1. Why Life Insurance Matters for Kolkata Families

Kolkata’s rising cost of living, education expenses, and healthcare risks make life insurance a cornerstone of financial planning.

• Key Goals for Local Families:

  • Funding children’s education at institutions like Jadavpur University.

  • Covering medical emergencies in Kolkata’s top hospitals (e.g., AMRI, Fortis).

  • Protecting against monsoon-related health issues.

  • Ensuring retirement stability in a city with growing inflation.

2. Types of Life Insurance Plans (Simplified)

a. Term Insurance

• What: Pure protection plan with fixed premiums and no maturity benefits.

• Best For: Young parents in Kolkata needing high coverage (e.g., ₹1 crore) at low cost.

• LIC Example: LIC Tech Term Plan (starts at ₹500/month for ₹50 lakh coverage).

b. Endowment Plans

• What: Savings + insurance. Returns are guaranteed but lower.

• Best For: Risk-averse families saving for goals like weddings or home loans.

• LIC Example: LIC New Endowment Plan (combines savings with life cover).

c. ULIPs (Unit-Linked Insurance Plans)

• What: Market-linked returns + life cover.

• Best For: Long-term wealth creation (e.g., 15+ years) for Kolkata’s middle class.

• LIC Example: LIC’s SIIP (flexible equity/debt investments).

d. Whole Life Insurance

• What: Coverage until age 100+ with savings.

• Best For: Legacy planning or lifelong protection.

3. 5 Steps to Choose the Right Plan

1. Calculate Your Coverage Needs:

   • Use "Income Replacement Formula": 10x annual income + debts (e.g., home loan).

   • Example: ₹10 lakh/year income → ₹1 crore coverage.

2. Match Policies to Goals:

   • Child’s education? Opt for LIC Money Back Policy (payouts every 5 years).

   • Retirement? LIC Jeevan Umang (income from age 60).

3. Compare Costs:

   • Term plans are cheapest (₹500–₹1,500/month for ₹50 lakh cover).

   • Avoid overpaying for unnecessary add-ons.

4. Check Insurer’s Claim Settlement Ratio:

   • LIC’s CSR: 98.31% (2022-23).

5. Consult a Local Expert:

   • Kolkata-specific risks (e.g., floods, humidity-related illnesses) may require custom riders.

4. Kolkata-Specific Tips

• Monsoon-Proof Your Policy: Add critical illness riders for waterborne diseases.

• Festival Bonuses: Invest Puja bonuses in LIC’s Bima Shree for tax-free returns.

• Local Office Support: Visit Santap LIC’s Subhasgram office for in-person help.

5. Common Mistakes to Avoid

• ❌ Underinsuring due to budget constraints (prioritize term plans).

• ❌ Hiding smoking habits or pre-existing conditions (Kolkata’s humid climate affects health risks).

• ❌ Ignoring inflation (e.g., ₹50 lakh today ≠ ₹50 lakh in 2040).

6. Why Kolkata Trusts Santap LIC

• Local Expertise: 12+ years serving Sonarpur, Subhasgram, and Behala families.

• Tailored Advice: Policies aligned with Kolkata’s cost of living and culture.

• Claim Assistance: 24/7 support for fast settlements.