• Insurance Planning

    The Need For Insurance Planning

    "Insurance is not for the person who passes away, it is for those who survive," goes a popular saying that explains the importance of Insurance Planning.
    Read More

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    Children's Future Planning

    Like every parent, you too must be overjoyed to watch your child grow. All parents want to give the best possible upbringing to their children. This includes good education and security, in case of any eventuality. Read More

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    Retirement is much a reality as much as its planning a neglected activity. Retirement planning continues to be ignored by most individuals.There is a lot more to retirement than just resting on an armchair and pla... Read More

  • Investment Counselling

    Investment planning is critical to reach your financial goals.  There is no one solution that works for all.  The right solution is the one that works for you and it is our job to discover such an investment strategy for you.

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  • Tax Planning

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Insurance Planning PDF Print E-mail

The Need For Insurance Planning

"Insurance is not for the person who passes away, it is for those who survive," goes a popular saying that explains the importance of Insurance Planning.

It is extremely important that every person, especially the breadwinner, covers the risks to his life, so that his family's quality of life does not undergo any drastic change in case of an unfortunate eventuality.

Insurance Planning is concerned with ensuring adequate coverage against insurable risks. Calculating the right level of risk cover is a specialized activity, requiring considerable expertise. Proper Insurance Planning can help you look at the possibility of getting a wider coverage for the same amount of premium or the same level of coverage for the same amount amount of premium or the same level of coverage for a reduced premium. Hence, the need for proper insurance planning.

Insurance, simply put, is the cover for the risks that we run during our lives. Insurance enables us to live our lives to the fullest, without worrying about the financial impact of events that could hamper it. In other words, insurance protects us from the contingencies that could affect us.

So what are the risks that we run? To name a few - the risk on our lives that is, the worries of replacement of the incomes that we contribute to the running of the household), the risks of medical contingencies (since they have the capability of depleting our wealth considerably) and risks to assets (since the replacement of these can have tremendous financial implications). If we can imagine a situation where our goals are disturbed by acts beyond our control, we can realize the relevance of insurance in our lives.

Insurance Planning takes into account the risks that surround you and then provides an adequate coverage against those risks. There is no risk not worth insuring yourself against, and insurance should first and foremost be looked as a measure to guard against risks - the risk of your dreams going awry due to events beyond your control.

 

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"Mr Parekh has been my financial advisor for last couple of years. He possesses in-depth knowledge of the products & services that he promotes & thus helps the client plan his finances more appropriately. Also the post investment support from his team is always there unlike other "agents" who don't believe in maintaining a continuous client feedback & support mechanism"

Karishma Budhwani
Tata Tele Maharashtra

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