Illuminate your financial future this Diwali with these benefits of life insurance plan

With number of financial tools one can opt from, life insurance plans today offer guaranteed savings income and comprehensive protection which can be hyper customized as per your monetary needs.

Life insurance plans offer flexibility to opt from several benefit options like short to long-term income and up-to whole life income (until 100 years) to match your life stages. For e.g. if you want to save money for retirement then you may want to opt for long-term income option. Assess your needs as per your life’s different stages and select an option aligning with your financial path. This will give you optimal flexibility to choose a policy term and premium payment term, while ensuring that you accomplish your goal without any unsettling life event.

Assuring your returns: Tailor your life insurance plan to fill in your ‘piggy bank’ and stay invested for longer time. The pandemic led financial stress on individuals and family has propagated the thought of having second source of income to tackle the pecuniary burden. A life insurance plan offering guaranteed savings will stream a stable flow of remuneration throughout a selected benefit payout period. Such offerings address any financial concerns without jeopardising one's way of living.

Staying invested for long has its benefits: Apart from the guaranteed income flow, some life insurance plans will offer accumulated loyalty payouts. One can get these payouts on maturity provided they have paid the premiums within the stipulated timeframe. On a policyholder’s life loss, some life insurance plans do offer accumulated loyalty payouts on sum assured if the policyholder paid all the premiums on time.

Estimate if you are adequately insured: If you plan and understand your needs in advance then this will help you to construe your requirement better and aid you in choosing a sum assured suited to sufficiently achieve your forthcoming financial needs. In life insurance plans riders augment your coverage. Riders such as surgical care, hospital care, critical illness rider, premium waiver rider, and so on are available. This allows you to distinguish your plans and offer broad coverage.

This Diwali, make a clever choice by identifying your present and future financial goals. Begin early savings to reap the advantages of new-age life insurance plans intended to suit your new-age financial needs.