2 DEC 2016
How can insurance provide a secure future
Is this question relevant to you? After all, if God forbid, you were to meet with an untimely demise, that's the end of your story, isn't it? Not exactly. During your lifetime, you must have generated some assets and liabilities. If your assets are not enough to meet your liabilities, you need life insurance so that your loved ones can live their life with dignity. How? Let's understand with an example
Let's assume you are in your late 30's and live with your ageing mother, home maker spouse and a son who is aged 10 years. You have a house for which you have taken a loan and are paying an EMI of Rs.10000/- per month. This EMI would have to be paid to you for a minimum of another 20 years. You have a car on which you are paying a car loan EMI of Rs.5000/- per month. This will go on for another 3 years. You also have your children's school fees to pay as well as your mother's medical expenses to take care of. Your earning per month is Rs.50000/- which is the only income that the household gets apart from the meagre pension of Rs.5000/- that your mother earns.
An untimely demise
Now, if in this scenario, you were to meet with an untimely demise. Your family will be burdened with the grief of losing a loved one as well as with the burden of looking after the expenses. Considering your income and expenditure statement that can be drawn from the above information, you may not leave behind a lot of savings to take care of the recurring liabilities every month. Since your spouse was a home maker, it'll be some time before she gets a job. Even then, her income may not be sufficient to meet the family expenses. With this being the case, how will your family take care of the financial expenses every month?
A term plan
If you would've bought a term plan, in the event of your untimely demise, your family would've got the security of a fixed amount by which it can meet it's expenses and live with dignity. With a term plan like Edelweiss Tokio Life – Total Secure+, you can keep your family protected against your untimely demise. A term plan will give your family a fixed sum of money in the event of your untimely demise in the future. SO, for instance, if you buy a tern plan of Rs., 50 lacs as the Sum Assured, your family will get the said amount if you pass away any time during the policy period.
So, buy a term plan and provide a secured future to your loved ones.
22 JAN. 2018
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