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Uncertainties in the future have become an expected reality with the current COVID pandemic. The financial crisis has overburdened many families throughout the world. It has driven people to think about different options to secure the future.
The financial services industry has introduced various products to ensure people get financially independent with time. Life insurance plans, such as savings insurance plans, pension plans, etc., are also significant offerings for a secure future.
However, it is imperative to ensure a multi-faceted financial plan equipped with not just protection but also careful and smart savings to counter an uncertain future.
Budget your expenses
Daily expenses and utility bills will be predominant in your life. It cannot be avoided but can be controlled. So, how do you go about doing that?
Firstly, make a list of your daily or monthly expenses. Make sure you give preference to your needs rather than your wants. Restrict the expenses based on your income. There are certain types of expenses for which you cannot allocate a specific amount. For example, entertainment expenses. Decide and fix an amount for such an expense type. Also, ensure to stay within these limits throughout the month.
Making such as strategy allows you to minimise wasteful spending and set aside funds for life’’s unpredictable emergencies . Also, it helps you invest in products like savings insurance to manage your financial crisis better in future.
It is also very important that you start budgeting your expenses early in life to get into a disciplined financial practice. It will certainly reserve a good amount of money during uncertain times. You can refine your budget with an increase in income. However, ensure to attribute a certain increase to your savings and investments as well.
Make a detailed financial plan
Making a financial plan is extremely crucial in the current living conditions. The furious nature, pandemic situations, economic slowdown and various other factors account for different uncertainties in life that you cannot predict. However, the one common impact is a financial crisis. A financial plan with a good forecast can protect you from such a burden to an extent.
You have understood how to budget your expenses. Now, it is time to focus on your short term and long-term financial goals. For example, purchasing a car can be a short-term goal that you are planning soon. Building a house, retirement planning, your child's education expenses will be some of your long-term financial commitments. Account for these expenses and prepare a timeline and plan to organise your income to satisfy your goals. Ensure to account for inflation factors while making the calculation. Making way for these expenses in your financial planning should not compromise your investments and savings insurance. Follow these steps in financial planning to become financially independent.
Purchase a life insurance plan
One of the most important ways to financially plan for unexpected events in your life is to purchase a life insurance plan. It is a responsibility more than a choice.
If you are the only earning member in your family or your family depends on your earnings to a considerable extent, it is your responsibility to satisfy their financial needs even in your absence. Purchasing a financial plan will provide a sum assured to your nominee in case you meet with an unexpected death. The life cover will help your loved ones manage debts, plan for their daily expenses and even satisfy long term financial commitments. With the provision of add on riders#, you can extend the benefits of insurance by making the insured amount payable for uncertain expenses like in the treatment of a critical illness. By buying a life insurance plan early in life, you can benefit from discounted premium rates, and a very high sum assured.
Focus on a money-saving plan
If you are looking for a comprehensive plan that will satisfy your insurance and savings needs, a savings insurance plan is an ideal choice. It is a guaranteed returns savings insurance plan (UIN-110N152V08)
The premium paid towards these money-savings plans provides a life cover and guaranteed1 returns on maturity. As the returns are guaranteed1, you can plan for your long-term commitments.
The savings insurance plan offers different payout options. You can receive the guaranteed1 returns as a lump sum amount or as regular monthly income. You will start getting the income just after the plan matures. The mode and frequency of premium payment are flexible. Also, you can choose the income period for the savings insurance plan.
For example, you can opt to pay monthly premium amounts for twenty years and avail of monthly income for the next twenty years post maturity. It is considered the best financial planning for retirement benefits.
If you have a dependent family, this savings insurance plan will provide the death and monthly income benefit. It will certainly reduce the financial burden in case of uncertain events in life. Moreover, it will provide for a peaceful and satisfying future that any individual best desires.
You can check out savings insurance plans, along with term insurance, Unit Linked Insurance Plans and retirement solutions from Tata AIA online. We also offer a range of online calculators which will help you calculate the corpus required to fulfil a financial goal and then suggest plans for your specific requirements.
Having seen the different ways to plan for a financially secure future, you must take the necessary steps on time for maximum benefits. The sooner you begin your journey with financial planning , the better are your prospects and maximally protected are your loved ones ! In addition, the longer you wait to implement your financial plan, the better the long-term results will be.
However, focus primarily on your current financial status, steady flow income and long-term financial commitments before making a future financial plan. With comprehensive planning that encompasses proper budgeting, in-depth financial plan, life cover and savings insurance plans, you can certainly cover up for the uncertainties in future to a considerable extent.
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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 it 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.
This blog is for information and illustrative purposes only and does not purport to 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 as 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 have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
#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
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.