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 | 10200 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 25,00,000 | 2350 |
| HOME INSURANCE | HOME SUVIDHA – PACKAGE POLICY | 25,00,000 (BUILDING) | 3700 |
| LIFE INSURANCE | TERM INSURANCE | 25,00,000 | 8090 |
| TOTAL ANNUAL PREMIUM | 24340 | ||
| Monthly expenses : Rs. 2030 (Approx) | |||
| CATEGORY B – MIDDLE INCOME | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 10,00,000 | 17400 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 50,00,000 | 4670 |
| HOME INSURANCE | HOME SUVIDHA – PACKAGE POLICY | 50,00,000 (BUILDING) | 4650 |
| LIFE INSURANCE | TERM INSURANCE | 50,00,000 | 8310 |
| TOTAL ANNUAL PREMIUM | 35030 | ||
| Monthly expenses : Rs. 2920 (Approx) | |||
| CATEGORY C – UPPER MIDDLE CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 15,00,000 | 21400 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 1,00,00,000 | 9250 |
| HOME INSURANCE | HOME SUVIDHA – PACKAGE POLICY | 75,00,000 (BUILDING ) | 6515 |
| LIFE INSURANCE | TERM INSURANCE | 1,00,00,000 | 12270 |
| TOTAL ANNUAL PREMIUM | 49435 | ||
| Monthly expenses : Rs. 4120 (Approx) | |||
| CATEGORY D – UPPER CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 25,00,000 | 25000 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 2,00,00,000 | 18515 |
| HOME INSURANCE | HOME SUVIDHA – PACKAGE POLICY | 1,00,00,000 (BUILDING) | 8320 |
| LIFE INSURANCE | TERM INSURANCE | 1,00,00,000 | 19200 |
| TOTAL ANNUAL PREMIUM | 71035 | ||
| Monthly expenses : Rs. 5920 (Approx) | |||
The above premium amounts are purely indicative and the actual premium shall depend on the age/date of birth and other details.
For illustration purpose, premium is calculated for the family of a person aged 30 years (2 Adullts+2 Kids). Life insurance coverage is calculated upto the age of 60 years.