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Brighten Up Your Financial Future This Diwali With These Life Insurance Plan Benefits

By on November 3, 2021 0

Leaving the pandemic blues behind, let’s get ready to welcome the joy of festivals and the light they bring us. During the Festival of Lights, Diwali, we usher in fortune and “bring new” things. Some of us are planning to buy a house or renovate it, some may buy that dazzling new car, go on a family trip, buy gifts for loved ones, etc. If you remember from your childhood, do you remember owning a piggy bank to save money on Diwali?

Saving is an integral part of our culture. So, why not this Diwali take a step towards equipping and securing your financial goals in order to happily celebrate the stages of life. Celebrations can only be enjoyed if you are at your best with your wealth and health.

The protection needs and demands of the self and the family differ from one individual to another. Thus, it becomes important to map out your financial goals and a sequence for achieving them, keeping in mind uncertain times and situations.

With a number of financial tools to choose from, life insurance plans today offer guaranteed savings income and comprehensive protection that can be hyper-personalized to your monetary needs.

Identify what works best for you:

Life insurance plans provide the flexibility to choose from a number of benefit options, such as short term or long term income and up to lifetime income (up to 100 years) depending on of your stages of life. For example, if you want to save money for retirement, you can go for the long term income option. Evaluate your needs according to the different stages of your life and select an option in line with your financial journey. This will give you maximum flexibility in choosing a policy term and premium payment term, while ensuring you reach your goal without any disturbing life events.

Ensure your returns: Adapt your life insurance plan to fill your “piggy bank” and stay invested longer. The pandemic brought on by financial stress on individuals and families has spread the idea of ​​having a second source of income to cope with the financial burden. A life insurance plan offering guaranteed savings will provide a stable earnings stream throughout a selected benefit payment period. Such offers address all financial concerns without jeopardizing the lifestyle.

Staying invested for a long time has its advantages: In addition to the guaranteed income stream, some life insurance plans will offer accrued loyalty payouts. These payments can be obtained when due as long as you have paid the premiums on time. In the event of the loss of an insured’s life, some life insurance plans offer loyalty payments accrued on the sum insured if the insured has paid all premiums on time.
Estimate if you are sufficiently insured: If you plan and understand your needs in advance, it will help you better interpret your need and help you choose a sum insured that is suitable for your future financial needs. In life insurance plans, endorsements increase your coverage. Riders such as surgical care, hospital care, critical illness rider, premium waiver rider, etc. are available. This allows you to distinguish your plans and offer broad coverage.
This Diwali, make a smart choice by identifying your current and future financial goals. Start saving early to reap the benefits of new age life insurance plans designed to meet your new age financial needs.

The author, Anil Kumar Singh, is Chief Actuarial Officer at Aditya Birla Sun Life Insurance. Opinions expressed are personal

(Edited by : Anshul)

First publication: STI