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Every individual manages daily expenses, utility bills, short term obligations, long term financial goals and the retirement corpus and would have a definite plan for achieving these objectives. However, in many cases, the plan fails, and the expenses go beyond the income leading to financial distress and interdependence. The search for credit facilities begins, and again, the repayment becomes a stressful obligation. As time surpasses, the cost of expenses will increase, leading to a financial crisis altogether.
To curb all these difficulties, you can track your finance well in advance to lead a comfortable and successful life with an insurance money savings plan.
Let us understand how you can track your finance and rebuild your financial life.
Take some time to look into your income and expenses. List the income from different sources and the expenses that have been incurring. Find out if you are spending more than your income. If you are spending more, it is high time you make a budget and start a disciplined financial practice. If you are spending less, look for the best savings plan to invest your money in.
You can make a budget that would work for you only when there are certain financial goals. Consider all the short-term goals like higher education, purchasing a car etc. and long-term goals like children education, marriage etc. Calculate these expenses accounting for the inflation rate in the future.
Now that you have understood your current financial position and the direction towards where you want to go in terms of your financial goals, you can track and make a budget.
Finding the unwanted expenses and trying to exclude them.
Setting a limit for expenditure for which you cannot define the exact amount required.
Finding out purchases that can be bought for a reduced price and buying at the best prices in future.
Invest in purchases that are necessary and get them at the right stages in life.
Prioritising the expenses and including only those which are necessary at the right time.
Considering the inflation rates on long term financial goals.
Allocate at least 20 percent of your income exclusively for the purpose of a money savings plan.
To fulfil the budget and work towards your financial goals in a coordinated manner, it is necessary to adopt a savings plan. Also, if you are the only breadwinner in the family, you have to ensure financial protection for your family at different stages in life.
Now the question arises on how to satisfy the insurance and money savings plan objectives simultaneously? There is a guaranteed# insurance savings plan to address your needs offered by the insurance companies. According to this plan, you have to pay a definite monthly premium for the policy term. There are two benefits associated with this:
Sum assured - The premium amount paid accounts for a life cover and provides a sum assured to your family in case of your sudden demise. The lump-sum amount can be utilised for their daily expenses, paying off debts, and other financial commitments such as children's higher education, marriage, etc. Like any other term insurance policy, you can enhance the sum assured by opting for additional riders1 such as the accidental death rider1, critical illness and the terminal illness rider1 to account for the insured amount payable under these scenarios.
Guaranteed annual income - Additionally, you or your family members will get a guaranteed# annual income once the policy matures. It can be received as a lump sum amount, or a combination of lump sum and regular income or as a monthly income plan.
Once you track your finances to this money savings plan, follow it religiously to seek the right advantage. Check Tata AIA online for the various plans and the associated benefits of an insurance saving plan.
Seek support: If you are the only person taking care of the finances, there is always a possibility to go wrong somewhere. Seek support from your life partner and allow him or her to verify the expenses and differentiate between the necessary and the unwanted expenses. If both of you are earning, one portion can be reserved for emergency situations and the rest on the insurance and savings plan, as discussed.
Stay focused: When you have a designated financial plan or a budget, it is important to stay focused and follow it sincerely. The guaranteed# income savings plan will be beneficial in the long run only when the premiums are paid regularly, and the policy term is completed wilfully.
We have discussed the importance of financial planning, how to track the finances in an existing budget, how to change or make a new budget and how to incorporate a guaranteed# savings plan for all your future needs. As the returns from the plan are guaranteed#, you can always prepare for the financial commitments as planned. Daily expenses will not be a cause for concern. Income post-retirement will be secured. If you are heading towards an indefinite path as far as financials are considered, follow these simple steps and track your finances right and save for a better future!
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1Rider 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
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 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.