Do You Have Your Plan B Ready?

Meet Riya’s friend Chandan, heading the IT division at his current organization. He is on a roll currently and is poised for promotions over the years so long as everything works out for him and his company.

He draws an attractive annual package, upwards of Rs 40 lakhs plus bonus. This makes him so confident about his finances that he hasn’t bothered to take any personal insurance in addition to the cover provided by his employer or set aside disciplined savings for the family. This is despite the fact that he has purchased a large property and availed a home loan for it.

What can go wrong for Chandan?

1. Chandan will scale up is career and nothing will go wrong. Now,that’s a big assumption because plenty of things could go wrong.


2. Chandan could be the victim of a power tussle within the company. This is not uncommon in the corporate world.


3. Chandan’s company could be taken over by another company. In a bid to lighten its top-heavy management it may let him go.


4. A younger, savvier upstart could be marked for the company’s senior position as the Board may feel that at 40 years, Chandan’s best days are behind him. He is anyway scheduled to retire at 58 years as per company policy.


5. Chandan could be down with a debilitating disease like a paralytic stroke or worse meet with an eventuality like a heart attack.

 

What is Chandan’s Plan B?

Chandan is drawing an enviable package at present. But there are concerns staring at him. Also, he has an outstanding home loan running into a couple of crores. His family is used to a particular lifestyle and to replicate it in the absence of his income should be his foremost priority.

Chandan needs a good backup plan. This involves taking a term plan that can provide for his family’s financial security in his absence. Term plans are relatively affordable and he can aim for a life cover that is worthy of his financial standing. Life is full of uncertainties. A seemingly strong position can be reversed in a very short period of time. Individuals can never rest on their past successes. They have to think ahead constantly about the challenges facing them. They must plan for these challenges so that in case of an eventuality, they and their families are well-placed to come out strong.

In the sport of life, playing a long innings is inadvertent. To ensure a worry free life, one must use protective gear to increase your chances of playing a longer, fulfilling innings.

Don’t let worry come knocking on your doors. Be prepared with Edelweiss Tokio Life – Zindagi Plus, a solution for you and your loved ones to be able to realize your dreams without any compromises, in case of an unforeseen event. It is a plan which has a top-up benefit to take care of the increasing expenses that can occur in the years to come. It also provides a better half benefit, under which a life cover will continue in your spouse’s name and you can also get critical illness cover by simply adding a rider. This ensures complete protection for you and your loved ones.