The Insurance Idea - Some Clarifications

[Guest guest]

SrI:

NamO NarayanA

 

Dear Sri Vaishnavas:

 

This is in continuation to Adiyen's mail on 28th July,

about signing up a Policy with a purpose of nomiating

the proceeds to respective acharyas / schools.

 

On telephonic, email communication and in personal talks

with Bhagavataas, Adiyen felt that the mail may have been

unclear and did not communicate the intention.

 

Hence this mail on the lines of FAQ.

 

1. What is the objective?

 

The objective is to ensure long-term funding for

one's school [sri Ahobila Mutt / Sri Andavan Asramam /

Sri Poundarigapuram Andavan Asramam and the likes]

in a large and continuous scale.

 

2. Why Insurance policy?

 

While there are options like recurring deposits, savings

account and other similar options, the money that is

pooled in returns only nominal growth.

 

Insurance policy ensures larger returns.

 

3. What kind of policy?

 

A straight forward " Life Insurance Policy " .

 

4. How does it work?

 

Normally, any one of us - bhagavataas - when we sign

up for a Life Policy, we pay an agreed monthly premium

for an agreed period of time.

 

The insurance company calculates the premium amount

based on the

" sum insured " [the final amount for which one signs a policy];

the age of the person on whose life it is made [at the time of

signing the policy]

& the tenure upto which premiums are collected [say 15 or 20 years]

 

Once the premium is decided, the person who takes the policy

keeps paying the premium, until the end of the tenure or till the

time the bhagavataas is taken into paramapadam by our lord -

whichever is earlier.

 

Upon one of this, the insurance company pays back the " Sum Insured "

in full.

 

FOR EXAMPLE

when adiyen checked with an agent on life policy [in Singapore] the

premium

worked out to S$ 100/- per month [till end of life] for a sum

insured of

S$ 300,000/-. [based on adiyen's current age of 34]. Assuming

Sriya:Pathi

wants me to be in this world till I turn 84 [i.e., next 50 years]

adiyen would

have paid a total amount of S$ 60,000/- as premium, however, the sum

that

the insurance company would have paid is S$ 300,000/-.

 

The S$ is only an example. Of course, we can check viable options in

Indian Rupees as well.

 

5. Who claims the sum insured?

 

The policy holder can nominate a person for whom the sum insured

will be paid by the insurance company.

 

6. What is new?

 

It is here, adiyen would like to bring in the concept, where

bhagavataas

can NOMINATE respective schools - in adiyen's case Sri Ahobila Mutt.

The sum insured will reach Sri Ahobila Mutt - IN FULL.

 

7. But, isn't insurance policies meant as a backup for kith n kin?

 

Yes. The concept of insurance itself if based to help kith n kin in

an

emergency.

 

But, adiyen's idea is that we bhagavataas should take a fresh policy

and nominate respective schools as beneficiary.

 

This policy shall be IN ADDITION TO whatever measures that

one can make - to financially protect one's family.

 

8. What can be the sum insured?

 

It can be anything. The purpose is to provide a means of funding

to respective school, at the time of Sriya:Pathi calling us to

Paramapadam.

After all, without our acharyan and the school, there is no way

Sriya:Pathi would have called us to HIS abode.

 

9. But, we are contributing in many ways. Are we to stop this and focus

only on this?

 

Not at all. The opportunity given to us - by Sriya:Pathi - to be of

financial use to Divya Deasams, Acharyans and the schools NEED NOT

stop. The financial contribution that we are able to make today,

will

take care of current requirements of respective schools and to be

frank

a short term measure.

 

Also, it could be difficult for us to think and/or commit larger

sums with

our respective means and family commitments.

 

This policy suggestion is first of all a LONG TERM VISION and

should be looked as an addition to whatever kaimkaryams that

Sriya:Pathi

is making us do, as of today.

 

10. How will the insurance policy idea be useful and when?

 

Let us look at it like this:

 

a. we pay small sums as monthly / quarterly / halfyearly or as an

annual premium - for a said period of time.

 

b. as shown in the example [on point # 4] this adds up to say x.

but what we get in return is 6 times.

 

c. for this simple reason, insurance policy - as adiyen thinks it

to be a good way

to commit funds to our acharyan / school.

 

d. On a very macro look, adiyen believes that there should be

2,500

families [4 per family] - in each school - making it 10,000

sishyas.

 

[Family is 2 elders and 2 siblings - average age of elders

across

the select familes shall be say 35]

 

The following is assumption: PLEASE READ THEM AS SIMULATIONS

ONLY

 

a. Just the elders [i.e., 5000 sishyas] sign up for an

insurance policy for say

Rs. 10,00,000 [1 million Indian Rupees] - now in 2000.

 

b. Starting from 35th year from now, if Sriya:Pathi calls

one by one to

HIS abode, i.e., in the year 2035.

 

c. The respective schools will start getting the benefit of

these insurance

policies - Rs. 10,00,000/- atleast couple of them every

year from the

year 2035. Wouldn't that be handy for our acharyan and

the school

for the activities?

 

11. Do all of us need to sign up for policies together?

 

NO.

 

It is left to individual bhagavata's interest and respective

family and financial situation.

 

Ofcourse, we can structure a good policy on these lines with

a dependable insurance company / agent in India - if any of

us know this person, well.

 

12. Is this as simple as this?

 

On the face of it, yes. However, we need to check on the following:

 

a. Legality of nominating a person / body other than blood

relatives.

b. A process to ensure smooth process of claim and ensuring that

the

" sum insured " reaches the actual destination.

c. Possibly, the most important is to get the approval of

respective

acharyan on this model.

d. Ways to protect this policy from changes in statute of the

Government

and / or the insurance company involved.

 

Adiyen believes that a fair amount of detail has been shared. Adiyen now

looks forward to Bhagavaatas feedback on practicality of this. Adiyen will

be going over to Bharata desam and would like to seek Srimad Azhagiya

Singar's approval.

 

Having said these, if this looks practical and a good concept to fund our

respective schools, adiyen would request all Bhagavatas to initiate action

vis-a-vis respective families.

 

dAsan

Anand

30th July 2000

 

Srimad Azhagia Singar Thiruvadigale Saranam

Shrimate Shri Seetha Ramachandra Parabrahmane Nama:

 

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Chant NamO NarayanA and be happy

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