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The income you receive every month does so much for you. It pays your bills, funds your trips, and fulfils your every need. But if you do not keep a cautious eye, spending can become unnecessary, and saving can become a rare habit.
Without a financial plan in place, your hard-earned income can slip away from your hold, leaving little for saving and investing. Furthermore, the chances are that your monthly income might not be enough to get you by in case you have to stop working.
In such a scenario, you need to have a second source of regular income so that you and your family’s life don’t come to a halt. One of the surest ways you can get a secondary source of monthly income, besides a side-hustle or a second job, is with a monthly income insurance plan.
Here is how it can help you boost your primary income and keep your loved ones secure.
A monthly income plan fuels wealth creation.
While the golden rule of financial savings suggests that you should at least save about 20% of your monthly income, it also advises investing in profitable avenues. A monthly income plan is one such avenue that can boost your income without the risk of any loss.
Being a non-linked product, the monthly income plan keeps your savings intact and gives you increased returns on them.
Furthermore, you also gain monthly income scheme tax* benefits as per Sections 80C and 10(10D) of the Income Tax Act, 1961.
A monthly income scheme maintains your lifestyle standards.
The main purpose of a monthly income insurance plan is to keep your lifestyle intact at all times, especially when an unforeseen crisis strikes.
For instance, if you develop a critical illness or face an unfortunate accident, a fixed stream of income supplemented by a monthly income plan can help you sail through such times. This ensures that the quality of your life remains uncompromised, and your loved ones do not have to take a hit in case anything happens.
With an income replacement more than your monthly salary, you can power through any challenge. Moreover, a monthly income plan comes with an inbuilt life insurance cover. This ensures that in the event of your unfortunate demise, your family members receive a guaranteed1 sum assured to support them in tough times.
A regular income insurance plan helps you fulfil your aims and desires.
A regular income insurance plan helps you and your loved ones plan for any life goal with confidence. By ensuring you never fall short of funds to pursue a passion or fulfil a desire, a monthly income plan helps you tick off goals such as:
- A child’s higher education
- A child’s marriage
- A family vacation
- A home or car purchase
- Retirement planning
- Starting a business
- Quality healthcare expenses
Savings solutions from TATA AIA Life give you complete freedom to align your plan with your life goals, including:
- How and when you pay your premiums – in monthly, quarterly, semi-annual, or annual instalments.
- How you receive the maturity (survival) payout – The regular income or the endowment option.
- How many extra riders# (protective covers) you want to add. The choice of riders# for Tata AIA Life savings plans includes:
- The Accidental Death and Dismemberment Rider# of TATA AIA: This rider# gives an extra monetary sum over and above the base sum assured if you pass away due to an accident or develop a physical injury of a permanent nature.
- Waiver of Premium Plus Rider# of TATA AIA: This rider# waives off the payment of future premiums from you and your family in case of your unfortunate death or permanent disablement. However, this rider# is only applicable till you are 70 years of age.
A regular income insurance plan helps you keep up with repayments.
As the sole or co-income earner of your family, you must have always gone the extra mile in taking care of them. With a regular income insurance plan, you can extend that care even when you are not around. The regular income you receive from the monthly income scheme can even go towards paying any debts, loans, or mortgage ensuring the responsibility of repayment does not fall on your loved one’s shoulders.
Even during the continuity of your life, the income received can supplement your primary income and pay off debts much faster than it would take to do so with a single income.
A regular income plan gives you much-needed peace of mind.
Along with the financial benefits, a monthly income scheme also gives you the necessary peace of mind to live a worry-free life. You do not have to think twice before celebrating a milestone or fulfilling a long overdue dream, or taking time off. You can rest assured knowing you have done everything in your capacity to secure your family.
To conclude:
Your monthly income not only secures a source of cash but also lays the foundation for a steady and peaceful life. While it can be tempting to indulge in unnecessary spending from time to time, it is best to be mindful about how you spend your money, how you save it, and how you choose to invest it. A monthly income plan is one of the surest ways to secure that.
L&C/Advt/2023/Feb/0622
