Financial planning need to be done by an individual timely and carefully based on their source of income. . The amount chosen for Insurance also should be according to each individual’s financial status. Here, we give below the indicative cost for insurance to individuals of different financial status.
| CATEGORY A – LOWER INCOME | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 5,00,000 | 10100 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 10,00,000 | 1000 |
| HOME INSURANCE | BHARAT GRIHA RAKSHA (BUILDING & CONTENTS) | 25,00,000 | 450 |
| LIFE INSURANCE | TERM INSURANCE | 10,00,000 | 6700 |
| TOTAL ANNUAL PREMIUM | 18250 | ||
| Monthly expenses : Rs. 1520 (Approx) | |||
| CATEGORY B – MIDDLE INCOME | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 7,50,000 | 20100 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 25,00,000 | 2500 |
| HOME INSURANCE | BHARAT GRIHA RAKSHA (BUILDING & CONTENTS) | 50,00,000 | 900 |
| LIFE INSURANCE | TERM INSURANCE | 25,00,000 | 11900 |
| TOTAL ANNUAL PREMIUM | 35400 | ||
| Monthly expenses : Rs. 2950 (Approx) | |||
| CATEGORY C – UPPER MIDDLE CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 10,00,000 | 23500 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 50,00,000 | 4700 |
| HOME INSURANCE | BHARAT GRIHA RAKSHA (BUILDING & CONTENTS) | 1,00,00,000 | 1650 |
| LIFE INSURANCE | TERM INSURANCE | 50,00,000 | 17700 |
| TOTAL ANNUAL PREMIUM | 47550 | ||
| Monthly expenses : Rs. 4000 (Approx) | |||
| CATEGORY D – UPPER CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 25,00,000 | 28800 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 1,00,00,000 | 9300 |
| HOME INSURANCE | BHARAT GRIHA RAKSHA (BUILDING & CONTENTS) | 2,00,00,000 | 3150 |
| LIFE INSURANCE | TERM INSURANCE | 1,00,00,000 | 30700 |
| TOTAL ANNUAL PREMIUM | 71950 | ||
| Monthly expenses : Rs. 6000 (Approx) | |||
The above premium is purely indicative and the actual premium shall depend on the age/date of birth of the members.
For illustration purpose, premium is calculated for the family of a person aged 35 years. Life insurance coverage is calculated upto the age of 70 years.