Need for Insurance and Details of Some of the Life Insurance Products


What is Life Insurance?

Life Insurance Corporation of India

Life Insurance Corporation of India (Photo credit: Wikipedia)

Life Insurance is a contract between two parties to pay the agreed sum to a person (or his/her nominee/legal heir) on happening of the  event insured against.

Why this article?

I have found many agents mis-selling life insurance products. Many people take policies and later found them not suitable for their needs. I have studied some of these products and thought it will better if I share those with you.

What is the need for Life Insurance? 

First and foremost reason is uncertainty in one’s life. There can be unforeseen accident, disease resulting in loss of job, situations resulting in long term treatment, death etc.  Life insurance helps mitigate the suffering to a large extent in these situations. In case of death, sum assured is paid immediately on submitting claim forms.  In case of permanent disability, future premiums are waived in many policies. Some products will pay you a portion of the sum assured yearly. Also Sum assured with bonus/loyalty addition is returned at maturity. Those who have opted for critical illness/premium waiver/accident rider gets big relief with those options.

Other benefits of taking a life insurance policy include savings, tax benefits etc.

Another major reason could be that no court of law can attach a person’s insurance amount thus making sure that at least the insurance money is safe and will reach the needy.  All other savings/investments/assets may be attached in case one is in debt.

Life insurance policies offer a different kind of liquidity which many are unaware. Other than the nomination which becomes effective only in case of death of the insured person during the term of the policy, there is a facility called ‘assignment’. The policy can be assigned to any party including unrelated third parties. Only requirement is that you need to inform to the insurance company about the party details and reasons in writing. There after all benefits payable gets transferred to the assigned party.

What are the different riders available?

Critical illness rider/Premium waiver rider available with life insurance policies helps in paying future premiums in case of agreed disease/death . This comes at a minor extra cost to most the of insurance products.

Another rider is Accident Benefit option available at INR 0.50 – 1.oo per thousand of sum assured. In some of the products it is inbuilt.

Some useful Products

I will write about term insurance in this article.

Term Insurance

Term insurance is a product where sum assured is payable only in case of death. If one survives to the end of the term no benefit is paid. It is as simple as that.

The advantage of term insurance lies in its low premium. INR 1 million (10 lacks Rupees) term insurance for a 40 year old person costs 5000-10000 per year only (depending on the insurance company one chooses) for a term of 25 years. The same 1 million INR endowment or ULIP or any other product would cost 30000 – 40000 minimum per year for a similar term.

One can take a term insurance for insurance needs and invest balance amount thus saved on taking a similar sum assured endowment policy on gold/real estate/ fixed deposit with banks/pot office/mutual funds etc. Thus one gets his/her life covered through term insurance and a much better amount than joining an endowment scheme through investments in gold/real estate/bank fixed deposit etc.

I will continue with some other life insurance products later in my next article.

Drishya Holidays Arranged Visit to North India


Drishya Holidays group tour of North India

Travelescorted arranged Visit to North India

Taj Mahal, Agra, India. Deutsch: Taj Mahal im indischen Agra. Español: Vista del Taj Mahal, Agra, India. Français : Le Taj Mahal, à Âgrâ, en Inde. Русский: Мавзолей Тадж-Махал, Агра, Индия. (Photo credit: Wikipedia)

Drishya Holidays arranged my visit to North India. Let me pen down my last traveling experience through Drishya Holidays, with you. They have fixed departure, fixed departure tour packages, fixed departure tour package india, North india Fix tour package, India tour to North.

I have traveled all over India in the last 15 years. Recently in last year I have been to Delhi, Agra, Jaipur, etc in North India through Drishya Holidays.

I booked my tour programme through, a company based at New Delhi. They are well experienced in arranging fixed departure tour package of India as well as individual tours.  Their address is as follows.

Drishya Holidays Pvt. Ltd.,

A – 302, RG City Centre,
Opp. Paharganj Police Station,
New Delhi, INDIA – 110 055.

Phone : 011 + 6515 8890, 2354 7611, Mobile : 098107 141500, 098995 36250.

E-mail :

My last visit was to New Delhi,  Agra and Jaipur  in September 2011 with family.  I reached New Delhi in the morning and Drishya Holidays staff picked me from railway station. After a days rest, I visited local places at Delhi the next day. Qutab Minar,one of tallest towers built centuries back is a very good tourist attraction and is of archaeological importance. Qutb Minar, is a UNESCO HERITAGE SITE.  The Qutub Minar was constructed with red sandstone and marble, and is the tallest minaret in India, with a height of 72.5 meters (237.8 ft), contains 379 stairs to reach the top, and the diameter of base is 14.3 meters whereas the last store is of 2.7 meters.

Red fort is another main attraction in New Delhi.  Lotus temple, which is build on the shape of a lotus flower, is another place where silent prayers can be offered by anyone. I also visited Raj Ghat, memorial to Mahatma Gandhi, father of the nation, India.

After seeing these places, I stayed at New Delhi and Drishya Holidays took us to Agra the next day. After 3-4 hours car journey, I reached Agra by noon and visited Taj Mahal, one of the seven wonders of old. It is located on the banks of holy river Yamuna. This immense mausoleum was built on the orders of Shah Jahan, the fifth Muslim Mogul emperor, to honor the memory of his beloved late wife. Built out of white marble and standing in formally laid-out walled gardens, the Taj Mahal is regarded as the most perfect jewel of Muslim art in India. The emperor was consequently jailed by his son and, it is said, could then only see the Taj Mahal out of his small cell window on the opposite bank of river Yamuna.  Agra fort is another must see place nearby. It is a replica of New Delhi’s red fort.

Drishya Holidays took me to Jaipur and stayed there at Sarang Heritage Hotel in the city. They had puppet show at night which we enjoyed. Next morning we went for local sightseeing. We visited Jaipur Palace, Amber fort, Water Palace etc. Water Palace  in Jaipur is  one of its kind in India. It is built inside a lake. Two to Three floors of the palace is always submerged in water and there are  two  or three floors above water.

After seeing all these places Drishya Holidays took us back to New Delhi and next day we returned back. I am planning another trip to Palatine, Jordan and Israel later next year.