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5 Reasons Why Comprehensive Insurance Can Offer Total Protection for Your Family

04-06-2022 |

Comprehensive insurance in India has become increasingly popular in the current scenario. With the tremendous uncertainty in life due to several factors, financial stability is considered very important. Planning your savings and allocating among various investment avenues are the keys to a satisfied and secure financial future. A life insurance plan is a simple method to protect your family in the long run and give wings to their dreams. Here are five reasons why comprehensive insurance can offer total protection for your family. 

What is a comprehensive life insurance plan?

Basic life insurance plans offer life cover under which the insurance company pays the sum assured to the nominee if the policyholder dies during the policy term. A combo life insurance plan has larger benefits. It ensures that your family has regular returns and adequate growth for the future. Here are five reasons why a comprehensive insurance plan is a sound option for your family’s protection. 

  1. Insurance: A life insurance policy is the most important lifeline for your family in your absence. There are various flexible features in life insurance to customize a plan according to your financial needs. A  comprehensive insurance policy is designed to provide insurance features, add-on rider# benefits and other financial advantages.

  2. Life insurance is given equal importance and remains intact in a comprehensive plan during the policy term. Based on your income and family requirements, you can use the online premium calculator and estimate the premium amount to be paid. You can also choose the mode and frequency of the payment as desired. 

  3. Savings:  A comprehensive insurance policy such as the guaranteed return insurance plan(Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN: 110N152V09) provides life cover and, additionally, guaranteed1 returns. The returns accumulate to a huge sum in the long term, and as it is guaranteed1 during inception, you can plan for your financial goals in the short term or long term precisely. It can help you handle financial crises such as an emergency as well as long-term financial commitments such as children marriage, higher education etc.

    A guaranteed1 return insurance plan(Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN: 110N152V09)  also offers varied payout options such as a lump sum, a combination of a lump sum amount and regular annual income or regular monthly income. Suppose you have a desire to pursue higher education abroad. You can hope to do it with a comprehensive insurance policy without disturbing your family and at the same time ensuring life cover in case of unfortunate death. Compared to the traditional savings plan, it offers dual benefits at a reasonable premium amount. Also, the returns are guaranteed1!

     

  4. Investment: A comprehensive insurance plan provides an opportunity for receiving life cover along with market-linked returns. One of the most renowned products for this purpose is the ULIP2. The premium amount paid towards such a plan is used for two purposes, insurance and investment in the financial market. As the returns are market-linked, it offers good returns considering the inflation and allows for wealth creation in the long term.

     Based on your risk appetite, you can invest in an equity fund for high risk, a debt fund for low risk and a hybrid fund for moderate risk levels. If you feel that your investments are not performing well, you can switch between the funds during the policy term. As the funds are decided and provided by the insurer, it is extremely reliable. You don’t have to spend a lot of time choosing the securities or managing the fund, and the fund manager will make the essential changes based on your consent.

     Investment with equal importance to life cover is a valuable feature and reason to choose a comprehensive plan.

    • Safety: The comprehensive plan is relatively safer because the returns are guaranteed1 as far as the savings component is concerned. And, with the investment option, there are sufficient flexible features to protect your investment from market fluctuations and aggressive price movements. It acts as a tax* impact as well. 

  5. Retirement planning: Retirement is a period of golden years and you should not be bogged down with financial worries. It should be planned with utmost care with sufficient surplus amount to survive and manage uncertainties. A comprehensive product with well-planned savings and investment components will deliver the best returns.

    With the guaranteed1 return insurance plan with a regular monthly income, you can manage a retirement life just as you went through your employment phase. Also, you will leave a regular source of income for your dependents in your absence.

    A comprehensive insurance policy such as the one offered by the TATA AIA life insurance plan is suitable for a  comfortable retirement along with other features for your family’s protection. 

Chart out your requirements, consider your daily utility bills and the family commitments and consider family insurance plans, comprehensive insurance plans and other life insurance products based on your needs.  

Conclusion

We have seen how a comprehensive insurance policy will protect your family in the long run. It will suffice for their survival in your absence, achieving their short-term and long-term financial crises and for living expenses. It is extremely safe for investment. However, you need to put your earnings in such a plan early in life to receive cost advantages and long-term benefits to ensure maximum protection. So, start early, analyse your financial status, decide on your financial goals, compare different plans, and embark on the one that will best suit your needs!

L&C/Advt/2022/Jun/1115

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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.

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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.

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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!

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Disclaimer
  • 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.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • #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 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.

 

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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.

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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.