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Why You Should Choose a Comprehensive Plan Over a Basic Life Cover

23/08/2022 |

Life coverage is a basic method to protect your family in your absence. However, it cannot suffice for all the financial needs. Financial security is now an even greater priority considering the uncertain times we live in. So, if you are looking forward to a peaceful future and to keep your family’s well-being foremost then a comprehensive life insurance policy is a good choice. It is a complete all-inclusive benefits plan that can help you manage your financial commitments systematically. Let us look at the plan in a little greater detail.

 

 

What do you understand about a comprehensive plan?

A comprehensive insurance policy offers life coverage, including savings and investment benefits. It provides diversified benefits under a single plan and cost.

 

Comprehensive plans generally combine two or more existing and popular products of a life insurance provider and create a comprehensive solution that satisfies a range of insurance needs. Hence, it is a one-point solution for all your financial needs.  


 

Why should you choose a comprehensive plan?

Life coverage alone is not sufficient in financial planning. Achieving your other financial goals are equally important for which a comprehensive plan will come in handy.

Here are a few reasons to prefer a comprehensive plan.

 

  • Ensure family needs: If you are the only earning member in the family, you need to plan for the financial commitments at different stages in your life. A basic life cover can provide the sum assured to the nominee in case of your unexpected demise. It can at best be sufficient to reduce the financial burden for a short period. To manage long-term commitments such as your child’s marriage or education, a wide-ranging savings plan with different payout options should be chosen. This will bring regular income for your dependents.  

 

  • Savings: A basic life policy will secure your family. And, if you start early the sum assured can be relatively more in the long term. However, a savings plan is required to manage short-term commitments or emergencies as also for planned expenses like vacations, anniversaries etc. You also need to save for buying a house, your own or your children’s higher education, their marriage and so on.

 

  • Investment: Apart from basic life cover, it is also important that you make sufficient investments to meet your future financial needs considering the increasing inflation rate. However, returns are always related to the risk you are willing to assume. If you are a beginner at investing or burdened with family commitments, investing in high-risk securities is not advisable. A comprehensive insurance policy with investment opportunities such as the ULIP will suffice for a safe investment with good returns. 

 

 

 

A ULIP is a systematic savings method in which you choose a fund based on your risk tolerance level. The funds are managed by professional fund managers who will act on your behalf to achieve good returns with optimum risk. This makes ULIP investing reliable.  You can choose an equity fund for high risk, a debt fund for low-risk and hybrid funds for moderate risk levels. If you feel the funds in which you have invested are not performing well, you can always switch between the funds subject to a few rules. Thus, you get life cover and market-linked returns too. 

 

  • Retirement benefits: Basic life cover provides funds for immediate relief to your family. To plan for your retirement, you need a full-fledged financial plan. Start with estimating your expenses, any unfinished goals or a new venture that might need funds, and projected medical expenses. You can choose flexible premium payment options so you don’t have to give up your lifestyle in your golden years. 

 

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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

Disclaimers

  • 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.
  • 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.