Checking the Variables: An Important Aspect in Choosing Your Insurance Plan
Table of Content
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?
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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.
Popular Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator