hubby used to always discuss about various plans?He had come to her place on hearing about the incident. This agent quickly goes thru his data and asks her to show her all the policies which her hubby had taken. Finally she gets something to bring a smile on her face amongst such trying conditions..She comes to know that her hubby had taken a policy for all her needs..HE had planned it very well and covered Majority of her requirements?
Well this was just an example ..of how worse the situation could be when the main bread winner of the family meets with ill fate of destiny?
Luckily the lady?s husband had a foresight and had planned it well ..But are everyone so foresighted or lucky??
CAN WE TOO BRING A SMILE ON OUR DEAR ONE?S FACE when we are no longer here..Well atleast we can try to..
WE all know what Insurance is ?But its meaning has changed recently?
For Majority of people its just a TAX SAVINGdevice..
For some others its an Investment which covers life also..
For VERY few Insurance means Purely Insurancewith only life cover.
Insurance Basically form three sectors
1) Protection
2) Accumulation
3) Retirement
Protection ensures that your obligations are met in the event of death or disability.
Accumulation involves developing a sound plan to assist you in paying for Education, marriage expenses and buying a Home.
And Retirement provides for additional income to supplement existing Savings and Investments.
The Most important asset we have is our lives and many people don?t bother to have it adequately insured.
There was this amazing statistics Which I came across during my training ..
It said that ?Out of every four people 1 will not see his 60th birthday and the rest three will, but all of them will require Insurance.
Well Now Since I know something about METLIFE INDIA INSURANCEbeing a financial adviser for the same. I would like to discuss a few things about the company as well as the policies.
Ok I will discuss the company and policies to the extent not sounding like a salesperson.
Metlife is an US based company Having its Indian Main office at Bangalore.
Metlife(Metropolitan Life Insurance Company) USA was founded in 1868.
Having 135 years of operations it is the Numero Uno Life Insurance Company in US
Its present in 10 countries across the world as of the recent info which I have.
It?s in the 36th ranking in the fortune 500 companies.
It services 88 of the Fortune 100 companies.
Well U can visit the site http://www.metlifeindia.com
Well Metlife India is an affiliate of Metropolitan Life Insurance Company. It has started its India operations since the last 3-4 years.
The policies which really attracted me much are.
1)Met Ultimate : The best policy any one can have. It?s a policy which covers ones life for 100 years. It?s a master policy and If u Insure urself properly with this plan u don?t have to take any other policy.
Features.
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The Premium amount is used to cover your Insurance as well as the company opens an account in your name where a part of the money from the premium is deposited. It just acts like a savings account which attracts a minimum guaranteed interest of 3.5% .
U can also withdraw the sum in ur account after two years.
If u feel the company is paying good returns u can deposit amount in your account whenevr u have excess money.
If u feel u don?t have the money to pay premiums after the first three years u can skip paying premium for a year or two provided your account has got the required amount.
If u feel u wont be able to keep up with the premium u can reduce the Sum Assured after three years.
So u can use this policy as a savings option, As an emergency fund, as a Retirement policy and also as a legacy.
Limitation:
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It has a high premium .. A sum assured of 1 lac attracts a premium of about 6,000/- approx. annually for a 26 year old person
2)MetSuraksha TROP:TROP means Total Return of Premium.
Features.
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It acts in the same way. This policy can be used to cover once life for 20 years and then get back whatever money he has spent on premium along with a guaranteed 10% bonus, if he survives the policy period. IF he doesnt he gets back the entire sum assured.
The premiums are much lower as compared to MET ULTIMATE.
For a 26 year old a sum assured of 10 lacs attracts a premium of approx . 5000/-annually
Limitation:
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No money back in between 20 years except on death of the Insured.
3)Met Bhavishya:This is an ideal policy for Kids. One of the conditions which Metlife places is that Parents also must be adequately insured before insuring their child. This guides the moral aspect as there have been many instances of Parents insuring in the child?s name and practicing some immoral acts.
Met Bhavishya is taken in the name of the parent for the benefit of the kid.
Features.
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It properly plans the way in which one should get back their money during crucial period of their kids career.
It has a money back option when the child attains an age of 15,17,20 and further for professional education.
So one can plan their kids education as well as marriage with this policy.
Limitation:
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Well the premium is usually high Similar to Met Ultimate.
A 1 lac policy attracts a premium of Rs 6,000 annually.
Either of the parents should be insured with atleast the same amount of sum assured which they plan for their kid to be insured. This is not as such a limitation but a bottleneck for people who just want their kids to be insured and cant afford high premium payment every year.
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