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Life Insurance For New Parents - The Ultimate Guide

16/09/2022 |

All of us assume various roles at different stages of our lives. Whilst each role carries its fair share of responsibilities and joys, there is perhaps no role more important or daunting than that of a parent. As a parent, you are the primary caregiver for your child, which is why any uncertainties associated with your life and future are bound to have a bearing on your child's well-being. There is one easy solution, however: life insurance for parents.
 

What is Life Insurance For Parents?
 

Life Insurance for parents is a standard insurance policy providing life coverage to the policyholder and their beneficiary. Since life is ridden with uncertainty, it is pivotal to purchase a life insurance policy as early in life as possible. Not only does such an approach entail financial security for your family in the wake of your passing, but it also encourages financial discipline.
 

If you are a new parent or planning to welcome a child to your family in the future, then you must buy a life insurance policy at the earliest. You can check out the Tata AIA Life Insurance plans and choose the one aptly suited to your financial requirements as well as your budget. Remember to be mindful of the additional requirements of the newest member of your family as well.
 

Types of Life Insurance Policies for Parents
 

With a plethora of life insurance policies available to choose from, it can be difficult to ascertain the right insurance policy for parents. Here are the major types of life insurance policies that you can consider adding to your investment portfolio as a new parent:
 

  • Term Insurance Plan: Considered to be the purest form of life insurance, a term life plan is available at feasible rates and is, thus, ideal for young people. Such a plan offers you life cover and financial security for your family. Although term plans generally do not carry a maturity benefit, you can buy a term plan with a return of premium benefit.

  • Guaranteed1 Returns Plan: Another popular life insurance product that can be an excellent life insurance policy for parents is a savings insurance plan or guaranteed1 returns insurance plan. In addition to the life cover element, such a plan also offers a savings component by way of guaranteed1 returns. You can use such a plan to build a fund for your child or a general emergency fund for your family.

  • Unit Linked Insurance Plan: If you wish to benefit from market-linked returns, then a Unit Linked Insurance Plan or ULIP can be just the right insurance plan for you. Not only does a ULIP offer you a life cover, but it also enables you to invest in market-linked instruments and enhance your wealth. A ULIP can serve as a great life insurance plan for parents.

  • Retirement Plans with Life Cover: Although childcare is an important responsibility, you must not neglect your retirement planning either. Retirement Plans or pension plans are tools through which you can build a corpus for your post-retirement life. Retirement plans offered by life insurance companies also have a life cover, making them an ideal insurance policy for parents.

Why is Life Insurance for Parents Important?


There is no dearth of reasons why life insurance for parents is an extremely essential aspect of financial planning. Here is why buying life insurance for parents is important:

 

  • A new smile to cherish: The addition of a tiny human to your family is nothing short of a blessing. As wonderful as the miracle of birth and new life is, nothing, not even childcare, is free. Newborns have a whole host of expenses, ranging from basic hygiene equipment to vaccinations.

  • A new future to shape: With the cost of education consistently on the rise, it is wise to choose a life insurance policy that has a savings insurance element. This way, you can enjoy a life cover as well as access to a safe instrument to build a fund for your child's education and future aspirations.

  • An income stream potentially lost: If you are a single parent and the primary breadwinner of your family, then the financial stability of your entire family is directly linked to your health and financial stability. This is reason enough to opt for a life insurance policy to protect the finances of your family in the event of your passing. The loss of a steady stream of income can be incredibly crippling, particularly in addition to the loss of a family member.

  • A shield against debts: If you have any debts, purchasing a life insurance plan can be your way of creating a fund to pay them back. Even if you do not have any debts now, a life insurance policy can serve as a tool to prevent you from having to resort to debt for, say, your child's higher education.
     
Life Insurance For Parents: Tips and Strategies
 

Here are some handy tips and strategies for buying life insurance for parents:
 

  • Decide to buy life insurance as early as possible.
  • Choose the right life insurance plan for yourself and your family.
  • Select an adequate sum assured
  • Consider adding the necessary life insurance riders#.
  • Add a health insurance policy to your investment portfolio.
  • Engage in timely retirement planning.
     
Conclusion
 

It is critical to have an adequate life insurance policy, more so if you are a new parent or parent-to-be.

Head over to our official website and check out the Tata AIA Life Insurance plans to buy a suitable life insurance policy for parents.


L&C/Advt/2022/Sep/2168 

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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.

Looking to get a new plan? 

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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!

View all posts by Tata AIA Life Insurance

Frequently Asked Questions

1. Why should new parents buy  these plans? 

New parents should buy this plan because of the following benefits:

  • Tool for systematic savings
  • Life cover
  • Flexibility to choose the frequency of premium payments
  • Freedom to select the mode and frequency of payouts
  • Tax* Benefits 

2. Should new parents buy a ULIP?

If new parents are looking for a life insurance plan with market-linked returns, then they can opt for a ULIP. 

3. How can new parents buy the right life insurance plan with Tata AIA?

There are several Tata AIA Life Insurance plans that can be ideal for new parents. To select the right life insurance for parents:

  • Ascertain your financial requirements.
  • Check out various plans on our official website.
  • Choose the plan with the right sum assured.
  • Add the required life insurance riders#.
  • Make the premium payment online.

You can use our range of online life insurance calculators to choose the best plan for yourself.

Disclaimers

  • 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 does 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.
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry
  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.
  • 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.

Need more information?

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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.

Looking to get a new plan? 

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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.