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Ref. No. KLI/22-23/E-BB/492
Insurance is an integral part of this future planning that helps us in ensuring that we have a financial backup for any situation that is uncalled for.
Life today has become too fast, and our living standards have also improved compared to what it was two decades ago. Today we have all the facilities at our disposal, but it comes at a cost. Today we maintain a lifestyle that needs excellent and futuristic financial planning to sustain and also provide for the next generation. In between so many expenses and a costly lifestyle, can we have enough savings in our accounts to ensure that we our future is financially secured?
The answer is a big yes. But you need a solid financial plan in place so that you never have to face a financial crunch in your future. To do this, you can take help from different financial product. And one of the products you might forget but you should not and that is insurance.
There are various types of insurance policies to invest in for achieving financial stability. In this article, we will be discussing the role of insurance for financially secure future and the types of insurance you must invest in for secure future.
Life is unpredictable, and it is a truth that is known to all. All we can do is plan in advance for the years ahead of us. Insurance is an integral part of this future planning that helps us in ensuring that we have a financial backup for any situation that is uncalled for. An emergency situation can indeed cause a dent in your financial status, no matter how well you are earning. But if you have insurance like term life insurance, health insurance, and other important and mandatory insurances in your financial basket, you can rely on insurance to pay for the damage that you may go through.
If you are among those who are planning to buy an insurance policy for themselves or their family, then the first thing that you must know is that there are certain insurances that are mandatory, like - auto insurance, which is mandatory by law. But, some insurances, like health insurance, are a must-have to ensure that our financial security is intact and there is a backup to meet any financial emergency. Let’s have a brief look at the types of insurance you must invest in for a secure future:
This is a type of life insurance policy that only offers death benefits and does not provide any maturity benefits. They are designed to offer you maximum to very high life cover at a basic premium cost. The main objective of this type of insurance policy is to provide financial protection to the nominee in case of the policyholder’s demise.
It is a traditional life insurance plan that covers the life of the policyholder for as long as 100 years of age. This policy offers both death and maturity benefits to the nominee and policyholder, respectively.
These insurance plans are dual benefit plans that offer benefits both before and after the death of the policyholder. An endowment plan is a combination of both savings plans and insurance cover. It offers maturity and death benefits to the policyholder and nominee, respectively. In case of unfortunate demise of the policyholder, the sum assured will be paid to the nominee or the family, while in case the policyholder outlives the policy term, they will receive the sum assured along with all other bonuses.
ULIPs are one of the most popular insurance policies that many people are opting for. Being a modern market-linked insurance policy, it offers the benefits of investing in the market funds while taking the protection of life insurance. Additionally, it also serves as a tax-saving financial avenue. In this insurance cum investment plan, your premium is split into two segments based on the policy requirements. One part goes towards the insurance premium, while the other part is allocated to the market fund(s) of your choice. ULIPs are considered a great long-term investment tool.
In general, the list of the types of insurance policies to invest in is pretty long, and you cannot opt for all the insurances. Thus, you must first prioritize your financial as well as personal goals and then look through the market for the best types of insurance you must invest in for secure future. This will help you and your family achieve better financial stability and security in emergency scenarios.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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