20230801 : risk & probably
I was seeing my LIC policy yesterday for something. It is a paltry sum policy which might help 2 months expenses at the most today. I had got it done in 2000 only for the purposes of tax saving (india tax provides for it). This was as advised by some accountant as we got into the taxable bracket then. I was thinking would it make sense to take another one. Then I realised my age and no income and most important thing - my condition. No insurance company in their senses will touch my case/ application with a barge pole... Their actuaries will have a risk weighted framework will never allow it to pass through. Come to think of it, everyone probably has an exact same chance to kick the bucket tomorrow. However they have a sophisticated framework to evaluate everyone's life, identify risk elements, assign a probability for each of them and vomit out a score based on which they can charge a premium for the policy. So I got thinking further on this and my general risk elements and it'