Gifts are awesome and all of us love receiving gifts irrespective of our age and stage. But when it comes to our near and dear ones, we want to make them happy and see them happy. While most of the auspicious occasions are meant to celebrate something, the focus is also on relationships. And what can be better than finding that priceless gift that will bring a precious smile to their face that you would not want to exchange for anything else?
You have a choice of gifts that can be a momentary joy. But how about illuminating our loved ones’ lives in a more meaningful way? Ever wondered about gifting your loved one’s financial security for a lifetime? There would be hardly any other better way to achieve this for a long-term goal than with life insurance.
While all of us look for certainties in life, most of us don’t do anything actively towards them. The first step in this direction is to know your goals look for the right financial products that can help you achieve them. Interestingly, these goals evolve as we go through the life cycle and picking the right financial products at these stages can help you lead a life free of worries. In other words, you work hard to earn money to meet your goals. With the right choice of financial products, you make your money work hard and help you reach your goals with certainty.
One of the most powerful tools to achieve this at each life stage is to choose the right life insurance product. Investing in life insurance thus becomes an irreplaceable part of your future planning. It brings with it a plethora of benefits during and after your lifetime and guarantees the certainties of your loved ones.
A Protective Shield for Your Family
While we do everything to achieve life goals through various financial and investments products, we also need to protect their financial well-being through unexpected and uncertain life events. Though the loss of a loved one cannot be compensated with any material thing in life, we must ensure, it does not put them in financial hardship. This is one of the strongest motives to buy life insurance and no other financial product can help you achieve this. It provides peace of mind that your family will have financial protection to sail through difficult times and maintain their standard of living without worrying about the lost income.
While this matters a lot if you have a family and dependents including children, life insurance proves to be equally important if you are single. If you have a partner, you split expenses with, they might not have the funds to cover complete living expenses. Even if you are a stay-at-home parent, the value you provide through your work at home is crucial.
Meet Unanticipated Expenses
Sometimes, some unexpected expenses may come knocking at our doors. These can be medical expenses or other general household-related bills. The life survival or maturity benefits may come in handy for your family and help manage these events/situations.
Leave an Inheritance
While we all plan to make sure we have enough to take care of ourselves and our close ones, it is natural to have a feeling that we want to leave a legacy behind for the next generation. Life Insurance products can help us achieve this goal through systematic planning. What's more, with the right choice of product, one can achieve this with a fixed sum assured with a possibility of upside. This can be an effective wealth management tool you can use.
Achieve Long Term Financial Goals
Multiple life insurance products provide diverse investment options that not only allow you to safeguard your family's future, but also receive investment-linked growth and dividends. If you are in your 20s, you might experience steeper salary hikes and promotions. At the same time, you may even start adding more life goals to your list. The sooner you invest in these goals, the more time you have, to compound this money and create substantial wealth. After all, compounding has more power than one can imagine.
Meet Family-Oriented Life Goals
Family-oriented milestones are typically buying your first house, saving for a vacation, or even purchasing a high-end gadget. If you have children, your goals will also be centered on big-ticket expenses such as meeting your children's education costs or even for their wedding. An appropriate life insurance product can help you achieve these goals effectively, especially longer-term goals.
Enjoy Tax-Free Benefits
Life insurance, being a financial planning tool, enjoys tax breaks, and rightly so. Right from the point, you pay your insurance premiums (Section 80C) to receive maturity/survival or other benefits (10(10D), there are income tax benefits. For more savvy customers, choosing Unit Linked products can get their benefits in long-term capital gains in the form of tax-free fund switches and active management of their portfolios.
Retirement Planning and Building Right Corpus
All of us plan for our retirement assuming basic factors like inflation and interest-earning potential. It is all well as long as these come true. However, the world has seen these trends changing over time and our assumptions can go awry. The last thing that anyone would want is to feel the crunch at the later stage of life. A good pension and immediate annuity product can help you build that corpus and then deploy it to support you effectively through those golden years.
So, Light A Lamp of Happiness This Season
It is a myth that life insurance is just for the wealthy. You can invest in life insurance irrespective of your income level and family size. If you haven’t already considered investing in it, the festive season might be the perfect time to start investing in your family's future.
In fact, with the explosion of the internet and technology, it has also become easy to conduct extensive online research to choose the one that fits your needs. Opt for insurance advisory services to choose a customized plan that best meets your needs. The insurance plan will affect your family and their lives so ensure you make a wise financial decision that helps them live the life they deserve.
The author, Kedar Patki, is Chief Financial Officer, at IndiaFirst Life Insurance Company Limited. The views expressed are personal
You have a choice of gifts that can be a momentary joy. But how about illuminating our loved ones’ lives in a more meaningful way? Ever wondered about gifting your loved one’s financial security for a lifetime? There would be hardly any other better way to achieve this for a long-term goal than with life insurance.
While all of us look for certainties in life, most of us don’t do anything actively towards them. The first step in this direction is to know your goals look for the right financial products that can help you achieve them. Interestingly, these goals evolve as we go through the life cycle and picking the right financial products at these stages can help you lead a life free of worries. In other words, you work hard to earn money to meet your goals. With the right choice of financial products, you make your money work hard and help you reach your goals with certainty.
One of the most powerful tools to achieve this at each life stage is to choose the right life insurance product. Investing in life insurance thus becomes an irreplaceable part of your future planning. It brings with it a plethora of benefits during and after your lifetime and guarantees the certainties of your loved ones.
A Protective Shield for Your Family
While we do everything to achieve life goals through various financial and investments products, we also need to protect their financial well-being through unexpected and uncertain life events. Though the loss of a loved one cannot be compensated with any material thing in life, we must ensure, it does not put them in financial hardship. This is one of the strongest motives to buy life insurance and no other financial product can help you achieve this. It provides peace of mind that your family will have financial protection to sail through difficult times and maintain their standard of living without worrying about the lost income.
While this matters a lot if you have a family and dependents including children, life insurance proves to be equally important if you are single. If you have a partner, you split expenses with, they might not have the funds to cover complete living expenses. Even if you are a stay-at-home parent, the value you provide through your work at home is crucial.
Meet Unanticipated Expenses
Sometimes, some unexpected expenses may come knocking at our doors. These can be medical expenses or other general household-related bills. The life survival or maturity benefits may come in handy for your family and help manage these events/situations.
Leave an Inheritance
While we all plan to make sure we have enough to take care of ourselves and our close ones, it is natural to have a feeling that we want to leave a legacy behind for the next generation. Life Insurance products can help us achieve this goal through systematic planning. What's more, with the right choice of product, one can achieve this with a fixed sum assured with a possibility of upside. This can be an effective wealth management tool you can use.
Achieve Long Term Financial Goals
Multiple life insurance products provide diverse investment options that not only allow you to safeguard your family's future, but also receive investment-linked growth and dividends. If you are in your 20s, you might experience steeper salary hikes and promotions. At the same time, you may even start adding more life goals to your list. The sooner you invest in these goals, the more time you have, to compound this money and create substantial wealth. After all, compounding has more power than one can imagine.
Meet Family-Oriented Life Goals
Family-oriented milestones are typically buying your first house, saving for a vacation, or even purchasing a high-end gadget. If you have children, your goals will also be centered on big-ticket expenses such as meeting your children's education costs or even for their wedding. An appropriate life insurance product can help you achieve these goals effectively, especially longer-term goals.
Enjoy Tax-Free Benefits
Life insurance, being a financial planning tool, enjoys tax breaks, and rightly so. Right from the point, you pay your insurance premiums (Section 80C) to receive maturity/survival or other benefits (10(10D), there are income tax benefits. For more savvy customers, choosing Unit Linked products can get their benefits in long-term capital gains in the form of tax-free fund switches and active management of their portfolios.
Retirement Planning and Building Right Corpus
All of us plan for our retirement assuming basic factors like inflation and interest-earning potential. It is all well as long as these come true. However, the world has seen these trends changing over time and our assumptions can go awry. The last thing that anyone would want is to feel the crunch at the later stage of life. A good pension and immediate annuity product can help you build that corpus and then deploy it to support you effectively through those golden years.
So, Light A Lamp of Happiness This Season
It is a myth that life insurance is just for the wealthy. You can invest in life insurance irrespective of your income level and family size. If you haven’t already considered investing in it, the festive season might be the perfect time to start investing in your family's future.
In fact, with the explosion of the internet and technology, it has also become easy to conduct extensive online research to choose the one that fits your needs. Opt for insurance advisory services to choose a customized plan that best meets your needs. The insurance plan will affect your family and their lives so ensure you make a wise financial decision that helps them live the life they deserve.
The author, Kedar Patki, is Chief Financial Officer, at IndiaFirst Life Insurance Company Limited. The views expressed are personal
First Published: Nov 9, 2021 4:26 PM IST
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