Monthly investments of Rs 30,000 in bank deposits, pension plan and mutual funds were part of Prabhat Reddy's grand financial plan. But the 37-year-old software engineer was never told about the one big gaping hole in his plan - lack of term insurance.
Like many others, Prabhat assumed if he saved and invested for the next 20 years, his financial investments would fetch him Rs 3 crore -4 crore and secure his family. This would work, if he actually did that for 20 long years. However, Prabhat took his life guaranteed, a mistake that cost his family dear when he met with a fatal car accident 15 months later.