Let’s bring protection back to Raksha Bandhan

There are many stories surrounding the origin of Raksha Bandhan. The most popular is the one concerning Lord Krishna and Draupadi. As the story goes, Krishna cut his finger while carrying sugarcane during the festival of Makar Sankranti. His wife, Queen Rukmani, immediately sent an orderly for some bandages. However, unable to see his plight, Draupadi quickly tore off a bit of her saree and bandaged the wound to stop the bleeding. Krishna was so overcome by her love, he promised Draupadi that he would return the favour.

Cut to the famous disrobing attempt of Draupadi by the Kaurava prince, Dushasana. The saree could not be unravelled thanks to the protective powers of Lord Krishna, who protected his sister’s honour by ensuring that her saree became a never-ending one.

While this may be a story from mythology, it is a known fact that protection is no laughing matter and is one of most basic needs of human beings. If you revisit the history of Raksha Bandhan, you will see that the term, which originates from Sanskrit, translates to “bond of protection.”

A vow that brothers make to sisters and is forged by a deep sentiment of love and trust. Over a period of time, promise of protection lost its sheen only to be replaced by shinier, flashier gifts such as the latest gadgets, jewellery, or high-end watches. And protection became lip service. Protection doesn’t require you to build muscles. Neither does it require you to keep watch over your sister 24x7. Protection could simply mean gifting her a life full of certainties, by keeping her financially secure – now and forever.

The role of a breadwinner in a household is no longer confined to a specific gender. Women in India, much like your sister have been a critical element in contributing to household finances as well.

While the gesture of giving her money does bring financial security, why not work towards ensuring financial freedom. Insurance provides the best option of protection, investment and in most cases, even income thereby making financial freedom a certainty. While regulations may prohibit you from purchasing the policy or paying the premiums, you can always gift her money for the same. The renewal premium will also coincide around Raksha Bandhan every year. This will make it easier for you to remember and make the bond between the two of you grow stronger.

There are several ways to turn the thread on your wrist into something that creates value for your sister. Insurance policies appreciate with time and most importantly, help meet the certainties of life. Imagine contributing to her first car or securing her first international holiday or giving her a lavish wedding or a memorable baby shower or protecting the higher education of your nieces or nephews. The list of things you can protect is endless. Clearly, when the moment of truth arrives, life insurance policies stand true to the test of time.

When gifting something – to yourself or to someone else – it is recommended to select instruments that will appreciate in value with time. Everyone loves a new device, a phone for example, and your sister is no exception. Over time, most gadgets depreciate in value. However, an insurance policy will invariably appreciate and help her secure for the favourable certainties in life.

For generations, gold has been one of the chief sources of financial protection due to its ability to hedge against inflation and volatility in currency and equity markets. However, of late, gold jewellery is confined to a locker or passed on as an heirloom to the next generation.

In comparison, Life insurance has taken the centre stage over gold. An insurance policy will secure your sister, and also her family, in the most desperate of times. Even if the gleam of gold dulls a little, a rightly selected life insurance policy will always be of considerable value.

There are multiple options to choose from when selecting insurance policies that meet your present and future life stage needs. A financial planner will be able to explain them in detail and help you and your sibling choose the right solution. Remember, every plan can be customised to your sister’s needs and goals.

Think about it. Would you rather gift her a device that will get outdated in a few months? Or would you rather gift her something that continues to be in vogue year after year?

As her sibling, help her leave a legacy and support her as she plans for every certainty of life. In the process, make the good times better and the hard times easier!