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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 Soul of Bharat on the Big Screen

Mumbai: April 4, 2025, my heart feels heavier than it ever has. The news hit me like a monsoon storm—Manoj Kumar, the towering legend of Bollywood, the man who painted patriotism across our screens, is no more. At 87, he slipped away at Mumbai’s Kokilaben Dhirubhai Ambani Hospital, leaving behind a reel of memories that flicker in my mind like a projector that won’t stop spinning. As a movie fan who grew up with his films, I’m not just mourning an actor—I’m grieving the loss of a piece of my soul, a piece of India itself. They called him "Bharat Kumar," and oh, how he earned that name.


I remember the first time I saw ‘Upkar’ (1967). I was a kid, sprawled on the living room floor, eyes glued to our old TV. Manoj ji played Bharat, the farmer who gave everything—his dreams, his love—for his country’s soil. That song, “Mere Desh Ki Dharti,” wasn’t just a tune; it was a heartbeat, pulsing with pride and sacrifice. I’d hum it walking to school, feeling like I, too, could be that noble, that selfless. He won a National Film Award for that one, and rightly so—it wasn’t acting; it was living.

Then there was ‘Shaheed’ (1965), where he brought Bhagat Singh back to life. I’d sit there, popcorn forgotten, as he roared defiance against the British, his eyes blazing with a fire that could’ve lit up the darkest colonial night. It wasn’t just a film—it was a revolution on celluloid, a call to remember the blood that bought our freedom. Manoj ji didn’t just play the martyr; he became him, and every time I watch it, I feel that lump in my throat, that sting in my eyes. It’s no wonder it snagged three National Awards—his passion was a gift to us all.


Oh, and ‘Purab Aur Paschim’ (1970)—how do I even begin? He directed and starred as Bharat again, this time wrestling with the clash of East and West, showing us the beauty of our roots while the world tried to pull us away. I’d laugh at Saira Banu’s antics, then choke up when Manoj ji stood tall, singing “Hai Preet Jahan Ki Reet Sada.” It was a blockbuster, sure, but it was more—it was a love letter to India, penned in his signature hand-over-face style. That move, mocked by some, was his shield, his quiet strength, and I adored it.

And who could forget ‘Roti Kapda Aur Makaan’ (1974)? He directed and starred as Bharat—again, because who else could?—tackling poverty, injustice, and the gut-wrenching struggle for the basics of life. I’d watch, fists clenched, as he fought for the everyman, his voice cracking with raw emotion. It wasn’t just a movie; it was a mirror to our society, a cry for change. Seven Filmfare Awards across his career, they say, but this one felt like it carried them all—his heart bled through every frame.


Then there’s ‘Kranti’ (1981), the epic that had me on the edge of my seat. Manoj ji as the freedom fighter, leading Dilip Kumar and Hema Malini through a storm of rebellion—it was grand, it was gritty, it was everything Bollywood could be. “Zindagi Ki Na Toote Ladi” still echoes in my ears, a reminder of the battles he fought on screen, battles that felt so real I’d dream of joining the fight. He didn’t just direct that film; he sculpted a monument to resilience, and I’d cheer like a fool every time he outsmarted the British.


As I sit here, flipping through these memories, I can’t help but feel cheated. Manoj Kumar wasn’t just an actor or director—he was family. Born Harikrishan Goswami in 1937, he carried the Partition’s scars from Abbottabad to Delhi, turning pain into purpose. He gave us over 50 films in a career spanning four decades, snagging the Padma Shri in 1992 and the Dadasaheb Phalke Award in 2015—honors that felt too small for a man who gave India its cinematic soul. His last role in ‘Jai Hind’ (1999) might’ve flopped, but it didn’t dim his light in my eyes.


I’d read how he met Bhagat Singh’s mother before ‘Shaheed’, seeking her blessing—can you imagine the weight of that? Or how PM Lal Bahadur Shastri urged him to make ‘Upkar’ after the 1965 war, handing him “Jai Jawan Jai Kisan” like a sacred torch? That’s who he was—a man who didn’t just entertain but carried a nation’s dreams.


Manoj ji, you weren’t just “Bharat Kumar” to me—you were the uncle who taught me pride, the friend who shared my anger, the poet who sang my hopes. Your films weren’t movies; they were my childhood, my rebellion, my tears. I’ll miss you like I miss the India you dreamed of—flawed, fierce, and forever ours. Rest in peace, sir. Om Shanti.

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