Life is punctuated with a series of memorable moments: your first day at the workplace, the day you get married, that moment when you hold your baby in your arms, the day when your child graduates, your retirement day…the list is endless. We need to be financially prepared at each phase to ensure that we can enjoy each of these special moments in life without much worry. To ensure you are prepared for all life stage requirements and ensure your family is well protected in case of unforeseen circumstances, one needs life insurance plans that help you your future well and also provide protection to your loved once.
Depending on the type of life insurance policy you choose, you can build a corpus for life’s important milestones such as children’s birth, education, marriage, plan for your post-retirement years. What also is of paramount importance is to secure your family’s financial future, should anything unfortunate were to happen. The earlier you factor in life insurance in your financial planning, the better it is. Here is how insurance can benefit you at every stage of life.
Unmarried young adults: You have just passed out of college and got yourself a dream job that promises you a fat pay cheque. This is the time you should not lose sight of your goals.You must judiciously plan your finances in such a way that apart from securing your present, you're covered for the future too. Life insurance lets you do just that. It acts as a safety net in times of crisis. Once you are married, it will help you secure the future of your spouse and kids. The biggest advantage of life insurance is that it is financially beneficial in the long run.
* The younger you are when you buy insurance, the more affordable your premium will be. Not to forget the tax benefits that you can avail through a life insurance policy.
Newly married: The very thought of sharing your life with a loved one is exciting and that's what makes marriage so special. It is only natural then that you would want to lead a secure and comfortable life with your spouse. In the wake of additional expenses and responsibilities that marriage brings along, it is necessary to make changes
to your financial plan.
A life insurance policy can go a long way in securing the financial future of your family. From providing regular returns during your lifetime to taking care of your family’s financial needs in case of any eventuality, life insurance has multifold benefits.
Married with kids: Parenthood marks the beginning of a wonderful phase in any person's life. Your world revolves around your child and you would want the best for him or her. You follow every growth milestone of your child with love and fondness. During this exciting phase, somewhere at the back of your mind, you also keep thinking about the future of your child – school, college, higher studies and even marriage. You think of ways you can prepare yourself financially to meet all these requirements.
Choosing the right life insurance plan will simplify things for you. As a new parent, you can build a corpus over a period of time for your kids education and marriage. Likewise, in case of any unfortunate event, the insurance amount will ensure that the future of your children is not negatively impacted and they can fulfill all their dreams.
Retirees: Years roll by. While your children have settled down and are now busy with their own lives, you are allset to enter the most interesting phase of your life – the post-retirement period. Gone are the days when retirement meant idling away reading newspapers while sipping tea. These days, retirees look forward to making the most of the golden period of their lives. Be it holidays around the world or trying their hand at new activities, they want to live their lives to the fullest. And for all this, parents wouldn't want to financially depend on their children.
Opting for a life insurance plan, that offers retirement solutions, early on in life will be of great help during your retirement years. It will help you lead a comfortable post-retirement life.
Besides, old age is often characterized by fragile health. As a result, there can be many unplanned expenses too.
Your insurance policy will provide for those as well.
Now that you have identified yourself as part of one of the above groups, make sure you choose the right life insurance policy. Insure your parents while you save tax upto ₹9000 under section 80(D).