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Life insurance is one of the most essential products that is recommended by a financial planner for the future financial security of the policyholder’s loved ones. A life cover is a promise by the insured to their loved ones that their dreams would be accomplished even in the absence of the former.
Unfortunately, however, owing to a lack of information about insurance products several individuals hoard misconceptions that keep them from reaping the benefits of early investments. In the market of financial planning, several life insurance products are curated to suit the requirements of every individual whether they are adventurous, or seek stability, or whether they are working at a job or are self-employed.
However, before we reveal the list of individuals who most require a life cover let us first understand the definition of life insurance and what it offers to a potential investor.
Money is the ticket to several aspirations of an individual. It can buy you a home, it can help you see the world, it can give flight to the dreams of your children, and it can stabilise you in precarious situations. However, what happens to these plans in your absence? When you are earning for your family, you see these dreams together and you would like to ensure that these dreams are still attained even when you are not around. Life insurance is just this promise.
A life insurance plan is a safety net to your financial planning. When you invest in life insurance, you pay a premium to the insurance provider for a pre-specified duration. If the unfortunate were to happen while the tenure is active, the surviving beneficiaries receive a death benefit. Another variant of life cover is a whole life insurance policy, wherein the coverage is offered up to 100 years of age.
Some life insurance plans offer you the benefit of savings and investments, along with life cover. Savings insurance plans offer guaranteed1 returns on non-market-linked investments and a life cover. Unit Linked Insurance Plans (ULIPs) invest your money in market-linked avenues for long-term wealth generation. The choice of a life insurance plan depends on your specific financial goals and risk appetites.
The premium amount for your life insurance is determined based on your age and health. If you wish to save on your premiums, it is advisable to buy life insurance early. Additionally, when you buy online life insurance, you can further optimise your savings. Another benefit of buying an online life insurance policy is that it enables easy comparison of different policies from the comfort of your home. Comparison is important as it can help you find the best life insurance policy for your personalised financial needs.
Now that we understand what life insurance is, let us explore the list of people who need life cover.
We are now used to the world of personalisation. Everything that we buy is carefully suited to our unique requirements. When you look for an online life insurance policy, you will observe that this customisation has seeped the insurance market as well. Undertaking perspective from the other side of the equation, here are individuals in five categories that need life insurance:-
1. The Adventure Seeker
Some people just don’t hold back and save their dreams for tomorrow. They believe in living in the moment. They seek thrill in adventurous activities. You can count on them to tell the wildest stories whether they are about rock-climbing on treacherous mountains or skydiving over unknown landscapes. While this adrenaline rush can promise an exciting life, it also comes with certain risks. As a true adventurer does not stop at risks, it is recommended that they buy online life insurance to secure themselves from potential financial threats that may arise due to disablement or death caused during an adventure activity.
2. The Globetrotter
Spontaneous travel plans are an everyday matter to the globetrotter. Their travel bag holds more of their belongings than their cupboards. They are observers of beauty in different countries and know about the havens of the locals away from the tourists. To finance the luxurious aspirations of the citizens of the world, insurance can be the best investment plan.
A life insurance policy can ensure that the traveller and their family are covered to incur medical expenses owing to the unfortunate demise, injury, or sudden illness when travelling internationally. Some plans also cover emergency evacuation costs and even compensate for partial or permanent disability.
3. The Workaholic
Some individuals are extremely passionate about their jobs to the extent that they have time to pursue little else. Their profession takes up their time and while they earn, they have financial dependents to look after.
To ensure that their loved ones can continue to live comfortably even in their absence, life insurance becomes an important investment. To save on time, they can compare and buy online life insurance at affordable premiums. They can even enhance their coverage with riders# for an added layer of protection.
4. The Entrepreneur
The regular 9 to 5 does not hold its charms for everyone. The entrepreneur works tirelessly to build a legacy of their own. However, initially, businesses require investments in both capital as well as in efforts, and both these get rewarded with time.
Considering the unstable income until the business kickstarts, the entrepreneur must invest in life insurance, especially a term insurance plan, for the financial security of their loved ones. This will also help them ensure that their legacy built on passion continues to scale heights despite their absence.
5. The Multi-Faceted
The single working parent juggles domestic responsibilities along with managing their professional duties. They spare time for their loved ones knowing the importance of family upholding the expenses of the household and at the same time excel in their professions. They work to ensure that their children never have to sacrifice and to deliver on this promise, Hence life insurance would turn out to be the most important aspect of financial planning.
Tata AIA life insurance comes with a host of financial solutions addressing the unique requirements of every insurance seeker. Whether it is looking for plans offering comprehensive life insurance cover or those that help build a corpus for future financial requirements, Tata AIA can promise your financial protection at every stage in life. Choose from the following for the life insurance plan that suits your specific needs:
To buy the best life insurance policy, it is important to analyse your requirements based on your lifestyle. However, regardless of where you stand in your financial journey, life insurance is an important element in your financial portfolio.
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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 guaranteed issuance plans, 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.
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
#Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please refer to the riders brochure or contact Tata AIA Life's Insurance Advisor/ branch
IN THIS POLICY, THE INVESTMENT RISK IN THE 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 POLICYHOLDER 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 advisors.