The holiday that honours the pinnacle of their love, Raksha Bandhan, causes every brother and sister to have a glint in their eye. Raksha Bandhan is one auspicious day when brothers shower sisters with love and affection, despite the fact that sisters always complain about how their brothers bother and taunt them during the year.
We are all familiar with the lovely custom of sisters tying a Rakhi—a thread of love—on their brother's wrist to deepen their link and for their brother to keep them safe and protected. Are you confident that your sister or brother is adequately shielded from the risks of everyday life, though, in the real world?
To achieve this, you must fulfil your duty to mentor your siblings through whatever obstacles they may encounter along the way of life. So why not think about giving your brother or sister a present that ensures their financial independence for the rest of their lives. What could be a more appropriate gift than "Term Insurance or Protection Plan" given that the festival is about protection?
When your sister needs financial independence the most, insurance plans may assist. An investment plan, such as term insurance endowment or a unit-linked insurance plan (ULIP), can make the suitable gift for this situation. If you have a married sister, you may consider gifting a term insurance plan in her name to financially protect her dependents if and when any untoward incident happens.
Buy a Term Cover - Secure Her Financial Future
You may consider getting a life insurance policy for your sister to provide financial security and stability. You can provide your dear sister with financial security and safety this Raksha Bandhan by purchasing a term insurance plan for her and making premium payments on her behalf.
Make sure you purchase her an insurance policy that is enough to meet her future requirements. If she has children, the term plan will make sure that your sister's absence won't interfere with your nephews' or nieces' ambitions for a college education and their other life goals.
Similar to that, you can promise to take care of your brother financially as a sister by consider picking up a term insurance policy for him. The Bajaj Allianz Life Term Plans can be suitable option for you if you're seeking a term plan that provides complete protection.
Invest in Unit Linked Insurance Plan - Help Her Plan for Her Financial Goals
A Unit-linked Insurance Plan is yet another excellent present idea for your sibling. This comprehensive plan fulfils the dual functions of being both insurance and an investment vehicle. For long-term objectives like higher education, marriage, home or car purchase, etc., ULIP is one of the preferred goal-oriented investments.
The important aspect is that ULIPs provide you the freedom to switch funds based on market conditions while still allowing you to invest in a variety of market-linked funds based on your risk tolerance.. However, you might be able to use it to help your sibling achieve his or her medium- to long-term goals by amassing a corpus.
In conclusion, be sure that the insurance policy you purchase suits the unique requirements of your sister or brother. How much you should invest will depend on your financial situation, the plan's tenure, the type of coverage, your risk tolerance, your ambitions, and your timelines. Purchase the appropriate protection plan for this Raksha Bandhan so that you and your sibling can share the "mithai" of financial security and know that you are connected by the bond of eternal protection.