The importance of life insurance in your life

Updated: Dec 09, 2020 12:25 PM

Evaluate your earnings and compare it with your expenses. Curtail the unnecessary spending and save the money to celebrate bigger and more important milestones.

ULIP, unit linked insurance policy, different types of life insurance policy, term insurance, ULIP, endowment policy, pension plan, tax alert, income tax,Did you know that you can 'insure' your life’s precious moments? Life insurance plans can cater to these altering demands and protect these beautiful moments forever.

We spend all our time trying to strike a balance between our personal and professional lives. Amidst this race against time, acknowledging several little moments of happiness and joy gives us the strength to beat all odds. We love to cherish and celebrate every possible milestone starting from festivals, birthdays, anniversaries, achievements, etc. to upgrading our lifestyle and pampering our loved ones. While these moments give us immense pleasure, they also highlight the need to have an additional income so that the moments continue forever.

Keeping in mind several unanticipated risks in life, it is vital to be prepared to ensure you can keep celebrating your life’s milestones without interruption. Here are some prudent steps that can ensure that your finances do not come in the way of your celebrations:

Start Planning: It is vital to evaluate your financial condition by creating a comprehensive picture of your current finances, your goals, savings, debts, investments, etc. Once, you have mapped out all your finances, customize your plan according to your requirements at various stages of life. Do identify the various moments you would like to capture always and add them to your financial plan.

Make Savings A Habit: Evaluate your earnings and compare it with your expenses. Curtail the unnecessary spending and save the money to celebrate bigger and more important milestones. Such habits go a long way.

Grow Your Savings in An Assured Manner: It is essential to take prudent investment decisions and allow your savings to grow. You can opt for financial instruments that offer guaranteed returns. This will assure that you have the required sum, the moment you need it.

Can Your Savings Turn into An Additional Income? The requirement of having an additional income combined with financial stability is the need of the hour. Check for financial solutions that can offer you assured recurring income for the long-term. If you invest early, this can also act as an additional source of income.

Manage Risks Well: Plan in a manner so that nothing can derail your moments of happiness. Understanding the importance of risk- management tools thus becomes necessary.

Did you know that you can ‘insure’ your life’s precious moments? Life insurance plans can cater to these altering demands and protect these beautiful moments forever.

Ensure Happiness with Life Insurance: Life insurance plans can cater to our long and short-term needs like lifestyle upgrades, pursuing hobbies, pampering our loved ones, and relishing every milestone. These policies are specifically designed in a way to reap long term benefits with short-term investment. These plans offer the additional benefits of protection coupled with financial assistance and safety.

To sum it all, planning well and in advance can help you celebrate life’s valuable moments without making any compromises ever. Keeping the unpredictability of life, opting for a life insurance plan that provides a safety net along with an assurance of the well-being of your loved ones, is a wise financial decision. Investing in such ‘life solutions’ is a must for the long run. So, it is vital to plan today, to do more of what you love to do, forever!

By Anil Kumar Singh, Chief Actuarial Officer, Aditya Birla Sun Life Insurance

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