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What is value of life?
in Topics of Interest
The insurance companies allow you to evaluate your life as high as you like, if you can pay premium. When you are paid compensation for accidental death of some family member, deceased income and extent of dependence is considered.

Should there be different valuation when cause of death is same. In case of natural death, this is no issue as life insurance is a family matter and investment decision only. But when somebody is trampled over by a vehicle, why should compensation be different and based on financial status of decease? why should compensation not be uniform and fixed by law.

For drug trial deaths, the compensation is merely Rs. 2.2 lakh. How far this is reasonable.

http://economictimes.indiatimes.com/news/politics/nation/drug-trial-deaths-value-of-life-only-rs-2-2-lakh-in-india/articleshow/16297696.cms

G. K. Ajmani Tax consultant
http://gkajmani-mystraythoughts.blogspot.com/

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    When some lives are compensated either by government or insurances by some lakhs, I often think 'is human life worth some lakhs only'.
    Meera sandhu
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    It is just the policy of the insurance company and the govt.They all looks for the benefit of the company.It does not matter to them whether one's life value is just one lakh rupees.
    Sharmistha Banerjee
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    Whatever the value, this should be same for all when cause of death is same. If a car crushes somebody to death, the compensation must be same irrespective of financial status of the victim. If financial status is considered, this should be of the offender and not the victim.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    I like the main theme of the post. Government and private insurance companies should definately do something regarding this matter. If we have equality before law, we should also have equality of compensation to be paid for the deceased.
    Thank you said by: Gulshan Kumar Ajmani
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    Life is very important.Life is full of achievement.Lie is not so simple to go on with it.We have to fight to reach our target.
    Sharmistha Banerjee
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    The evaluation is very useful for our family members when they lost us. The money given by insurance companies is very useful for surviving their lifes.
    http://rebacca-vethathiri.blogspot.in/
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    It is not rational to link these two kinds of deaths in deciding the quantum of compensation. For persons dying of natural causes, the value of their lives would naturally depend on how much worth they placed upon their lives in terms of insurance policies irrespective of their social or financial status. In the case of unnatural ones, I would rather advocate a method which fairly ensures a quantum which enables the surviving members to live and lead as perfectly a normal life in the absence of the deceased. To illustrate my point, the need of a victim who was a bachelor and leaving none would be vastly different from the person who left two unemployed and one marriageable daughter!!
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    Life is very precious.And just when any accident occur Govt give a compensation of 3 lakhs or 4 lakhs to the people who died.So this the amount for the life.
    Sharmistha Banerjee
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    Whatever the value, this should be same for all when cause of death is same. If a car crushes somebody to death, the compensation must be same irrespective of financial status of the victim. If financial status is considered, this should be of the offender and not the victim.


    I disagree when someone dies of a natural death his/her family members are mentally prepared and may arrange something financially to survive in future but when someone dies of a sudden death his/her family members may not be in a good condition so they may need some financial support in the starting. :blink:
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    Friends one more factor lies behind the evaluation of value of a person's life. If the person is the only source of income of the family and whole family is dependent on him, no government or insurance company can estimate the value of his life. It is the family members who knows the value. It is more than the compensation paid to them. Reason behind death comes after this.
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