21 September, 2020

Taking Cover

That policy is not just to ensure a gift from beyond the grave. It is also a disciplined way of saving.

Taking Cover
"Life is what happens to you while you’re busy making plans."
John Lennon, Beautiful Boy

Sure, and life insurance is about budgeting for a Plan B, just in case your life doesn’t go the way you planned it. It’s about asking yourself uncomfortably morbid ‘what if’ questions. As in: what if I, in the immortal words of obituary writers, die ‘an untimely death’? Will my dreams for my family—that sea-facing apartment in Worli, that aeronautical engineering degree that my daughter aspires for—too die with me? Or can I bequeath them a financial legacy that will let these dreams come true even if I’m not around?

These and other considerations have prompted Manoj Kohli, 44, joint president (mobility), Airtel, to take on a string of policies from Life Insurance Corporation (LIC), right from when he was 20, on which he pays a collective premium of Rs 36 lakh a year! Kohli views insurance as both risk protection and investment: he is covered for about five times his annual salary, which he considers adequate, and will get guaranteed returns of about...



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