Diwali is also the time for gifting and so people buy different types of gifts for their loved ones. However, this Diwali, what about giving your family long-lasting happiness in the form of financial security?
Life insurance and Diwali
Life insurance plans can go a long way in securing the financial future of your loved ones. It can give them financial security in your absence and ensure they lead a comfortable life. That is why buying a life insurance policy this Diwali can be a suitable gift that you can give your loved ones.
How does life insurance secures the lives of your loved ones financially?
Wondering how life insurance secures the lives of your loved ones financially? Here are some ways –
1. Term insurance and financial security
When talking about financial security, the first thing that may jump to mind is a term insurance policy. The plan covers the risk of premature death, at affordable premiums. Thus, if you are the breadwinner for your family, you can insure your life under a term plan. The affordable premiums allow you to opt for an adequate sum assured so that your family’s financial needs are optimally met. You can use the life insurance calculator to find the optimal coverage level and opt for it.
After you buy a term insurance policy, you can give financial security to your family. In the event of your untimely passing, your family would get the sum assured provided all due premiums are paid. This benefit would help them meet their financial loss and live a comfortable life.
Wouldn’t you want that?
2. Child plans for your child’s future
This is for parents who dream of providing the bright financial future for their children. Have you ever wondered how your child’s future would look like if you are not around? While you might toil day in and day out and save for your child’s future, the savings would be affected in case of your premature demise. That is why you need to make a corpus that remains unaffected even when you are not around. Child insurance plan is an investment cum insurance plan from life insurance companies, which offers financial safety to your child’s dreams and goals and provides a safety cushion to the corpus in case of your untimely demise.
3. Saving plans for your financial goals
Your family might have different financial goals, like buying a house or a car, going for an international vacation, saving for buying a home appliance and the like. While you might save for these goals, an untimely demise might throw a spoke in your savings wheel. That is why you can consider savings plans, like endowment, and money back, to create a secured corpus for your goals. While these plans would allow you to save up over the life insurance policy tenure, they also cover a death benefit in the case of unfortunate emergencies.
So, with savings-oriented life insurance plans, you can save for your and your family’s financial goals and ensure that the goals are fulfilled whether you are around or not.
4. Health plans for medical emergencies
Lastly, you cannot avoid medical emergencies springing up when you least expect them to. These emergencies can wipe out your savings given the expensive medical treatments in current times. You, thus, need a health insurance policy to cover your medical expenses and give you financial assistance in times of uncertainty. The Critical illness plans/riders offered by life insurance companies give you a lump sum benefit on diagnosis of critical illnesses and help you deal with the financial implications. What’s more, they also earn you a tax benefit under Section 80D1 of the Income Tax Act, 1961 subject to provisions stated therein.
With a critical illness plan in place, you can afford the required treatments for you and your loved ones should an emergency arise.
With the different types of life insurance plans and their different features, you can give your loved ones the financial protection that they deserve. Whether it is providing financial security, creating a corpus for your child’s future, saving for your financial goals or meeting the financial demands of a medical emergency, life insurance plans come to your rescue.
So, this Diwali, make your celebrations more meaningful. Consider investing in different types of life insurance plans and give financial security to your family. Choose from the different insurance policies depending on your needs. Use the life insurance calculator to get adequate coverage and build up an insurance portfolio that caters to every need and every goal.
Source
1https://cleartax.in/s/medical-insurance
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