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Protection, Investments, and Savings: Get All-in-One Solutions with Combo Insurance Plans

04-06-2022 |

Life is a complex mixture of events that are planned and unplanned to varying degrees. As a responsible individual, it is important to plan for unprecedented situations by making well-informed financial decisions. So, what are the three important aspects that govern your financial plan? Well, it will start with a savings insurance plan that will include an investment benefit for wealth creation. And, if you are a prominent member earning for the well-being of your family, then a life cover is of utmost importance.

Therefore, protection, savings, and investments help you plan for a peaceful and secure life. But, can you manage and afford all the three separately? If you are sceptical about it, we have a combo insurance plan that is a complete solution for all your financial needs. So, without any further ado, let us get into the details to know more about the plan.

What is a Combo Insurance Solution?

A combo insurance solution is a life insurance product that provides life cover, savings, and investment benefits in a single plan. It combines two or three life insurance plans such as the ULIP investment, guaranteed1 return plan, etc. So you can invest in the equity market, secure your returns and get a life cover to secure your family's financial future. In addition, various flexible features make the comprehensive solution more customisable.

Features of a Combo Insurance Plan




A combo insurance plan is a complete solution considering the enhanced features. Here is a detail about it.

  1. Life insurance - These insurance plans provide a life cover that will offer a lump sum death benefit to your family in case of your unexpected demise during the policy term. It will help your family pay for any debts, accomplish long-term commitments and reduce the financial stress in your absence. And, when you choose a longer policy term, you can accumulate a higher sum assured for better benefits. There is also the add-on rider# benefits that can provide additional financial assistance based on your circumstances in life.

  2. Investments for good returns - Saving funds for your money goals is a good financial discipline. It is an important aspect of your financial plan to handle temporary financial commitments and emergencies. However, only a planned investment can contribute to your wealth creation. Combo insurance plans will provide options to invest in the equity market and make good returns on your investment fund.

    You can choose the funds to invest based on your risk profile. You can choose between the low, medium, and high-risk investment funds based on your income and financial commitments. For instance, if you invest at a younger age and can afford a higher risk for good returns, you can consider investing in equity funds compared to debt and hybrid funds for low and medium risk profiles. You can also switch between the funds during adverse economic conditions to safeguard your hard-earned investment amount.

  3. Secure investments - While investments are crucial for wealth creation, it is vital to secure your investments if you are an effective earning member in the family. While you invest with combo investment insurance, expert fund managers handle your investment funds and protect them from extreme economic downturns to ensure consistent returns. Therefore, the investment and insurance solution ensures a guaranteed1 return on maturity. So, if you are a busy professional working through the day, you can save a lot of time and energy while monitoring your funds for effective returns.

  4. Flexibility - A financial solution will entirely serve your needs when you can customise it according to your income, financial commitments, and convenience. With the insurance combo plan, you can pay the premium for your investment and protection needs for a limited-term while ensuring the benefits during the complete policy term. You can choose to pay the premium monthly, quarterly, semi-annually, or annually. It is pertinent that you make this decision appropriately to invest for a longer term for good returns.

  5. Liquidity - The money-saving plan provides an option to withdraw the fund after the lock-in period. This liquidity option in the investment aids you in planning to accomplish your money goals such as going on a vacation, etc.

  6. Payout options- Combo insurance solutions offer different payout options that help you utilise the maturity returns wisely. For instance, the Tata AIA Life Insurance Policy provides the Secure Insurance Solution that offers two payout options.

     

    1. Endowment - You can choose the endowment option and receive the payout as a lump sum amount when the plan matures. You can utilise the option for your long-term financial goals, such as paying for your child's education, going on sabbatical leave, etc.

    2. Regular income - You can choose the regular income option and receive the payout for a specified income period monthly. This option is beneficial if the entire motive behind your investment is for your retirement needs.

 

 

Conclusion

Investment and life insurance is an ultimate necessity for every individual. It will help them manage any difficult situation in life with real strength. Combo insurance solution is a life insurance product that combines insurance plans that provide protection, investments, and savings benefits. It provides a platform to invest in the equity market for market-linked returns and secure it for guaranteed1 returns on maturity. You can make use of the flexible features to make the plan customisable for your individual needs. There are also options to liquidate it for all your financial needs. Therefore, the combo insurance solution is a complete solution to protect and strengthen your financial position to lead a happy and successful life!

L&C/Advt/2022/Jun/1088

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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

Disclaimer
  • 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.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
  • 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.