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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

Everything About Term Life Insurance

“Jo bachchon se kare pyaar, woh term insurance ko kaise kare inkaar!” If you love your family, term life insurance is indispensable. Financially securing your loved ones in the event of an untimely death is crucial, and term insurance offers this protection at an affordable cost. Protection, Not Investment Term insurance is the simplest form of life insurance. You pay a relatively small premium and receive a large life cover for a fixed period. Unlike endowment plans or unit-linked insurance...

Everything About Term Life Insurance

“Jo bachchon se kare pyaar, woh term insurance ko kaise kare inkaar!” If you love your family, term life insurance is indispensable. Financially securing your loved ones in the event of an untimely death is crucial, and term insurance offers this protection at an affordable cost. Protection, Not Investment Term insurance is the simplest form of life insurance. You pay a relatively small premium and receive a large life cover for a fixed period. Unlike endowment plans or unit-linked insurance plans, it does not combine insurance with investment. This separation is important. Insurance should protect your family, while investments should help you create wealth. Traditional insurance-cum-investment plans often provide modest returns that may struggle to beat inflation over long periods. For many people, buying adequate term insurance and investing separately through suitable mutual funds or other investments can be a more efficient approach. For instance, a healthy person in their thirties may be able to purchase a term cover of Rs 1 crore for approximately Rs 15,000 to Rs 20,000 annually, depending on age, health, policy tenure and other factors. Insurance Needed You should strongly consider term insurance if your spouse, children or parents are financially dependent on you. It is also essential if you have liabilities such as a home loan, car loan or personal loan. Even a non-working spouse may require life insurance because replacing the economic value of household responsibilities, childcare and family management can be expensive. To summarise, if you have loans or plan to take loans, have children or plan to have children, or have a financially dependent spouse or parents, term life insurance is an absolute must. Enough Cover A figure such as Rs 1 crore may sound large, but it may not necessarily be sufficient. The right amount should be calculated based on your family’s actual financial needs. First, estimate household expenses. If your family spends Rs 10 lakh annually and you want to provide for the next 15 years, you may require at least Rs 1.5 crore for basic living expenses. Second, add all outstanding loans. A home loan of Rs 35 lakh and a personal loan of Rs 5 lakh would increase the total requirement to Rs 1.9 crore. Third, include future financial goals. If your children’s higher education is expected to cost Rs 50 lakh, the required cover rises to Rs 2.4 crore. Fourth, provide an additional amount for your dependent parents or spouse. Adding Rs 20 lakh would take the total requirement to approximately Rs 2.6 crore. Finally, adjust the calculation for inflation. Inflation gradually erodes the value of money. To ensure that your family has enough to meet rising expenses, it is wise to add an appropriate inflation adjustment to each of the above steps, as necessary. Do Not Delay Term insurance is generally cheaper when purchased at a younger age and while you are in good health. Disclose all medical conditions, lifestyle habits and existing policies honestly, as incorrect or incomplete information can create difficulties during claim settlement. Life is uncertain, but your family’s financial security need not be. The purpose of term insurance is simple: even in your absence, your responsibilities should continue to be fulfilled. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

India working on logistics of Tahawwur Rana's extradition

  • PTI
  • Feb 14, 2025
  • 3 min read

Updated: Feb 18, 2025

Tahawwur Rana

Washington: India is working on the logistics of Tahawwur Rana's surrender and extradition from the US, Foreign Secretary Vikram Misri has said, as President Donald Trump announced that his administration has given the go-ahead to extradite the 26/11 terror attack accused “to face justice".

“This is an issue on which the US authorities have taken very clear decisions. I think you've seen the President announce it himself from the White House podium" the decision of the US to extradite Rana, Misri said at a press conference here on Thursday.


During a joint press conference with Prime Minister Narendra Modi in the White House, US President Donald Trump announced that his administration has approved the extradition of "very evil" Tahawwur Rana, wanted by Indian law enforcement agencies for his role in the 26/11 Mumbai terror attacks, "to face justice in India”.


In response to a question by PTI on the timeframe by when Rana will be extradited to India, Misri said: "We are working on the logistics of his surrender and extradition to India. There are a few final steps to be completed. The two sides are in touch on this particular issue.”


The India-US joint statement issued during the Prime Minister's visit to the US notes that Modi and Trump reaffirmed that the global scourge of terrorism must be fought and terrorist safe havens eliminated from every corner of the world.

“They committed to strengthen cooperation against terrorist threats from groups, including Al-Qaeda, ISIS, Jaish-e Mohammad, and Lashkar-e-Tayyiba in order to prevent heinous acts like the attacks in Mumbai on 26/11 and the Abbey Gate bombing in Afghanistan on August 26, 2021," the joint statement said.


“Recognising a shared desire to bring to justice those who would harm our citizens, the US announced that the extradition to India of Tahawwur Rana has been approved," it said.


The leaders further called on Pakistan to expeditiously bring to justice the perpetrators of the 26/11 Mumbai, and Pathankot attacks and ensure that its territory is not used to carry out cross-border terrorist attacks.

"The leaders also pledged to work together to prevent the proliferation of weapons of mass destruction and their delivery systems and to deny access to such weapons by terrorists and non-state actors,” the joint statement added.

Rana, a Canadian national of Pakistani origin, is currently lodged at a metropolitan detention centre in Los Angeles. He is known to be associated with Pakistani-American terrorist David Coleman Headley, one of the main conspirators of the 26/11 attacks.

Speaking at the joint press meet, Trump said "Today I am pleased to announce that my administration has approved the extradition of one of the plotters and very evil people of the world, and having to do with the horrific Mumbai terrorist attack, to face justice in India. So, he is going back to India to face justice."


The extradition of Rana was cleared by the US Supreme Court in January as it rejected his review petition in the case.


India last month said it was working with American authorities for the early extradition of Rana.


"The US Supreme Court on January 21 declined to hear a petition from the accused. We are now working with the US side on procedural issues for early extradition to India of the accused in the Mumbai terror attack," External Affairs Ministry spokesperson Randhir Jaiswal had said.


In November 2012, Ajmal Amir Kasab, the lone surviving gunman among the Pakistani group, was hanged to death in Yerawada Jail in Pune.

-PTI

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