How to Find the Most Suitable Life Insurance Plan based On Your Goals?
What is the best plan to fulfill your child’s life goals?
Is ULIP suitable for investment purpose?
Which term plan is best?
Do you know the answers to all these questions?
When it comes to choosing the most suitable life insurance plan, there is an array of options to choose from. Some people focus on wealth creation aspect, some look for lower premiums, some compromise with protection element while some get bewildered and choose the wrong plan. It may be hard to know exactly where to start unless you select a plan based on your financial goals.
To help you out, Aviva Life Insurance presents a detailed guide to find the most suitable life insurance scheme based on your goals.
Lower premium + higher coverage
If you are looking for a plan that is easy to understand and affordable to buy, it is advisable to go for term insurance. Dubbed as the ‘purest life insurance plan,’ a term plan gives you the widest possible coverage. For example, with Aviva Term Plan, you can secure your family for the price of an apple, i.e. 1 Cr. life-cover at just Rs. 17 per day!* A term plan provides death risk cover for a specific period. You can boost your existing plan and widen the coverage with critical illness and disability rider. The best of both the worlds!*Premium of a healthy male (non-smoker) aged 25 years for a sum assured of INR 1Cr. for a term of 25 years (incl.taxes)
Insurance + Investment
If you want to have your cake and eat it too, a combo product of insurance and investment will be the best fit. ULIPs are still one of the most trustworthy financial tools among a large number of families. A saving cum protection oriented traditional life insurance plan, assists you financially by guaranteed returns in the form of regular payouts. You can invest in different funds, including equity, debt or hybrid, depending on your risk appetite.
Secure your child’s future growth
Are you serious about securing your child’s future? If yes, a child plan will serve your purpose. It is a traditional life insurance plan that secures important milestones of your child’s life, like higher education, wedding, etc. A Child Plan enables you to systematically build funds for your child and comes with many additional perks, like guaranteed money back, tax benefits and waiver of future premiums. Raising a child is definitely not a piece of cake as it entails a great sense of responsibility. A child plan takes care of your child needs even when you are not around.
For a worry-free retirement
A retirement plan helps you build a corpus for a comfortable retirement. It is a traditional life insurance plan that guarantees a regular stream for your post-retirement years. Planning for your retirement is crucial from both a personal and financial perspective. A sound financial planning is a must for a laid-back retirement and retirement plan enables you to build a corpus for the same. In case of the loss of life, immediate payment is paid to the nominee.
To save your money
Some of you may not be aware, but some Life Insurance Policies come with saving oriented plan that assists you financially by guaranteeing returns in the form of regular payouts. With such a plan, you can save your hard earned money for a limited period and get guaranteed cash back. If you want to provide your loved ones a comfortable life today and tomorrow, a life insurance com saving oriented plan is ideal. In case of loss of life, your family is provided the regular payouts. It gives you peace of mind that someone is present to take care of your family even in your absence.
Amidst the plethora of life insurance plans available, selecting an appropriate plan may be a herculean task. There is no one-size-fits-all solution because every family is unique and their financial goals vary. Ensuring your financial goals is a smart way to choose the right plan.
Disclaimer: Taxes are subject to change as per tax laws.