I am creating a few hypothetical examples. Hypothetical for you, real for me. These are all friends, classmates, neighbors,….I want a reader feedback about their life insurance needs. I will then react to the feedback.
Story 1: Mr. Rajesh is a well off builder and like a lot of my friends lives in Ghatkopar. I will not be able to estimate his net-worth but it should be greater than Rs. 20 crores, but less than Rs. 30 crores. Most of his assets are in buildings, rented properties, and of course has debt assets and equity shares. His equity portfolio is at the mercy of a few of us 🙂 so he keeps bouncing ideas of some of us. He is 49 years of age, had inherited a part of his assets but has grown it at a good pace and continues to do so. His annual income (attributed to his efforts) should be in the region of Rs. 2 crores and his increase in networth (thanks to his asset allocation) should be in the region of Rs. 1.5 cores apart from appreciation. He is smart enough not to interrupt the compounding and hence the ballooning of the equity portion of the net-worth. He has one son educated and helping him in the business and his wife is a home-maker. Their annual expenses are in the region of Rs. 10,00,000 – but last year he was forced to take a luxury tour of Europe – he spent Rs. 22 lakhs for a trip with his wife.
Story 2: Mr. Paresh is in the Chemicals business, but is bored with the business (says it in every meeting) has a net-worth of about Rs. 10-12 crores. He is 52 years of age and his wife earns very well as a doctor. His daughter is a doctor, married and settled in the US of A. His son did his studies abroad and is a merchant banker in Singapore. The annual expenses (personal) is about Rs. 600,000. Of course when he stops his business, his car, driver, a domestic help..and I think about another Rs. 600,000 per annum will be added to the costs.
Story 3: Mr S V Mani is an accounts manager working in a C A firm and he writes the accounts for a few hi net-worth housing societies. He has an income of Rs. 21,000 p.m. with which he supports his younger brother (employed in a small temple in Thane) and a father who is about 78 years of age. His father’s expenses on medicines is about Rs. 30,000 per annum. His younger brother earns about Rs. 6000 per month as a retainer from the temple.
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