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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 Land Where Silence Speaks to the Soul

Ladakh is more than a destination — it is a place where silence, simplicity, and the soul quietly meet.

Surrounded by the mighty Himalayas and rugged Karakoram ranges, Ladakh feels like a world where time slows down and nature speaks to the heart. Endless mountains, fluttering prayer flags, crystal-clear skies, and deep silence create an indescribable beauty. In a fast-moving world, Ladakh teaches the rare art of stillness.


Geographically, Ladakh is one of India's most important regions. Located close to the borders of China and Pakistan, it holds immense strategic value for the country. The region is home to sensitive border areas and important army bases that protect India in extremely difficult conditions. The mighty Indus River also flows through Ladakh, lending the region both historical and ecological significance. Ladakh is not only India’s pride for its beauty but also for its strength and courage.


Life in Ladakh, however, is far from easy. Winters are extremely harsh, with temperatures falling far below freezing. Heavy snowfall cuts off villages for months, oxygen levels remain low, and even simple daily activities become difficult. Yet the local people live with remarkable warmth and simplicity. Their smiles, honesty, and hospitality often leave a deeper impression on travellers than the landscapes themselves.


The Indian Army faces even tougher challenges in Ladakh. Indian soldiers guard the nation at very high altitudes where breathing becomes difficult and temperatures can reach dangerous extremes. Despite snowstorms, isolation, and harsh terrain, they continue their duty with courage and discipline. Visiting Ladakh often fills travellers with immense respect for the soldiers protecting the country in such unforgiving conditions.


The best time to visit Ladakh depends on the kind of experience one seeks. Summer, from May to September, is the most popular season because the weather remains pleasant and roads stay open. This is the ideal time for sightseeing, road trips, and photography. Autumn brings quieter landscapes, clear skies, and golden shades across the valleys, making it perfect for peaceful travel. Winter transforms Ladakh into a magical snow-covered world. Though extremely cold, it attracts adventure lovers who wish to experience frozen rivers, snow-covered monasteries, and the famous Chadar Trek.


Among Ladakh’s most famous attractions is Pangong Lake, known for its breathtaking blue waters that change shades with sunlight. Nubra Valley surprises visitors with sand dunes, double-humped camels, and dramatic mountain views. Khardung La, one of the world’s highest motorable roads, gives travellers a thrilling sense of achievement. Offbeat places like Hanle, Turtuk, and Zanskar Valley reveal a quieter and more untouched side of Ladakh filled with raw Himalayan beauty.


Ladakh is accessible both by air and road. Travellers can fly directly to Kushok Bakula Rimpochee Airport, but many believe the true spirit of Ladakh is best experienced through its legendary road journeys. The highways from Manali and Srinagar pass through dramatic mountain passes, rivers, valleys, and breathtaking landscapes that turn the journey itself into an unforgettable adventure.


Ladakhi food carries warmth perfectly suited for the cold climate. A bowl of steaming thukpa comforts travellers after long journeys, while freshly prepared momos remain everyone’s favourite snack. Traditional dishes like Skyu reflect the simplicity of local life. Ladakh is also known for delicious apricots, apples, walnuts, and seabuckthorn products. Shopping in Ladakh is equally special, with pashmina shawls, Tibetan handicrafts, prayer wheels, woollens, and handmade jewellery carrying the essence of the mountains.


Spiritually, Ladakh feels deeply peaceful. Often called “Little Tibet", the region is strongly influenced by Buddhism. Monasteries, prayer flags, chanting monks, and spinning prayer wheels create an atmosphere of calmness and reflection. Famous monasteries such as Hemis Monastery, Thiksey Monastery, Diskit Monastery, and Lamayuru Monastery are not only architectural wonders but also places where travellers experience inner peace.


Festivals in Ladakh are vibrant celebrations of faith and culture. The famous Hemis Festival fills monasteries with colourful masked dances, music, and spiritual rituals, while the Losar Festival marks the Ladakhi New Year with joy, prayers, and community celebrations.


Ladakh has also gained global attention through cinema. The 2009 blockbuster 3 Idiots featured its iconic climax at Pangong Tso, one of the world's highest saltwater lakes. The character of Phunsukh Wangdu, played by Aamir Khan, was heavily inspired by the real-life Ladakhi engineer, innovator, and educational reformer, Sonam Wangchuk. Wangchuk is recognised for his work in transforming learning systems for remote communities in the Himalayas.


Since the release of the film, the western end of Pangong Lake near the village of Spangmik has become a major, must-visit tourist attraction known as 3 Idiots Point.


Beyond adventure and sightseeing, Ladakh offers something rare — silence, reflection, and a deep sense of inner calm. Somewhere between the mountains and endless skies, travellers often rediscover themselves. It is a place where silence feels meaningful, where nature feels sacred, and where memories remain alive long after the journey ends.

 

(The writer is a tourism professional and runs a company, Global Voyages. She could be connected at goglobalvoyages@gmail.com. Views personal.)

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