While tangible gifts form an important part of the rituals between loved ones for the festive season, some intangible gifts hold a deeper value. Do you always think that why you need to spend on something that’s momentary? Rather, you would like to be thoughtful and choose something that adds value to your family’s savings. A life insurance policy is a valuable gift that will protect the interests of your family in the long run.
What’s more, the premium for some insurance policies can go as low as less than ₹100 a month while providing a cover worth several lakhs. This attractive cost is a good motivation for you to start investing in a life insurance policy for your family this Diwali.
Let’s look at reasons why a comprehensive life insurance plan serves as a wonderful Diwali Gift.
● It gives an Opportunity for Savings!
As a responsible family member, you would certainly like to add to the family savings. The life insurance policy acts as a two-way motivation for savings. The first way is the direct means of savings via tax benefits. The insurance premium amount is not taxed as per government regulations under the income tax laws Section 80D.
Apart from direct financial benefits, you can easily inculcate a habit of paying recurring deposit amounts as a premium for your life insurance. Most modern-day life insurance policies with return of premium benefit supports a money back policy that gives back the entire sum of premium after the end of the policy period, with a good amount of interest.
● It inculcates Financial Discipline
Modern-day banking systems also allow the convenient automatic deduction of premium amounts from your bank account for life insurance premiums. If you have a growing son whom you wish to teach the value of financial discipline, you can simply pay the initial five premiums and have him pay for the rest, so that he can understand the value of having funds for premium deduction. The life insurance coverage allows you to reap the benefits of a wholesome package at a small addition to the premium fees. You can pay for such additions from time to time as you feel the need to.
● It aids in Post Retirement Planning
While your dad has been toiling the entire life to make ends meet for the family, it is time to plan for his retirement financial support, if you’ve already started earning. Even if you are planning to live a stressful life post retirement, a life insurance plan is a must-have! Some life insurance plans also support a pension plan programme that helps you reap the returns of the policy after you attain a target age of retirement. Under such circumstances, you can withdraw a small amount during your retirement every month to help you cover the necessary costs. Post-retirement pension plans can help you go on your dream vacation during your retirement years.
Festivals are a time to secure your family. Go ahead and pick the right plan to help your family stay financially afloat after the sole breadwinner is no more. Edelweiss Tokio Life Zindagi Plus is one such life insurance plan that can help you safeguard the interests of your family even after your unexpected demise. This life insurance plan is amongst the most popular insurance plans since it offers you better half benefit option, no medical option customizable options as well as other benefits like waiver of premiums benefit and much more.
This Diwali, make a wise decision by determining your current and long-term financial objectives. Start early with your financial investments to benefit from modern life insurance plans created to meet your modern financial needs.
Siddhant Dubey - Writer & Photographer
Siddhant works as a freelance content writer who is interested in a wide range of spheres from photography and personal finance to cooking. He is also an aspiring photographer striving to showcase life around him through his vision.