Oaktree Financial Planning

INTRODUCTION The fragility of life is overwhelming. With the current epidemic problem, uncertainty has also shocked the world. In these situations, solid insurance coverage becomes crucial. A breadwinner's key duty and a major cause of stress are ensuring that the family will be protected when they are not around. Life insurance coverage is useful in these circumstances. Nevertheless, what if a calamity occurs and your family is left in financial difficulty because they are not aware of your life insurance policy? After obtaining the insurance, the process is not over. The insured should also inform the family about the policy. Why your family has to be aware of your life insurance policy: - Prior knowledge to understand the claim process and make a timely claim:   The main objective of a life insurance policy is to safeguard the family's financial stability in the case of the insured's demise. However, to secure your loved one's financial assistance, you must make them...

WHO IS A BENEFICIARY? A beneficiary is a person who gains something, often from a trust, will, or life insurance policy. The beneficiary is a term that is rarely used in India. A beneficiary in a life insurance policy is a person having a financial interest in one’s life and is entitled to receive the benefits or guaranteed death benefit of the life insurance policy in the event of the untimely demise of the insured. In India, one must designate a beneficiary who has the authority to receive the death benefit. One should add beneficiaries very carefully to any life insurance policy, as it may have implications on the livelihood of his or her family. WHO CAN BE ADDED AS BENEFICIARIES? Two types of beneficiaries can be added to life insurance contracts: - Primary life insurance beneficiary - a person named as a beneficiary in the policy who will be entitled to receive the death benefits in the event of the untimely demise of the insured person.  However, no money can be claimed in t...

As the article caption says, it is very crucial as well as tricky for a beginner to decide between an agent, broker, and an online platform to buy insurance plans. Insurance is a fairly straightforward product: one pays a premium to cover the risk to receive compensation from an insurance company if an insured event occurs. In other words, it is the same as a customer paying money for goods or services in return. It is just like any other business where we witness buying and selling of goods or services. The predicted insurance payout is only different because it depends on variables the consumer cannot control. Nonetheless, the general consensus is that dealing with insurance companies is difficult and that it is a complicated subject. It's easy to understand why. The insurance company will make sure that the amount being released is justified because, if and when it pays out, the amount is significantly greater than the premium the policyholder paid. That’s why the policy contrac...

How much life insurance is recommended for you? In India, it is customary to approach an insurance advisor who may steer you towards his preferred policy while possibly never calculating the "Human Life Value." He might conflate your need for insurance with that for investments, and he might give you some examples that look good in the short term but not in the long run. The most important thing to realize is to never combine investments and insurance. How can we determine "Human Life Value" then? An easy example will be used to demonstrate this. Mr. X’s Household expenses at today’s prices is 30,000 PM (Excluding Mr. X’s personal expenses and his Tax Liability) Mr. X have Home Loan of about Rs.60,00,000 (Current Value) Both have a child whose age is around 5 years and they need around Rs.20,00,000 in current terms for their child’s future education and marriage expenses Then in above case we need to calculate each value in today’s term till the life expectancy of M...