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  /Title (term-insurance.pdf)
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  /Author (tanmay\_bhavsar)
  /Subject (Term Insurance Cheat Sheet)
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Term Insurance Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{tanmay\_bhavsar} via \textcolor{DarkBackground}{\uline{cheatography.com/208595/cs/44723/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}tanmay\_bhavsar \\
  \uline{cheatography.com/tanmay-bhavsar} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 19th October, 2024.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Who should buy it ?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Married} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Financially dependent spouse} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Have children who are yet to be financially independent} \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Retired parents without pension/income source} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Home Loan} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Who shouldn't buy it?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Unmarried} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Employed and financial independent spouse} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{No children/Not planning children} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Parents have pension/wealth/income source/independent} \tn 
% Row Count 5 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{No Loans} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Achieved F.I.R.E} \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{When you should buy}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Early you buy it lesser the premium. Buy as soon as you are married and got loans} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{How much sum insured do you require?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{DIME Method} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{D- Debts you have taken (Personal Loan/Credit card loan)} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{I - Income required for daily expenses} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{M - Mortgage (Home Loan outstanding amount)} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{E - Large Expenses (Children Education/Marriage)} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{L - Liquid Assets} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Sum insured = DIME - L} \tn 
% Row Count 8 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Type of insurance Policies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Pure Term Policies}} - Pays on death of policy holder} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Defined benefit policies}} - Pays if specified event occurs within the term ( eg loss of legs in accident/cancer)} \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{ULIPs/ILIPS}} - Investment+ Insurance Product, returns linked to market performance (Pays on survival/death)} \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Endowment plan}} - Investment + insurance product, pays on survival/death} \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Money Back Plans}} - Investment + Insurance product, pays periodically and on survival/death} \tn 
% Row Count 12 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Whole life policies}} -  Lifelong cover and payout on death whenever it occurs before age 100. Benefit is also paid at age 100 if one survives till that time.  Used to pass on wealth to children} \tn 
% Row Count 16 (+ 4)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Group Life Policies}} -  Usually term cover provided by gilts, associations, or employers under one master policy. Coverage continues until one is a part of that specified group} \tn 
% Row Count 20 (+ 4)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Child Plans}} - Investment \& insurance product aimed at creating wealth for child's future needs like education, marriage, etc.} \tn 
% Row Count 23 (+ 3)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Retirement Plans}} - Secure financial well-being into sunset years. Provide pension on regular intervals and can have death benefit associated with it} \tn 
% Row Count 27 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Which ones do you need?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Pure term insurance policies}} - Hell yes! (Unless in unstable business, do NOT go for limited premium paying term here)} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Critical Illness Standalone covers}} - Highly Recommended} \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Personal accident \& disability insurance plans}} - Frequent travelers or those who work in hazardous environments} \tn 
% Row Count 8 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Life Insurance Riders}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Critical illness rider}}: Provides additional benefits if diagnosed with specified critical illnesses like Cancer, Heart disease, etc.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Accidental death \& disability rider}}: Pays in case of death or total disability due to an accident.} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Income benefit rider}}: Offers regular income in case the policyholder suffers permanent disability due to an accident.} \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Waiver of premium rider}}: Ensures the policy continues to provide cover if the insured's disability makes it impossible to pay future premiums.} \tn 
% Row Count 12 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Return of premium rider}}: This rider is activated if one survives the policy term. All the premiums paid (except taxes etc) will be returned to the policyholder as a survival benefit.} \tn 
% Row Count 16 (+ 4)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Guaranteed insurability rider}}: Offers additional cover at later ages, in many cases without medical underwriting.} \tn 
% Row Count 19 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Accelerated death benefit rider}}: In case of critical illness where prospects of death are very high, the sum insured is paid before death itself.} \tn 
% Row Count 22 (+ 3)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Long term care rider}}: Offers cover for those who may need long-term home care, assisted living or nursing care.} \tn 
% Row Count 25 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.09034 cm} x{2.88666 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Which riders you need?}}  \tn
% Row 0
\SetRowColor{LightBackground}
Accidental death \& disability & Frequent travel, hazardous work environment (if you cannot afford a stand-alone cover) \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
Income benefit & Recommended but not mandatory \tn 
% Row Count 6 (+ 2)
% Row 2
\SetRowColor{LightBackground}
Critical illness & Recommended (if you cannot afford a stand-alone cover) \tn 
% Row Count 9 (+ 3)
% Row 3
\SetRowColor{white}
Waiver of premium & Recommended \tn 
% Row Count 11 (+ 2)
% Row 4
\SetRowColor{LightBackground}
Return of premium & Not recommended \tn 
% Row Count 13 (+ 2)
% Row 5
\SetRowColor{white}
Guaranteed insurability & Recommended but not mandatory \tn 
% Row Count 15 (+ 2)
% Row 6
\SetRowColor{LightBackground}
Accelerated death benefit & Recommended but not mandatory \tn 
% Row Count 17 (+ 2)
% Row 7
\SetRowColor{white}
Long term care & Recommended but not mandatory \tn 
% Row Count 19 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Additional options - Do you need them?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Many policies will offer additional options/riders like:} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Spouse coverage} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Child education support} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Step-up benefit/increasing term plan} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Life stage benefit} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Advance Tax For Salaried}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{In most cases, the employer will take care of the taxation by deducting TDS. However, you will have to declare different deductions and exemptions.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{In case you haven't informed something to your employer, then you have to take care of your taxation and if your tax liability is above 10k, then you have to pay that by yourself} \tn 
% Row Count 7 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Nomination not always enough}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{If you are a business owner with a lot of loans/have personal loans or credit card balances - you need to make sure that your creditors do not come after your life insurance policy money.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{The same is the case if you have troublesome relatives who may take undue advantage of your absence.} \tn 
% Row Count 6 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Thus - males can consider adding a MWP act clause to your policy.} \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{It means your policy money is kept under a trust which can be accessed by your wife only.} \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Note that once a policy is purchased under MWP act, you cannot revoke it.} \tn 
% Row Count 12 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{CI-Critical illness policy - types of benefit}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Benefits based on diagnosis of the specified illness, no bills needed. Can be used for cost of treatment, replacement of loss of income, debt payoff, any recuperation/hospice aids etc.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Coverage for medical expenses of critical illnesses, bills are needed.} \tn 
% Row Count 6 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Ideally, you can take a big enough health insurance cover + Take 1st type of critical illness cover}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{p{0.77809 cm} x{1.87657 cm} x{1.92234 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{3}{x{5.377cm}}{\bf\textcolor{white}{Critical illness policy vs Critical illness rider}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Feature}} & {\bf{Critical Illness Rider}} & {\bf{Critical Illness Policy}} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
Cost & A bit cheaper & Will cost a bit more than a rider \tn 
% Row Count 5 (+ 3)
% Row 2
\SetRowColor{LightBackground}
Claim \seqsplit{Payout} & Usually claim is payable only at the last stage of critical illness and in some cases you must live another 30 days to receive it & Claim is given even at early stage during the illness \tn 
% Row Count 14 (+ 9)
% Row 3
\SetRowColor{white}
\seqsplit{Diseases} \seqsplit{Covered} & No of diseases covered is limited & Most of the critical illnesses are covered \tn 
% Row Count 17 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\seqsplit{Renewal} & Your rider benefit will end at age 65 & You can renew as long as you live \tn 
% Row Count 20 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}---}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Why do you need Critical illness?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{A lot of people think that since they have a sufficient health insurance policy they don't need critical illness cover.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{However, once you have some critical illness, it will also affect your ability to work regularly and earn as usual.} \tn 
% Row Count 6 (+ 3)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{But such loss of income will not get covered under a standard health insurance policy.} \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Thus to continue paying your EMI's, other daily expenses, tuition fees etc.} \tn 
% Row Count 10 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{You need to have additional cover- this is exactly what a defined benefit critical illness cover offers.} \tn 
% Row Count 13 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Why limited premium may not be good for you?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Limited premium plans are only useful for people who are not sure whether they will be able to pay premiums for the entire term. (People with unstable income track record)} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{For all others, paying premiums for as long as the policy term makes more sense.} \tn 
% Row Count 6 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{The reason is-opportunity cost of money.} \tn 
% Row Count 7 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Stuck with a bad Insurance product?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Option 1: Surrender the policy: You get surrender value, if any, and the insurance cover ends.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Option 2: Make the policy paid up: You do not have to pay any more premiums but your coverage (Sum Insured) reduces proportionately to premiums paid till date. Maturity benefits also reduce proportionately.} \tn 
% Row Count 7 (+ 5)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Option 3: Continue the policy as it is: Pay premiums anyway and continue the policy.} \tn 
% Row Count 9 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Contact your insurer and ask for surrender value (can email customer care and get it) \newline Also ask for paid up policy details to stop further premiums (Once a policy acquires surrender value, it can be made paid up as well) \newline Now, compare cash flows in all three cases described earlier - Surrender/paid up/continue as is \newline Based on the opportunity cost analysis decide what is the best course of action for you.}  \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Stuck with a bad ULIP?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Do NOT surrender ULIP before 5 years.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{If a policy is surrendered before 5 years, your corpus simply moves to discontinued policies' fund earning 2-3\% p.a. interest. (You do not get anything before 5 years)} \tn 
% Row Count 5 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Please check the surrender charges before deciding anything.} \tn 
% Row Count 7 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Also check the tax implications of surrendering.} \tn 
% Row Count 8 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Write to your insurer asking whether you can discontinue the premiums and make the policy paid up.} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Then, consider cash flows under all the three options. (surrender/discontinue further premiums/continue as is) \& the opportunity cost.} \tn 
% Row Count 13 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Suicide Clause}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{If a policyholder, sane or insane, commits suicide within 12 months, most companies only pay 80\% of the premiums paid OR} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{In case of a revived policy, 80\% of the premium or the surrender value, whichever is higher.} \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Total sum insured will not be paid in such cases.} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Payout options}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Lump Sum Death Cover}} - Nominee can pay-off large loans in a single installment. To pay for child's education: For example, to make FDs \& secure the child's higher education.} \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Monthly Income Death Cover (Income Replacement Plans)}} - 90\% of term plans have wives as nominee. If your spouse is not habituated to handling finances, incorrect investment decisions made would lead to the lump sum misuse and family living in poverty after a few years. Household expenses like maid's salary, groceries, petrol, utility bills, rent, outings, and so on need to be managed monthly.} \tn 
% Row Count 12 (+ 8)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{A Combination of both Lump Sum \& Monthly Income}} - If you say home loan but you are also aware that your nominee may not be able to handle the remaining lump sum after paying off the home loan due to nominee's lack of financial knowledge - this is the way to go.} \tn 
% Row Count 18 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{PA: Personal accident cover}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Available as add-on in most life insurance policies.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{However, if you are someone who travels a lot, has to work in hazardous environment (For example: Civil engineer) simply buying a rider may not be enough.} \tn 
% Row Count 6 (+ 4)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{These riders mostly cover only permanent total disability/death due to accident.} \tn 
% Row Count 8 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Meaning, if you just lost your two fingers or an eye, this rider will most probably not pay anything.} \tn 
% Row Count 11 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Thus for those more prone to accidents, there is a separate standalone cover, known as personal accident policy.} \tn 
% Row Count 14 (+ 3)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{It will be costlier than a rider, but worth the money for those at risk.} \tn 
% Row Count 16 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{TTD (Temporary Total Disability), PTD (Permanent Total Disability), PPD (Permanent Partial Disability), death all can be covered under a standalone PA policy.} \tn 
% Row Count 20 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{General exclusions under a PA policy}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Accident resulting from suicide, attempted suicide} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Accident resulting from intentionally self-inflicted injury, mental or nervous disorder} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Military employment (military personnel have different policies)} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Accident while being under the influence or abuse of drugs, alcohol, or other intoxicants or hallucinogens} \tn 
% Row Count 8 (+ 3)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Participation in an actual or attempted felony, riot, crime, misdemeanor, or civil commotion} \tn 
% Row Count 10 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Any injury caused by, contributed to, by or arising from nuclear ionizing radiation or contamination by radioactivity} \tn 
% Row Count 13 (+ 3)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Any accident/loss arising out of war, civil war, invasion, insurrection, revolution etc} \tn 
% Row Count 15 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Accident during air travel except as a fare paying passenger} \tn 
% Row Count 17 (+ 2)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Participation in winter sports, skydiving/parachuting, hand gliding, bungee jumping, scuba diving, ballooning, mountain climbing} \tn 
% Row Count 20 (+ 3)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Loss related to childbirth} \tn 
% Row Count 21 (+ 1)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Committing breach of law with criminal intent} \tn 
% Row Count 22 (+ 1)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Loss caused directly or indirectly, wholly or partly by infections} \tn 
% Row Count 24 (+ 2)
% Row 12
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Loss due to the release of pathogenic or poisonous biological or chemical materials} \tn 
% Row Count 26 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Tax benefits: The lure and the truth}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Life insurance premiums in many cases qualify for the 80C deduction. But, here is the catch:} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{The current 80C limit is only 1.5 lakh which includes -} \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{PPF/EPF} \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{NPS} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{ELSS} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Tax saver FDs} \tn 
% Row Count 8 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{NSC} \tn 
% Row Count 9 (+ 1)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{SSY} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Also, the tax saving is available only to those who file tax under the old tax regime.} \tn 
% Row Count 12 (+ 2)
% Row 9
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Only in a few cases, tax exempt maturity returns may be attractive. But otherwise, tax benefits are not substantial for vast majority of us.} \tn 
% Row Count 15 (+ 3)
% Row 10
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Hence, it makes little sense to buy a life policy to save taxes as there is hardly any room left after your other investments.} \tn 
% Row Count 18 (+ 3)
% Row 11
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Always buy a policy to protect your finances, not for tax purposes.} \tn 
% Row Count 20 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}