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“Health coverage is a must!”
“Why don’t you go for a ULIP plan?”
“Simply get life insurance.”
Do these words sound familiar to you? As a young adult, you get varied answers from people when you ask them about the kind of insurance you should buy. From term plans and health covers to a ULIP policy and general insurance, there are several types of insurance policy available today.
It is easy to get lost in the pool of options and advice when you are new to insurance. If you are planning to get insurance but are confused about where to start, we have got you covered. In this article, we discuss four types of insurance policy that young adults like you must consider buying.
Life is unpredictable. Plus, with so much going on around the world, having life insurance is more important now than ever. A life cover provides financial security to your loved ones when you are not around. This is especially crucial if you are the only breadwinner, as you don’t want to leave your dependents in a financial crisis after you have gone.
Term insurance is one of the several types of life insurance policy in India that is great for you. The purest form of life insurance, a term policy promises a death benefit to your loved ones in the unfortunate event of your demise. It pays a lumpsum amount to the beneficiary if you die while the policy is still in force. It covers you for a specific number of years after which it expires.
Typically, term insurance comes with a substantial amount of coverage for your loved ones at low premiums. This makes it an affordable option for young people like you who are in the nascent stages of their career and life.
A ULIP plan or a Unit Linked Insurance Plan is one of the types of life insurance policy in India that offers dual benefits of insurance and savings. Unlike term life cover, these plans are designed keeping your dreams as well as financial security in mind.
If you are not the sole income bearer and leaving behind a legacy is not your concern at the moment, then ULIP policy can be ideal for you. A part of your policy premium goes towards insurance, while the remaining is invested in market-linked securities. You get the option to choose the type of security you wish to invest in, ranging from equity, debt to balanced funds.
ULIP investment plans act as an income tool to help you fulfil your life goals. Whether your goal is wealth creation, a child’s education, marriage, or retirement, you can pick products that are the most suitable to your dreams. In case of death during the policy tenure, the fund value or sum assured, whichever is higher, is paid to your nominee.
ULIP charges or premiums are higher as compared to term plans, but it also offers a cash value in addition to life coverage.
Whether you hit the gym every day, meditate regularly, or make healthy food choices, an unforeseen event of an accident, permanent disability, or chronic illness is enough to leave you and your family under financial stress. In times when chronic diseases are on the rise and a day spent at the hospital can cause your savings to drain, health insurance is a crucial part of your financial plan.
The earlier you buy one, the better it can be, as you pay a lesser premium when you are young and healthy. Health insurance provides a comprehensive cover against various medical and surgical expenses. From hospitalization charges to critical illness, death and disability, it secures you against hefty charges that are a result of unforeseen health problems.
Most covers like critical illness or accidental death and disability are also available as riders# with your term or ULIP plan. Since health problems come without warning, you might want to consider buying a health cover at the earliest.
Who doesn’t dream of a comfortable life in the later years? Even though you are focused on growing in your profession at present, you might slip into thoughts of how your golden years are likely to be. This is why a retirement plan should be a must on your list of types of insurance policy to buy.
Retirement plans enable you to create a financially sound future post-retirement. They help you save money for a long period use it in your later years. In such a plan, you pay a specific amount of premium on a regular basis till the plan matures. The amount is then paid to you as regular income, pension, or annuity at periodic intervals as per your choice. You can choose from several retirement insurance plans like guaranteed1 return insurance plans, guaranteed1 Income plans, annuity plans, etc., to secure your future. Moreover, apart from guaranteed1 returns post-retirement, you also get insurance coverage to secure your dependents’ future.
Tata AIA Insurance provides a range of life insurance plans to suit various needs and budgets. Choose from:
For more information, get in touch with our advisors today.
Becoming financially independent requires thorough planning from an early age. A full-fledged term plan, health cover, ULIP policy, or retirement plan can be a critical part of a healthy financial plan.
Prioritizing insurance when you are young enables you to reap several advantages, including lower premiums, fewer exclusions, and better savings. So, make sure to consider your lifestyle, health history, number of dependents, earnings, debt, and financial goals while picking the right insurance policy.
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#Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.
1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan, and they will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
THE LINKED INSURANCE PRODUCT DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICY HOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF THE FIFTH YEAR.
Past performance is not indicative of future performance.
All investments made by the Company are subject to market risks. The Company does not guarantee any assured returns. The investment income and price may go down as well as up depending on several factors influencing the market.
Please make your own independent decision after consulting your financial or other professional advisor.
This blog is for information and illustrative purposes only and does not purport any financial or investment services, and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document issued by the insurance company.
Every effort is made to ensure that all information contained in this blog is accurate at the date of publication. However, the Tata AIA Life shall not be liable for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.