How to shield your family’s future with life insurance during a pandemic?

Productively utilize the extra time available during the lockdown, to revisit your financial planning. Evaluate and see, if you have planned for your dreams and goals? Have you planned for retirement? And, have you planned for uncertain exigencies like a pandemic? Assess your earnings, savings, assets, investments and liabilities. Recalculate and check if it is enough.

While, you must have planned well for your dreams and goals, have you planned at all for an unexpected uncertainty? If not, then life insurance can be a secured option. The assurance of a lump sum or a monthly income (in case something happens to the breadwinner and policyholder) at a time of a crisis, will keep the financial uncertainty at bay. The claim amount will not only serve as a contingency fund but will make sure that your family’s future financial requirements are taken care of. The proceeds can also come handy for paying debts such as home loan, car loan or education loan, safeguarding one’s assets.

Your age and the policy term are the deciding factors for the premium you pay for a life insurance policy. If you purchase a term plan early, the premium will be reasonably lower. Term plans in India are level paying products, in other words, the annual premium that you pay remains the same through the tenure of the policy. Thus, it is recommended to take stock of your insurance needs and plug the gap with an appropriate life insurance plan soon.

A term insurance plan can be purchased at a very low premium and the pay outs can be tailored as per your needs. One can opt for a maximum death benefit for a minimal premium. It is pertinent for an earning member with financial responsibilities to have the safety net of a term plan.

Purchasing insurance online is as easy as any other online shopping. Go on to the insurer’s website and search for the products you want. Read up and understand the policy. In case you get stuck, feel free to ask the live ChatBot or opt for the 24x7 customer support. Fill up the form online and voila, you can buy a policy in minutes. You can address all your policy related needs like information about policy details, fund value, policy account statements, paying premiums etc. using the online platforms of the company.

By now, one must have got a reasonable idea as to why every individual should have a life insurance policy during such strenuous circumstances. And for people who are still conjecturing if they should purchase life insurance, the answer to it is, yes. One must not await a catastrophe to take essential financial protection for you and your family. Life is priceless and hence it is imperative to get as much protection as possible. Given the uncertainty of life and the volatility of savings, having a term life insurance plan is like having a protection shield.