• 6 JUL 2016

    Importance of your income

    Rajesh was successfully working in an MNC when tragedy struck in the form of a liver infection. The infection had spread so much that he had to be regularly hospitalised for his condition and a lot of his time and money went into the treatment.

    He was advised to take complete bed rest for a year and hence, he had to quit his job because a sabbatical leave for a year-long was not supported by his company. He finally succumbed to the illness after battling with it for a couple of years. He could not leave behind anything for his wife and two school-going children to survive on.

    The importance of income

    Although, it may sound very materialistic, but the breadwinner’s income is very important for the survival of the family. This is particularly true if the family feeds off a single income. The importance of income can never be over-emphasized and is accentuated when the income ceases to flow in due to illness or death of the breadwinner. Life is predictably unpredictable and you can never be sure when tragedy might strike your family.

    What if the flow of income is interrupted or disrupted?

    If you are the breadwinner of your family, your income is the steering wheel that keeps the family vehicle in motion. Just imagine if something untoward happens to you, how will the family cope with life? If the flow of income is interrupted or disrupted, it will throw life totally out of gear. In the absence of your income, who will take care of the home EMI's? How will your children's education go on uninterrupted? Your family's dreams, their present and their future will all be in disarray. Even if you have an earning spouse the entire family’s lifestyle will have to undergo a change. Your kids will have to make sacrifices and compromise on their lifestyle and aspirations.

    Whatever happens to you, should it throw the family's life into disarray?

    As the head of the family, would you like this to happen? Whatever happens to you, should it throw the family's life into disarray? Have you made adequate arrangements to ensure that there is income insurance for your family? Make arrangements today for your income replacement insurance. How? By opting for term life insurance and critical illness cover.

    Term life insurance

    Term life insurance is a pure and traditional insurance policy that gives your family a fixed amount in the event of your unfortunate demise during the policy term. For instance, if you take a term plan with a Sum Assured of Rs.1 crore for a term of 30 years and God forbid if you meet with an untimely demise during this tenure, your family will receive this amount as a lumpsum or regular monthly income, as the option selected by you.

    Critical illness cover

    Critical illness cover is a type of life insurance that keeps you insured against the financial ramifications of occurrence of a critical illness. A critical illness like a cardiac arrest can demand that you time off from work, thus affecting your income earning capacity. By buying critical illness cover, you ensure that even if your income gets disrupted owing to a pre-specified critical illness, you have something to fall back on. So, for instance, if you buy a critical illness cover of Rs.25 lakhs for a policy term of 20 years, you will receive the lumpsum amount in case you are diagnosed with an illness that is already specified in the policy document anytime during the policy term. So the payout is done on diagnosis and one doesn’t have to submit hospitalisation bills. There are plans which also provide a multiclaim option where the policyholder can claim thrice.

    You can opt for a term plan and a critical illness plan

    The above two types of plans will ensure that in case anything untoward like death or a critical illness occurs to you, your family will still be able to meet their household expenses, children's education will continue uninterrupted, there will be food on the table, clothing in the closet, vehicle in the parking lot and a roof above their head.

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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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