Life Insurance - Know these benefits of a life insurance savings plan to brighten your financial future this Diwali

While there are many financial instruments to choose from, life insurance plans provide flexible and personalized offerings which allow one to curate a plan providing protection and guaranteed savings.

As we steadily shed away the pandemic blues, it’s time for us to welcome the brightness into our lives with the season’s festivities. Diwali is the time to usher in prosperity and ‘bring in new things. Many of us plan to either purchase or renovate a house, buy a new car, get gifts for loved ones, buy electronic goods, or go on a family vacation during Diwali.

If we reminisce about our childhood days, many of us used to also purchase a ‘gullack’ or piggy bank and start saving money on this auspicious day. Savings has been an integral part of our culture. And this Diwali, why not take a step towards securing our financial goals to ensure that we celebrate all our desired milestones with equal pomp and glory. Celebrations can be enjoyed most if you and your family are in the pink of health and wealth.

Individuals have different needs and requirements when it comes to protecting self and family. Mapping your financial milestones and a roadmap to achieve the same becomes essential in light of unforeseen situations. While there are many financial instruments one can choose from, life insurance plans, today, provide flexible and hyper-personalized offerings which allows one to curate a plan providing protection and guaranteed savings.

Curate what works best for you: Many life insurance plans offer the flexibility to choose from several benefit options such as short to long-term income and up-to whole life income (until 100 years of age) catering to your respective life stages. For example, if you want to save money for retirement then you may want to opt for a long-term income option. Evaluate your needs as per your life’s different stages and select an option that would most align with your financial goals. This will allow you greater flexibility to choose a policy tenure and premium payment term, while ensuring that you achieve your set goal sans any disruptive life event.

Make sure that your returns are assured: Customize your life insurance plan to fill in your ‘gullack’ to stay invested for long-term. The financial strain caused by the pandemic on individuals and families has sowed the thought of having a secondary source of income or additional savings to tackle the monetary burden. A life insurance plan offering assured savings will deliver a steady flow of pay throughout your selected benefit payout tenure. Such offerings in the life insurance plan will iron the crease of any financial insecurities without impacting your lifestyle standards.

For additional benefits, stay invested: Apart from a steady stream of income, certain life insurance plans also offer accrued loyalty payouts. These payouts are given on maturity provided you have paid the premiums on time. Some plans also offer accrued loyalty payouts on sum assured in case of policyholder’s life loss.

Evaluate if you are adequately insured: Planning and understanding your financial needs in advance will help you interpret your risks and requirements better. Opt for a sum assured which will adequately fulfil your future financial needs. You can also enhance your coverage with various riders such as surgical care, hospital care, critical illness rider, waiver of premium rider etc. Such riders will allow you to personalize your plans and offer comprehensive coverage.

So, this Diwali, identify your current and future financial goals, and make a smart choice. Start early savings and enjoy the benefits provided by new-age life insurance plans designed to suit your new-age financial needs.

Source : Financial Express back