When the Ship Sails South

How Our Superhero Came to Our Rescue?

After learning about the uncertainty of life, I now know the importance of insurance and how it turned out to be a savior for us.

When I no longer had the desire to live, insurance provided a ray of hope and ensured that I wasn’t alone. So, while I was packing Kartik’s stuff for the last time, I found a few paperwork and policy documents. While opening these documents, a thought ran through my mind.

More often than not, we get so involved in our day-to-day lives, stress about little things, that we fail to anticipate the future of our loved ones without us. Kartik knew this and he silently planned it all out without letting us feel anything.

Financial planning is a difficult subject for almost everyone, including me. Kartik was a superhero for me and making complex financial planning simple, was his superpower. His future planning will now assist me in making crucial decisions and securing my children’s future.

He planned our investment in a way that we could save for our children’s future, create wealth and maximize income to achieve financial independence, while still enjoying the present. Let me take you through it.

I opened the file, and the first one was his term insurance policy. He carefully evaluated our yearly and monthly expenses, our current lifestyle, and chose a life cover that will support our expenditures smoothly. He also ensured that the life insurer’s fundamentals like Claim Settlement Ratio (CSR) and solvency ratio is at par with IRDAI guidelines.

When I applied for this claim, I realized that the amount I received from this plan was more than I anticipated. Turns out that the term plan that Kartik applied for also offered an accidental death benefit for which he had to pay an additional, minimal cost.

He also took into consideration our liabilities and selected a mixed payout option of lump sum and monthly payouts. The lump sum amount helped me clear immediate dues, while the monthly payout acted as an additional income to manage day-to-day expenses. I reinvested a small chunk of the remaining claim amount into our businesses.

The claims were settled within no time since he carefully selected the insurers profile with high CSR. Not only did he manage to secure family’s financial safety, it also helped me clear all the dues.

Now that all of my current liabilities are covered, my only concern now was about my children’s education and future. See how my financial hero used his superpowers to take care of that as well.