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Business News/ Insurance / Your Questions Answered: Is there an insurance plan to preserve family savings amidst inflation?
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Your Questions Answered: Is there an insurance plan to preserve family savings amidst inflation?

Planning for family's financial security with consideration for inflation is crucial. Explore innovative savings products from insurance companies that offer dual protection net and increasing income to secure your family's future.

Secure your family's financial future by selecting a savings plan that adapts to rising expenses and offers life coverage along with increasing income. Premium
Secure your family's financial future by selecting a savings plan that adapts to rising expenses and offers life coverage along with increasing income.

Q. I am a 37-year-old professor at a private college, and I want to ensure my family's financial security in case something happens to me. My daughter dreams of becoming a doctor that requires a substantial amount of money. I am diligent and considerate about my savings. However, as an academic, I am aware that inflation can affect my household expenses and impact my future financial planning as well. Is there a plan available that can effectively cover my family and protect our savings from the effects of inflation?

Your question reflects a thoughtful approach to planning for your family’s financial security, considering essential factors like inflation to achieve life goals. It's crucial to account for rising expenses when selecting the right financial tools for savings and investments.

Today, insurance companies are constantly adapting and innovating to meet evolving customer needs, tailored to individual financial goals. There’s an ace savings product available in the market that can ensure you a regular income that increases every year. It also provides a dual protection net, offering life coverage to ensure your family's financial security in the unfortunate circumstance of your demise, along with the benefit of protecting your future income. 

This plan offers a wide range of value-packed features and gives you the power of choice to decide your income amount and choose your income at the start year. You also have the opportunity to participate in the company’s profit and draw bonuses, if declared.

With such a plan, the immediate income will assist your daughter with her education expenses, establishing a strong foundation. The future income will further support her higher education expenses, including graduation and post-graduation, making it possible for her to pursue specialisations like medicine. Additionally, the plan offers tax benefits, optimising your tax liabilities and maximising savings and investments for the benefit of your family.

In today's dynamic economic environment, where inflation is a constant concern, selecting plans that safeguard against inflation while providing flexibility and control over financial assets is paramount.

Amit Jaiswal, Chief BALIC Direct Officer, Bajaj Allianz Life

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Published: 15 Apr 2024, 05:30 PM IST
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