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International Youth Day - The Importance of Life Insurance for Youth


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Aug 05, 2022

By : Bajaj Allianz Life

The twenties are a period of remarkable growth and maturation, sometimes known as adulting. You obtain a job, establish a business, move out, find a secure long-term relationship, or do none of these things. One thing is being overlooked in all of this commotion: handling your money like an expert. Sure, you'd be stockpiling your monthly money. Is it, however, sufficient? Are life insurance policies really necessary? In celebration of International Youth Day, which is held in August, here is the solution revealed- for the youth, millennials, those in their twenties, and the future of our country.

 

Why you, as the Youth, Need to Be Financially Literate

 

You are youthful, wild, and free in your twenties. Your entire life unfolds before you as a memorable, thrilling ride. However, as with any adventurous endeavour, you must be prepared for potential road bumps, delays, and catastrophes. For starters, people's sedentary lifestyles make them more prone to illness than ever before. Heart disease, neck difficulties, diabetes, among others, may attack millennials in their late twenties as a result of sitting hunched over laptops and ignoring their fitness.

You've only just begun your life, and to protect yourself financially from such probability, You can obtain a health care plan that covers catastrophic illnesses. Some of these policies cover both you and your spouse/family members. After ensuring your healthcare security, you can begin to envisage your life with the family you plan to have one day. You'll want your children to have a great future.. That's going to cost a lot of money. Are you going to fund it from paycheck? That is how primary and secondary education can function. But what about a higher education for a professional degree? You must consider developing a corpus as soon as possible. Child Education insurance policies will be your buddies in this situation.

Further, what if an unexpected event occurred and you were no longer able to care for your family? How do you intend to keep children safe after your death and compensate for the lost income? Term insurance and life insurance policies can benefit you in this situation. Your family will have a source of income as they adjust to your death and rebuild their lives. The same sum can be used to pay off EMIs, loans, and other financial stumbling blocks. The cherry on top of all these plans? The sooner you begin, the better. The premium amounts for young persons are lower than those outside of this age group.

Wrapping Up

 

It is critical to begin modestly. You must consider your income, costs, and the amount of premium you can afford to pay. To begin, you may consider getting a life insurance policy. Bajaj Allianz Life insurance provides lifelong protection for you and your spouse/family member. With the dangers of sedentary living looming over all of us, you might seek to invest in it.

There are two forms of life insurance to select from: term insurance and permanent life insurance. The first is just for a limited time and often does not deliver maturity advantages. However, the amount of premium paid is smaller. The permanent life insurance policy provides protection continuously upto the age of 99 years, depending on the policy terms and conditions and may provide maturity benefits at a higher premium.. Finally, you may start constructing your children's educational corpus. You may save money if you start doing this when your kid is young. This will help in protecting Your child's financial future.

Financial planning and knowledge are not rocket science. You don't have to know everything and accomplish it all in one day. So, what are you still waiting for? It's time to take control of your financial destiny and lead the financial literacy revolution in India.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

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