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Question
Study the following case/situation and express your opinion.
Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
- Can Mr. Sadagopan take life insurance policy for two children?
- Is child insurance is suitable for a wife of Mr. Sadagopan?
- Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
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Solution
- Yes, Mr. Sadagopan can take life insurance policy for his children. In particular, he can purchase child insurance policy for them. It is a saving cum investment plan designed to meet children’s future financial needs.
- No, child insurance is not suitable for a wife of Mr. Sadagopan. This is because child insurance policy enables to meet child's future financial needs and his wife is not a child.
- Mr. Sadagopan can take ‘fire insurance policy’ for protecting his factories from loss due to fire.
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