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Checking the Variables: An Important Aspect in Choosing Your Insurance Plan

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August 02, 2022

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Usually, young aspirants & professionals who have just started their careers have limited savings. But they also have dependents & liabilities - such as parents approaching their retirement life, younger siblings whose education expenses have to be met, grandparents with critical illnesses or debts that have to be repaid etc. As these young people generally have low savings to tide over any sudden financial emergency, therefore, in such cases, a suitable insurance plan would be the best option to shield the financial condition of their family.

Benefits of Having an Life Insurance Plan

The following points further highlight the benefits of having an insurance plan/policy, especially in these uncertain post-covid times:

  • Provides financial backup in an emergency: Life Insurance plans offer much needed financial & emotional support in case of any unexpected emergencies allowing you to focus on rebuilding your life. 

  • Secures retirement: With a retirement insurance plan, you can save part of your income over a long-term period and make yourself financially secure post-retirement. 

  • Secures future: As life is uncertain and if some unforeseen crisis strikes, a term insurance plan will ensure that your family gets a lump sum amount to help them take care of their needs when you are not around. 

  • Encourages Savings: With a money-back policy, you can get an amount after a few years of investing in the insurance policy. 

  • Buys you peace of mind: Apart from financial security, insurance also gives you peace of mind. 

Check the Variables - Choose the Right Plan

As you grow older in life, your responsibilities will also increase. Keeping the inflation rate in mind and the uncertainties of life, no amount saved will be enough for your family’s future if you wait until later to start planning. The variables/factors that need to be considered when choosing your insurance plan and coverage should include the following:

  • Your future goals: Your plan may be to pursue higher studies by taking an education loan or getting married and having children.

  • Number of dependents: Ageing parents with medical conditions or a spouse who may not work or may not earn a fixed income or children in the future.

  • Your current or future liabilities: Any existing loans or debts.

  • Expected liabilities: Medical care for elders, children’s education etc.

Once you decide to buy an insurance plan suitable to your needs, you can always opt for plans offered by HDFC Life where you can find a range of life insurance plans right from term insurance to health insurance and investment-oriented plans. The company has a high claim settlement ratio# which stands currently at 99.03%. You can easily buy HDFC Life Click 2 Protect Life, a term plan designed keeping in mind your requirements, online with a few simple clicks of the mouse.

#Individual death claim settlement ratio by number of policies as per audited annual statistics for FY 2019-20.

End Note

Age is the most crucial factor determining how expensive or affordable your insurance policy will be. The age of purchasing an insurance policy will decide whether or not you pay a high premium or a low one. Purchasing a suitable insurance plan/policy as early as possible in life enables you to reap benefits and serves your best interests. It might seem like an added expenditure right now, but wouldn’t you rather be safe than sorry?

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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HDFC Life Click 2 Protect Life (UIN No.: 101N139V04) is a Non Linked, Non Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

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