Rajiv Laungani 46Entrepreneur, China
Many non-resident Indians (NRI), especially globetrotters resonate with life cover provided by insurance companies and particularly the one provided by the companies owned by the Government of India (GoI). Rajiv Laungani, 46, an NRI, currently residing in China (PRC), is one such investor, who travels across countries but buys his life cover mainly from an Indian life insurer.
Laungani shifted to China almost two decades ago, when he was 26. He set up his business of consumer electronics in the country. Hailing from a Sindhi family, he cultivated the habit of saving money from a very early age. Even when he began to walk on this path, he started with buying life cover for himself.
Laungani has multiple investments in different asset classes. However, in India he invests mostly in life covers provided by Life Insurance Corporation (LIC). Laungani has invested in various LIC policies, to the tune of more than Rs3.50 crore, which gives him a life cover of more than Rs11 crore.
He has plans to settle in Greece post retirement. From the beginning, he was not attracted towards Indian real estate market as he is of the opinion that regulation and taxation policies concerning the sector were not upto the mark and hence decided to stay away from taking an exposure to the sector. And see what? His instinct has proved him right, looking at the current scene of the sector.
Laungani explains rationale behind buying life cover from, LIC. According to him, it is only in India where the insurance investor gets life cover plus tax incentives in addition to the advantage of his money getting multiplied. Interestingly, this facility or advantage is nowhere available in the world, when one buys life insurance products.
He essentially, feels that if one has surplus income then at least 10 per cent of it should be invested in insurance. Also, another benefit of buying insurance is it gives you cover against uncertainty and protects your family members in case of any untoward incident with the buyer of such products.