Know These Benefits Of A Life Savings Plan To Brighten Your Financial Future This Diwali
By Anil Kumar Singh
As we gradually shake off the pandemic blues, it is time for us to welcome the brightness into our lives with the festivities of the season. Diwali is the time to usher in prosperity and to “bring in new” things. Many of us plan to buy or renovate a home, buy a new car, give gifts to loved ones, buy electronics, or go on a family vacation during Diwali.
If we remember our childhood days, many of us would also buy a “gullack” or piggy bank and start saving money on that auspicious day. Saving is an integral part of our culture. And this Diwali, why not take a step toward securing our financial goals to ensure that we celebrate all of our desired milestones with the same pomp and glory. Celebrations can be enjoyed the most if you and your family are in the pink of health and wealth.
Individuals have different needs and demands when it comes to protecting themselves and their families. Mapping your financial milestones and a roadmap for getting there becomes essential in light of unforeseen situations. While there are many financial instruments to choose from, life insurance plans today offer flexible and hyper-personalized offers that allow you to create a plan that offers guaranteed protection and savings.
Choose what is best for you: Many life insurance plans offer the flexibility to choose from several benefit options, such as short and long term income and up to all of the income. life (up to 100 years) depending on your respective life stages. For example, if you want to save money for retirement, you can go for a long-term income option. Assess your needs at different stages of your life and select an option that best matches your financial goals. This will allow you greater flexibility in choosing a contract term and premium payment term, while ensuring you achieve your goal without any life disruptive events.
Make sure your returns are assured: customize your life insurance plan to fill your “gullack” to stay invested for the long term. The financial pressure caused by the pandemic on individuals and families seeded the idea of having a secondary source of income or additional savings to meet the monetary burden. A life insurance plan with assured savings will provide a steady stream of earnings throughout the chosen benefit payment term. Such offers in the life insurance plan will reduce the crease of any financial insecurity without affecting your lifestyle standards.
For added benefits, stay invested: Besides a steady stream of income, some life insurance plans also offer accrued loyalty bonuses. These payments are made at maturity provided you have paid the premiums on time. Some plans also offer loyalty payments accrued on the sum insured in the event of loss of life of the insured.
Assess whether you are sufficiently insured: Planning and understanding your financial needs in advance will help you better interpret your risks and requirements. Choose an insured sum that will adequately meet your future financial needs. You can also improve your coverage with various riders such as surgical care, hospital care, critical illness rider, waiver of premium rider, etc. These riders will allow you to customize your plans and offer comprehensive coverage.
So, this Diwali, identify your current and future financial goals, and make a smart choice. Start saving early and take advantage of new age life insurance plans designed to meet your new age financial needs.
(The author is Chief Actuarial Officer, Aditya Birla Sun Life Insurance)