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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.)

The Lady of Lord’s

Yastika Bhatia’s maiden Test century at Lord’s crowns the rise of an elegant wicketkeeper-batter who has quietly become indispensable to India’s new generation.

Critics may say that there are flashier cricketers than Yastika Bhatia. She does not possess the raw power of a Smriti Mandhana or the aura of a Harmanpreet Kaur. She rarely dominates highlight reels or social media clips. Instead, she has built her reputation through reliability – a quality far more vital. At a time when white-ball cricket prizes spectacle, the 24-year-old wicketkeeper-batter has become one of India’s finest practitioners of the understated virtues of timing, patience and composure.


Bhatia’s 113 against England which powered the Indian women’s side to a historic win at Lord’s was not merely her maiden Test century but the first ever scored by a woman at cricket’s most celebrated venue. The innings helped India seal a comprehensive 270-run victory in the first women’s Test ever staged at Lord’s.


Her hundred earned her a place on the Lord’s honours board, where generations of the game’s greatest names have been immortalised. Few entries have carried quite the same symbolism. Until now, no woman’s name had appeared there for a Test century because no women’s Test had ever been played at the ground.


Bhatia’s career has mirrored the evolution of Indian women’s cricket itself. Born in Vadodara, she emerged through Gujarat’s domestic circuit at a time when opportunities for young women were expanding but remained far from abundant. A naturally gifted left-hander, she impressed selectors with a technique that appeared more classical than contemporary. Where modern batting often relies on innovation and improvisation, Bhatia’s game is rooted in balance. She plays late, favours placement over power and rarely appears rushed. Such attributes explain why coaches have long regarded her as especially suited to the demands of Test cricket, even though women are offered precious few opportunities to play the format.


Modern wicketkeepers are expected to contribute almost as specialist batters while maintaining relentless concentration over long periods. Bhatia has embraced both responsibilities, becoming an important cog in an Indian side that has steadily shed its dependence on a handful of senior stars.


That transformation has accelerated dramatically over the past year. India’s maiden Women’s ODI World Cup triumph marked a watershed for the sport, confirming that the country's women could finally translate promise into silverware. Although Bhatia missed that campaign after suffering an anterior cruciate ligament injury shortly before the tournament, her absence perhaps underscored her growing importance. Months of rehabilitation restored her confidence.


If the World Cup represented the one that got away, Lord’s offered redemption. Returning to international cricket only recently, Bhatia produced an innings of remarkable maturity against England’s experienced attack. Her 113 came from 158 balls, balancing restraint with authority as India tightened their grip on the match. She admitted that six months earlier, while beginning rehabilitation, the idea of seeing her name on the Lord’s honours board would have seemed implausible.


Those who know her were scarcely surprised. Former Indian wicketkeeper Kiran More, who has mentored Bhatia, has long spoken of her temperament rather than merely her talent. Scoring a century at Lord’s, he observed, is an ambition shared by virtually every cricketer. Achieving it after months away from the game simply reflected the resilience that had always underpinned her cricket.


But hers was not a sentimental century assembled through fortune. It was a technically accomplished performance built on judgement outside off stump, crisp drives through the covers and the patience required by the longest format. It showcased precisely why Test cricket continues to matter. Unlike Twenty20, where brilliance can be compressed into a handful of overs, the five-day game rewards concentration accumulated over hours.


For Indian women’s cricket, Bhatia’s century represents something larger than an individual milestone. It demonstrates the increasing depth of a side that is no longer defined solely by its biggest names. New heroes are emerging, backed by stronger domestic structures, better coaching and a professionalism unimaginable a decade ago.


The honours board at Lord’s records statistics with characteristic restraint. It simply notes that Yastika Bhatia scored a century. Future generations may glance at the name without appreciating the path that led there. But Indian cricket will remember that the first woman to reach three figures at Lord’s was not merely making history. She was announcing that a new generation has arrived.

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