04-06-2022 |
Financial security and independence are well-planned money goals in the life of every individual. They will satisfy your financial commitments in the short term and long term. However, unprecedented scenarios in life can trigger financial complexities that might deplete your financial resources. And, if your family is dependent on your earnings, they will also face the consequences of uncertainties in their life. So, your financial plan should essentially consist of a life cover, savings, and investment products.
At the Tata AIA life insurance company, we have introduced a combo insurance plan, a one-stop-shop for all your insurance needs. So, let us get ahead and understand them in detail.
What is a Combo Insurance Plan?
A combo insurance plan is a comprehensive life insurance product that combines the benefits of the unit-linked insurance plan and a guaranteed1 return plan. Therefore, you can get life coverage, invest in the equity market and secure your investments simultaneously. In addition, the Secure Investment Solution offers a range of flexible features that you can customise as per your financial condition and needs.
What are the Features of a Secure Insurance Solution?
The Secure Insurance Solution combines two life insurance products that provide a platform to invest in the financial markets while ensuring a guaranteed1 return. Here is a detail about the most prominent features.
- Life cover - Although the savings insurance policy has immense benefits towards savings and wealth creation, life cover is a priority. Therefore, the comprehensive insurance product offers a life cover that provides a sum assured to your loved ones in the case of your unexpected demise. The lump-sum death benefit can reduce the financial stress for your family to a considerable extent. The plan also allows choosing add-on rider# benefits that can enhance financial assistance during the policy term.
- Wealth creation - The comprehensive insurance solution helps you invest in the equity market to build your investments and increase your wealth. Expert fund managers help you choose the fund for investing based on the risk profile you can accommodate. For instance, if you are planning for early retirement, you cannot afford a higher-risk investment. Therefore, you can choose to invest in debt funds.
On the other hand, if you can invest early and choose a longer policy term, then investing in a higher risk profile with the equity funds provides a good return. There are also hybrid funds that offer medium-risk returns that balance between the debt and equity funds. And, if you feel your investments are deteriorating in value due to the prevailing economic condition, you can always switch between the funds with the help of your fund managers. Therefore, it is a cost-effective solution for greater wealth creation.
- Guaranteed1 return - While investing in the financial market provides increased returns; it is not always guaranteed1 in any financial product. It is due to the fluctuating market conditions. However, the Secure Investment Solution helps protect your capital and increase your returns by securing it. The fund managers take the necessary actions to withstand the market conditions to ensure consistent returns. As the returns are guaranteed1, you can do precise planning towards your long-term family financial commitments.
What are the Advantages of Investing in the Secure Investment Solution?
When you invest in a combo insurance plan, certain advantages are specific to such financial plans. Here is a detail about it.
- Flexible premium payment - The financial product provides flexible features that help you modify the savings plan based on your needs. For instance, you can pay the premium for a limited period while enjoying the plan's benefits throughout the policy duration with the limited premium payment feature. There is also flexibility for paying the premium monthly, quarterly, semi-annually, or annually.
- Different payout options - The savings policy with life cover also provides different payout options, such as the lump-sum payment option or the regular income option. When you choose the lump sum payout option, you get the return entirely on maturity. On the other hand, the regular income option provides the maturity returns for a specified income period monthly or annually as preferred.
- Liquidity - If you come across an emergency and are looking for a fund to relieve financial stress, you can apply for a partial withdrawal after the lock-in period. Investing in such a liquid asset is an added advantage if your family is dependent on your income. In addition, it can fund any uncertain commitment.
- Easy management - Managing a diversified portfolio is difficult for a busy professional. It takes a lot of time and energy to allocate a specific time, especially for monitoring your wealth management. In the Secure Investment Solution, as the different elements making up your financial plan are defined in a single portfolio, managing and monitoring the fund value becomes simple and easy with the help of expert fund managers. Also, it reduces the cost to a great extent.
Conclusion
Financial planning is one of the most important aspects of bringing a secure and independent life. It requires the inclusion of different types of financial products that help you accomplish all your financial commitments in a coordinated manner if planned wisely. If you invest early in life, the benefits on a larger scale account for the longer policy term. Investing early in life can also negate the impact of market risk in the long term. So, purchase early and stay invested in making a secure financial future with the one-stop-shop solution.
L&C/Advt/2022/Jun/1114