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Your Life Can be Uncertain Just Like The Rains

24-June-2021 |

During the monsoons, no matter how hard you try, you can never accurately predict the timing and amount of rain. Similarly, your life is full of uncertainties. You never know how or when things could go wrong. Therefore, you have instruments like the savings policy and life insurance plan to protect yourself from such events. 

 

How can you plan for financial uncertainties?

Broadly, there are two types of financial planning you should do: one for your short-term and long-term goals and the other to take care of your family in case of your unfortunate demise. Let’s learn more about them and how each can overcome uncertainties.

  • Personal financial plan

A personal financial plan is based on short- and long-term goals. You should definitely have an emergency fund to meet any surprise expenses that might arise. These can be sudden hospitalisation or an expensive, necessary purchase. The emergency fund should at least be equivalent to six months of your paycheck. The emergency fund is also known as the rainy day fund, alluding to the unpredictable rains of the monsoon.

For the long term, you will have to plan for your retirement by creating a corpus. You will have to invest in financial instruments to increase your net worth. You should also have a monthly income plan to take care of daily expenses after your retirement. All this can be achieved by parking your money in a savings plan. The plan will help you save money and, after maturity, will turn into a monthly income plan to pay for your expenses.

  • Family financial plan

Life is uncertain, and one should be well aware of their mortality. Therefore, you will have to plan ahead for securing the finances of your family. Such a plan can take care of their needs even in your absence. A life insurance plan is one of the most convenient ways to ensure this. You subscribe to a life insurance plan or a term plan with enough death benefit to cover major expenses like your children’s higher education and their marriage.

 

Can you live without insurance?

Yes, you can live without insurance, but you definitely shouldn’t. Financial risk and uncertainty will always be a major part of your life. If you get a botched rain prediction, you will only get wet. However, if something goes awry in your life, then your lifestyle can be eroded.

A proper life insurance plan with a critical death benefit and hefty death claim should be more than enough to support you and your family during turbulent times. A savings policy might also come in handy during these times. The monthly income from the savings plan should be enough to meet all the essential payments like EMI and your loan repayments.

 

The benefits of having life insurance for your “rainy days.”

Having a life insurance policy or a savings plan acts as an umbrella on those rainy days. These financial instruments will keep you well protected from the downpour of uncertainties.

  • Peace of mind

Just like having an umbrella drastically reduces our fear of a rainy day, having insurance gives us a certain kind of peace of mind. It frees your mind from financial worries about your future, so you can enjoy life with your family and friends.

  • Securing your family’s future

You will not have to worry about your child struggling to pay for their education and other expenses. You can scoop them under your umbrella and save them from the rain as well. Most life insurance policies will also cover the health conditions of your spouse as well. This way, you can have the entire family under the safety of your financial umbrella.

  • Retirement planning

With life insurance, you will be able to save more for your future and invest the amount in higher returns areas. This kind of investment strategy is only possible when your present life is fully secured with proper life insurance.

  • Tax* benefits

Tax* benefits are just like a cherry on top of all the other benefits. Having life insurance does not only protect you from uncertainties but also reduces your taxable* income. Under Section 80C of the Income Tax* Laws, you can save up to Rs 1,50,000 each year by paying your insurance premiums.

 

Tata AIA Life Insurance

For the dual benefits of assured savings and life cover, check out Savings Solutions from Tata AIA life insurance. The savings policy allows you to accumulate wealth through non-linked, zero-risk investment avenues.

Additionally, Tata AIA online payment methods make it more convenient for you to purchase or renew your policy.

You can further enhance the protection provided by the policy with the help of unique life insurance add-on riders#.

You can browse through all our life insurance savings plans on our official website.

 

Conclusion


A single rainy day does not stop our life from moving forward. Therefore, adversities in life can also be overcome through a proper financial plan backed by all the necessary insurances. The financial plan should be well equipped to deal with and neutralize all the short-term emergencies. The size and the colour of the rain clouds do not matter if you have a big enough umbrella to cover your entire family.

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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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