A regular monotonous job working nine to ten hours a day and five days a week can be tiring without a break! A weekend is always the best time to relax, considering the work pressure. However, a long break is certainly a necessity. Here is where the concept of a sabbatical comes in!
There are multiple benefits for the employee and the employer as well. A sabbatical can be the best when it is planned in the right manner. Financial support is extremely important to fulfil your needs. Consider purchasing an annuity plan that will be serving your financial and insurance needs in the best possible manner.
Well, there are many aspects to consider, apart from your finances, while planning for a sabbatical. In this article, we will discuss a few very important aspects. Let us start by understanding what a sabbatical is and what are its benefits.
What is a Sabbatical?
A sabbatical is an extended leave provided by your employer to set yourself off from a hectic schedule, relax, rejuvenate and recommit to work better. It can be for a few weeks, months or even years.
Does Every Organisation Provide a Sabbatical?
Sabbatical is not mandatory to any organisation. Hence, it depends on the individual policies of the organisations to offer a sabbatical to their employees. For example, educational institutions provide sabbaticals to their professors for working on research or a course in foreign universities to enhance their knowledge. And many corporations consider providing sabbaticals to their employees working in higher positions and stressful situations.
How do Employers Benefit from a Sabbatical?
Employers do benefit by providing a sabbatical leave to their employees. Here are a few pointers to explain that:
- It will help the employee set a long-term association with the organisation.
- It will also help the employer by ensuring monetary benefits. For example, an employee can be provided with a sabbatical to increase the skills and help work better with a slight increase in the remuneration instead of hiring a new person.
A sabbatical can be a paid or an unpaid extended leave. It depends on the terms and conditions of the organisation.
What Can You Do With a Sabbatical?
As an employee, you can use the sabbatical provided by your employer for varied purposes to pursue your interests. Some of the aspects you can consider doing are:
- Going on a vacation for refreshing yourself physically as well as mentally
- Pursuing a higher education
- Spending effective time with your family and friends
How do You Plan for Sabbatical?
Now that you have a basic idea about the sabbatical and the benefits, you can make an effective plan. Here are a few factors before while you consider a sabbatical:
- Purpose – You should be very particular about the purpose of a sabbatical. It is a provision provided by your employer without risking your termination from the organisation. Therefore, it should have a clear objective to make the best use of the opportunity.
- Financial support – When the purpose of the sabbatical becomes very clear, you have to organise your finances. For example, if you plan to pursue higher studies in the next two years, you have to make sure you are in a good position financially. You have to ensure that you invest in the right financial products for the best financial security.
Annuity Plans for Financial Security
Life insurance annuity plans provide a life cover and financial support for pursuing your interests when you are in extreme need of them. People consider that an annuity scheme is exclusively for a person planning their retirement. However, you can use it for varied purposes based on your needs.
For example, you can invest a bulk amount and purchase an immediate annuity plan to provide regular monthly income for two years. It will supplement your income while pursuing higher education. In case of your sudden unexpected demise, annuity insurance can provide a death benefit to your nominee.
TATA AIA annuity policy - Tata AIA Life Insurance Smart Annuity Plan(A Single Premium Non-Linked, Non-Participating Individual Annuity Plan, UIN: 110N150V05) - provides the basic features with extended benefits by providing immediate and deferred annuity plans. With the immediate annuity plan, you will start getting the regular income immediately. While, with the deferred annuity plan, you will have to pay an amount regularly to build the annuity, and the annuity will start paying for you on maturity.
For example, if you plan to have a child after five years and a sabbatical for raising the child for two years from then, you can opt for the deferred annuity plan for five years.
Essential Steps to Plan for the Sabbatical
Now that you are clear about the purpose and decided on the financial support, you can take the necessary steps for the sabbatical. Here are the basic steps to follow:
- Proceed to the HR department regarding your sabbatical.
- Ask for the terms and conditions and get clarified on any queries that you have. Make sure you go through all the important clauses for a complete understanding.
- Check if the organisation provides you with a regular salary.
- Make a formal application stating the necessity for a sabbatical and the type of leave you plan to take. Also, mention the period.
A sabbatical leave is an extended leave that can help you pursue your dreams and benefit the organisation better. However, a clear definition of the goal for the sabbatical and the essential financial support has to be ensured.