A perfect gift for your family this festive season2 min read . Updated: 14 Nov 2020, 06:11 AM IST
- This year has made each one of us more conscious about our lives, health and future
- We have realized that it is important to secure both, life and money, and adequately save for eventualities
By Anil Kumar Singh
Festivities like Diwali, Guru Nanak Jayanti and Christmas are around the corner and each one of us have various things to look forward to. Even if it isn’t the usual one this year, each of us are trying to make it memorable in our own ways. We all want to make our loved ones feel special and show that we care. While everyone is looking for the perfect gift, it is time to opt for a gift which can benefit your family for a longer term and protect their dreams and goals.
This year has made each one of us more conscious about our lives, health and future. We have realized that it is important to secure both, life and money, and adequately save for eventualities.
Festivities mark happiness, hope and promise new beginnings, therefore what better gift to give your family than to assure and secure their future with a life insurance plan. Besides creating corpus for their future dreams and goals, it will bring in financial discipline.
Here is how you can plan the perfect gift:
Guarantee fulfillment of your family’s financial goals: Dreams differ from person to person and fulfillment of such long-term goals require certain financial support. Opting for life insurance plans which offer tax-free guaranteed returns can be a suitable gift to secure your loved ones’ goals. Therefore, identify the goal you would like to secure, the time frame when you would need the money, the amount one would require and further opt for a suitable plan. Such plans offer assured returns ensuring you fulfil goals as desired.
Gift your child the perfect education: Kids top the gifting list during festivities. This year look at securing your child’s growing needs and bright future. A child plan offers tax-free assured returns with a protection cover and helps to secure two important milestones – education and marriage. It provides required cash flow for fulfilling child’s future goals. Moreover, such plans have an in-built waiver of premium feature which ensures the plan continues even in your unfortunate absence, ensuring that the plans do not derail.
A worry-free retirement for your spouse: This year ensure your spouse that your lifestyle will continue even after you retire. Evaluate your current income, risk tolerance, lifestyle, year of retirement, understand your basic expenses post retirement, taking inflation into account, health and recreation costs and opt for the ideal retirement policy. Such plans will offer regular source of income and build a substantial corpus to live a worry- free retirement life.
Secure your family against any financial uncertainty: It is prudent to opt for an income replacement plan, guarding your loved ones against any financial uncertainty in case something happens to you. Term plan is the simplest form of life insurance that provides maximum financial coverage for the premium paid, assuring loved ones always stay happy and secured financially. It is a must for any earning individual with financial responsibilities.
Grow your money and create wealth: Every individual requires to grow their hard-earned money. ULIPs offers the benefit to save for the future and create wealth. Opt for an adequate plan which best suits your financial requirement and secure your future.
So, this festive season gift your loved ones complete protection, stability to achieve financial goals and peace of mind as you secure their dreams not only today, but forever.
(The author is Chief Actuarial Officer, Aditya Birla Sun Life Insurance. Views as expressed are his own.)