The Narendra Modi government has adopted the mission of Insurance for All by 2047, the hundredth year of India’s independence. It means that every citizen of this country should have insurance for life, health and property. Of these, insurance on life is the most significant.
Joint venture between two giants
Any life insurance has to begin with assigning a value to the life that will be insured. Let’s find out how to use the human life value calculator that is available at SBI Life, which began as a joint venture between State Bank of India (SBI) and BNP Paribas, a French MNC.
It provides a fun way to calculate the value with the help of an automated online calculator. It is extremely easy to use. The first thing is to log in to the website sbilife.co.in and access the calculator.
Type in basic details
First, it will ask for basic details of the person whose life you might want to insure. The details very basic such as name and date of birth. As you mark your date of birth on the calendar provided in the site, it will show you your age.
Preceding month’s salary
Next, they will ask you to identify your gender. Once you have ticked the gender box, it will ask for your monthly salary. You have to mention the salary that you received in the preceding month.
Expenses and liabilities
The next window will ask for your household expenses. Here you should not include your EMI or rent that you might be paying. The next window will lead you on to your current liabilities.
While mentioning the liabilities, you should remember to include any car loan, home loan or education loan that you might be servicing from your income. Another thing to mention is whether you are single or married.
Spouse income
The next window will ask whether your spouse is earning. You would also have to mention your spouse’s monthly income. The next window will ask you whether you are already insured. If you are, you have to mention the amount of cover.
The calculator will display your “happiness cover” and suggest various policies that you could choose to buy.
Life Insurance is one of the primary tools designed for financial security in modern civilisation. The government is pushing for insurance for all by 2047. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
