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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 Politics of Remembering

There are a few places in India where a walk of less than a kilometre can take you through more than a century of the nation’s memory. In Amritsar, it can. Within walking distance stand Jallianwala Bagh, the Partition Museum and the Golden Temple. Together, they mark three moments when India's sense of itself was profoundly altered. Jallianwala Bagh reminds us of the brutality of colonial rule. The Partition Museum bears witness to the human cost of Independence and Partition. The Golden Temple, one of the holiest places of worship for the Sikhs, embodies not only centuries of faith and devotion but also the memory of 1984, a chapter that continues to shape India’s political and moral imagination.


What fascinates me is not merely their proximity, but the order in which these memories enter our national consciousness. Jallianwala Bagh has long occupied its place in India's story. The Golden Temple has, for decades, been associated not only with faith but also with the events of 1984. The Partition Museum, however, arrived decades after Partition itself. Not because history changed, but because perhaps our relationship with it did.


Standing there, I found myself wondering whether history waits patiently to be remembered or whether every generation simply remembers the history it is finally ready to confront.


Intense Debates

That question returned to me as I watched the public debate around Satluj and Dhurandhar: The Revenge. Both films revisit Punjab’s troubled past. Both have been accused of propaganda. Both have been criticised for reopening old wounds. Yet perhaps the more interesting question is not whether they should have been made, but why they are being made now. Why are stories that remained at the margins of public conversation for decades suddenly finding their way into museums, documentaries, streaming platforms and cinema?


Every nation seems to have an unwritten statute of limitations on memory. Immediately after a traumatic event, society argues that it is too soon to revisit it. People need healing, not introspection. Decades later, when the same questions return, the response often becomes, “Why reopen old wounds?” Between too soon and too late lies a curious silence during which history retreats from public life. It survives in family conversations, inherited grief and private memory until another generation decides it is ready to bring those stories back into the open.


Perhaps that is because history and memory are not the same thing. History records what happened. Memory decides what each generation chooses to carry forward. Every generation rearranges the past according to the questions it seeks to answer. One generation may seek national unity, another justice, another identity. Museums, textbooks, films, court judgments and public debates become instruments through which societies continually renegotiate what deserves to be remembered and what remains in the shadows.


This is also why I find myself reconsidering my own reading of Dhurandhar as propaganda and resisting the temptation to dismiss Satluj with the same label. Every historical narrative is selective because it has to be. No historian, filmmaker or museum curator can tell every story. The moment we decide where to place the camera, we have already chosen a perspective.


Satluj looks back at Punjab through the life of Jaswant Singh Khalra, the human rights activist who documented disappearances and illegal cremations during the counter-insurgency. Dhurandhar approaches the same history differently. It does not revisit the insurgency so much as imagine its aftermath. Jaskirat Singh Rangi is not a participant in the violence of the 1980s; he is a child of its consequences. His journey begins in a Punjab shaped by years of militancy, counter-insurgency, fractured institutions, and the growing shadow of narcotics, organised crime, and cross-border networks. One film asks what happened during the conflict. The other asks what the conflict left behind.


Lopsided Perspective

Neither perspective is complete, yet neither is without value. The problem arises when perspective presents itself as the entire landscape. Punjab cannot be understood only through Bhindranwale, only through K.P.S. Gill, only through Operation Blue Star, only through the anti-Sikh violence of 1984, only through terrorism, or only through disappearances; only through Pakistan's role or only through Congress's political miscalculations. Each is a fragment of a larger, more uncomfortable history. The challenge is not to choose one fragment over another, but to resist mistaking any fragment for the whole.

Perhaps nations remember like someone gathering the pieces of a shattered glass. The larger fragments are picked up immediately because they are impossible to ignore. The smaller shards remain hidden beneath furniture until years later, when someone reaches into a forgotten corner and wonders how they escaped notice for so long. Amritsar feels like that room. Jallianwala Bagh, the Partition Museum and the Golden Temple are not simply monuments. They are pieces of the same broken glass discovered by different generations.


The debate over Punjab is therefore not merely about two films. It is about India’s ongoing negotiation with its past. Every generation inherits the same history, but not the same memories. Some inherit silence; others inherit questions. Whether that negotiation takes place in a museum, a courtroom, a textbook, or a film matters less than our willingness to accept that memory is never finished. A confident nation is not one that remembers only the stories that comfort it. It is one that has the confidence to revisit the stories that unsettle it, while resisting the temptation to mistake any single narrative for the whole truth.


Perhaps no one decides, once and for all, when history is ready to be remembered. Every generation does. The stories we choose to recover tell us as much about the present as they do about the past. History does not wait to be remembered. Every generation simply remembers the history it is finally ready to confront.


(The writer is a learning and development professional. Views personal.)

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