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
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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!!
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:
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.
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.
Nobody may compensate the sentimental values in even of death. But government can compensate only in cash. As regards normal death for which life insurance policy is taken, an individual himself evaluate himself and pays premium accordingly.
But the issue is only about accidental deaths in train accident/ road mishaps where compensation is decided by government. .Compensation should be uniformly fixed for death in similar cases. There is no point in paying poor less and the rich more when cause of death is same.
Topic Author
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Gulshan Kumar Ajmani
@gkajmani
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Created
Saturday, 08 September 2012 06:56
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Tuesday, 30 November -0001 00:00
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