• 14 OCT 2016

    Choose life insurance plans as per your needs

    'Horses for courses' is an old saying. It means you have to decide on a solution based on the nature of the problem. This is the most appropriate when it comes to buying insurance. Often, people buy insurance at the behest of their well-meaning friends or relatives. They never take time to look into the small things and find out if the plan that they are thinking of purchasing suits their needs.

    Review your needs

    Every person's needs are different and they have to be addressed differently. Here are some scenarios which will help you to review your needs and identify the kind of insurance plan that you would do well to buy:

    • If you are in the 20-25 age group, chances are that you would be in your first job and just have started earning. Your needs are limited and so is your income. You are trying to find a foothold in your chosen profession. Take a term plan. It'll come cheaper than ULIPs and will inculcate the habit of saving in you.
    • If you are just married with a working spouse, a lot of your time will be spent in planning the finances as you'd soon like to have a house, a car etc. A lot of time would also be spent travelling for short holiday trips etc. Buy medical insurance cover, ideally with accident reimbursement provisions to safeguard yourself against any unforeseen event that may burden your finances.
    • If you are deciding to start a family, do buy a critical illness plan that will provide you with cover against loss of income in case you fall critically ill and have to take time off from your occupation for recovery. This is particularly true if your wife wants to take time off for her pregnancy because in that case, in the event of you falling ill, the loss of income could be debilitating.
    • Close to 40 should be the time for you to invest in a pension plan as this is the time for you to start planning for your retirement.
    • If you've children in the primary grades, you would do well to look for an education expenses plan that will help you to plan for the higher education of your children.

    For each stage in life, the need will be different and hence the plan that you would like to invest in would also be different. Plan your purchase after analysing your needs thoroughly.

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  • 13 OCT. 2017

    Get a Comprehensive Life Insurance Plan for Your Family this Diwali

    While tangible gifts form an important part of the rituals between parents and children for the festive season, some intangible gifts hold a deeper value.

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