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 | 3,00,000 | 10500 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 10,00,000 | 1140 |
| HOME INSURANCE | PACKAGE POLICY | 25,00,000 (BUILDING) | 3700 |
| MOTOR INSURANCE | COMPREHENSIVE PACKAGE POLICY | 5,00,000 | 12635 |
| LIFE INSURANCE | TERM INSURANCE | 25,00,000 | 8025 |
| TOTAL ANNUAL PREMIUM | 33365 | ||
| Monthly expenses : Rs. 3000 (Approx) | |||
| CATEGORY B – MIDDLE INCOME | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 5,00,000 | 14100 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 25,00,000 | 2840 |
| HOME INSURANCE | PACKAGE POLICY | 50,00,000 (BUILDING) | 4650 |
| MOTOR INSURANCE | COMPREHENSIVE PACKAGE POLICY | 10,00,000 | 15110 |
| LIFE INSURANCE | TERM INSURANCE | 50,00,000 | 11300 |
| TOTAL ANNUAL PREMIUM | 48000 | ||
| Monthly expenses : Rs. 4000 (Approx) | |||
| CATEGORY C – UPPER MIDDLE CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 8,00,000 | 17420 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 50,00,000 | 5690 |
| HOME INSURANCE | PACKAGE POLICY | 75,00,000 (BUILDING) | 6515 |
| MOTOR INSURANCE | COMPREHENSIVE PACKAGE POLICY | 15,00,000 | 25425 |
| LIFE INSURANCE | TERM INSURANCE | 75,00,000 | 16950 |
| TOTAL ANNUAL PREMIUM | 72000 | ||
| Monthly expenses : Rs. 6000 (Approx) | |||
| CATEGORY D – UPPER CLASS | |||
|---|---|---|---|
| TYPE OF INSURANCE | NAME OF POLICY | SUM INSURED | PREMIUM |
| HEALTH INSURANCE | FAMILY FLOATER MEDICLAIM | 10,00,000 | 19760 |
| PERSONAL ACCIDENT INSURANCE | PERSONAL ACCIDENT POLICY | 1,00,00,000 | 11370 |
| HOME INSURANCE | PACKAGE POLICY | 1,00,00,000 (BUILDING) | 8320 |
| MOTOR INSURANCE | COMPREHENSIVE PACKAGE POLICY | 20,00,000 | 36950 |
| LIFE INSURANCE | TERM INSURANCE | 1,00,00,000 | 19600 |
| TOTAL ANNUAL PREMIUM | 96000 | ||
| Monthly expenses : Rs. 8000 (Approx) | |||
*The type of vehicle driven by different classes of people varies. They are mostly second-hand and have no claim bonuses. The premium is therefore only indicative.
** Age considered for calculating the premium for Health, Personal Accident and Term Insurance is 40 Years.