Call Us

FOR EXISTING POLICY

Have query on premium, payout or any servicing need?

Call us:

1 860 266 9966

Monday - Saturday | 10 am - 7 pm IST

Call charges apply

Dedicated NRI Helpdesk:

+91 22 6251 9966

Monday - Saturday | 10 am - 7 pm IST

Call charges apply

FOR NEW POLICY

Want to buy a new policy online?

Call us:

+91 22 6984 9300

Give missed call for a call back:

+91 11 6615 8748

Monday - Sunday | 8 am - 11 pm IST


Exclusively for NRIs:

Call us:

Give missed call for a call back:

+91 11 4473 0242

Available All Days | 24 x 7

Language

Back Arrow Icon
Close Button
Back Arrow Icon
Close Button

Need assistance in choosing the right insurance plan? Get a call from our Expert.

Need assistance in choosing the right insurance plan?Get a call from our Expert.

+91 dropdown arrow

Select Plan dropdown arrow
  • Term plans
  • Saving plans
  • Wealth plans
  • Retirement plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in. T&C apply.

Top 5 Regrets People Have About Financial Planning

24-June-2021 |

A lot of people end up spending a lot of money or saving too little due to poor financial planning. However, many financial regrets can be avoided if one has a solid financial planning process and monthly budget in place. A good financial plan can help an individual deal with the precariousness of the unstable job economy. Before we can start with the list of financial regrets, let us first understand the importance of financial planning.

What is the importance of financial planning?

A good financial plan helps one achieve their short term and long term goals. Not only does a proper financial plan help you allot the right amount of money for current necessary expenses but can also help you save enough money to meet your future financial needs. One can also save money via proper tax planning, which involves a strategic investment in certain instruments. Thorough budgeting and prudent spending are the most important steps of financial planning. A proper financial planning process will also help you to create wealth over the years. 

 

Common regrets that most people have about their financial planning

 

  • Not enough savings to meet your long term goals

    The most common long-term goals for most people are buying a car, a house, getting married or travelling to an exotic location for holidays. All the goals have one thing in common; they are all expensive. Therefore, one needs a savings pool for the different goals and should start depositing money into these avenues periodically.

    But most people fail to meet their financial targets because they indulge in impulsive shopping and instant gratification. This significantly increases their daily expenses, and they end up taking loans to meet their goals. And then, instead of saving money, one has to repay these loans for the rest of their lives.

    However, with the help of a savings plan or an income plan, one can ensure that their current and future needs are taken care of. By choosing an appropriate savings plan, you can also ensure life insurance coverage for yourself and your loved ones with the added advantage of wise savings.

  • Not buying insurance at an early age

    People have a misconception that they need a life insurance plan only after they start a family. However, by purchasing insurance early on in life, you not only save money by paying lower premiums but also earn enough time to start saving and build the funds over the years.

    As a young earning individual, making the right financial decisions with regard to your insurance plans can enable you to protect your family and also build a robust financial corpus for the future. By starting early, you can save a reasonable amount of money each month without compromising on the daily expenses.

  • Not starting investments early

    People often complain about not making the right investment decisions. Through proper financial planning and analysis, one can avoid investing their money in the wrong places and instead, opt for a wise savings cum investment plan based on their risk appetite, financial goals and the family’s monetary requirements.

    Making early investments also helps you understand which avenues are better suited to your financial goals and your budget. For example, an income plan can be a great option if a low-risk investor is seeking guaranteed1 income from their savings.

  • Not maintaining a budget

    Not maintaining a monthly budget is one of the most common mistakes in financial planning. When one does not maintain a budget, they might end up over-spending. This leads to a one’s entire income spent only on daily expenses with no scope for any savings.

    To start maintaining a budget, one needs to plan out various expenses. After tracking and listing down their expenses, they will have to weed out the unnecessary costs. One should then start allocating the funds for essential expenses, loan repayments, savings and investments.

  • Not having additional riders# on life insurance

    Bad health can destroy your wealth in a short span of time. Therefore, always make it a point to have an insurance policy that also provides an additional cover. A common mistake made by people is that they take a life insurance policy and do not bother to enhance the coverage. As a result, if the policyholder meets with an unfortunate accident or accidental death, their family is left with limited benefits from the insurance plan after covering the medical expenses.

    Depending upon the life insurance plan you choose, it can provide your family with a death benefit, monthly income benefits and also maturity benefits.

     

     

     

    Tata AIA Life Insurance

    Tata AIA Life Insurance offers you regular income plans with life cover that not only help you protect yourself and your family but also build a solid financial plan for your future.

    The plans are flexible with multiple payout options and the choice of premium payments mode. There are also add-on riders# with which one can enhance the life cover protection. Tata AIA also provides life insurance policies with a critical illness benefit.

    Talking to a financial advisor is one of the best ways to understand financial planning and analysis. But one can also learn about the financial planning process through research. It is never too late to start learning about finances.

     

    L&C/Advt/2021/Jun/1023

Get complete protection at affordable cost & tax benefits

+91 dropdown arrow
  • +93 Afghanistan

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.


 

Looking to buy a new insurance plan?

Our experts are happy to help you!

+91

Select plan
  • Term plans
  • Saving plans
  • Retirement plans
  • Wealth plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

People Like You Also Read

Difference Between Close Ended & Open Ended Mutual Fund | Tata AIA
Read More
Index Funds vs. Mutual Funds: What is the Difference?
Read More
How to Choose the Right Payout For Your Term Policy?
Read More
5 Smart Investment Options That Can Give You A Monthly Income | Tata AIA Blog
Read More
ELSS vs ULIP: Understanding the Key Differences | Tata AIA Blogs
Read More
Difference Between Recurring Deposit & Fixed Deposit | Tata AIA Blogs
Read More
What is KYC? The Only Guide You Need | Tata AIA Blogs
Read More
NFO vs IPO: Understanding the Key Differences | Tata AIA Blogs
Read More
How To Invest In NFO? | Tata AIA
Read More
Top 5 Questions Asked About NFO | Tata AIA
Read More

People Like You Also Read

Difference Between Close Ended & Open Ended Mutual Fund | Tata AIA
Read More
Index Funds vs. Mutual Funds: What is the Difference?
Read More
How to Choose the Right Payout For Your Term Policy?
Read More
5 Smart Investment Options That Can Give You A Monthly Income | Tata AIA Blog
Read More
ELSS vs ULIP: Understanding the Key Differences | Tata AIA Blogs
Read More
Difference Between Recurring Deposit & Fixed Deposit | Tata AIA Blogs
Read More
What is KYC? The Only Guide You Need | Tata AIA Blogs
Read More
NFO vs IPO: Understanding the Key Differences | Tata AIA Blogs
Read More
How To Invest In NFO? | Tata AIA
Read More
Top 5 Questions Asked About NFO | Tata AIA
Read More
Website Logo Image Icon

Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance