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Life's Uncertainties: Why Financial Safety Nets Matter

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November 29, 2023

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Catches win matches.

This adage needs no evidence. It is a self-fulfilling prophecy. There is no count of the number of times contests have been lost because a fielder couldn’t hold on to the ball. One moment, a team may be cruising towards victory, and in the next, they may be staring at defeat on their hands instead of the trophy.

Besides talented batters and bowlers, a team cannot do without wise and enthusiastic fielders. Good fielders force the opposing team to make mistakes. A well-placed fielder can turn the tide in their team’s favor. They can win matches without bowling a ball or scoring a run. They may win matches just by their imposing presence on the field.

Therein lies a very valuable insight to be applied to our financial lives.

Wealth Protector

Half of the time our thoughts may be occupied by ideas to earn more money. The other half may be occupied by ways to reduce expenses. What many people forget or ignore is that they also need to protect their hard-earned money from life’s over-the-head shots. All the runs scored – their accumulated wealth – will come to naught if they are not provided a safety net of good fielders.

A similar safety net is provided to your money, and accumulated financial wealth, by insurance – your best fielder against life’s most aggressive batters!

Hence, while choosing an insurance plan, consider the following aspects.

1. Life coverage:

The most basic job of a fielder is to stop and hold on to the ball whenever it comes anywhere near him. Similarly, insurance should first and foremost fulfill its most basic responsibility of providing life coverage to repel the adversity brought on by any unexpected, unfortunate happenings.

Buying an adequate term insurance with comprehensive life coverage is an absolute must early on in life. A fielder needs to be alert and active right from the start. If they are slack in the beginning, it may be too late later on. The match may reach a stage where no amount of super-human effort will be enough to redeem their team.

Hence, it is necessary to buy term insurance as early as possible, preferably at the beginning of your earning life itself. As your age increases, the insurance premiums also increase, while the available life cover amount may decrease. You need a plan that offers comprehensive life coverage at affordable premiums. For this, HDFC Life Click 2 Protect Super is a worthy player to have in your team.

2. Financial security:

A fielder who is also an ace batter or bowler, or both, becomes an invaluable asset for the team. Similarly, consider an insurance plan that is versatile enough to provide the security of insurance along with savings.

The HDFC Life Sampoorna Jeevan plan fits the bill. Besides life cover up to the age of 100 years, it also offers guaranteed1 returns, and 5 bonus options. These include Simple Reversionary Bonus (SRB), Simple Reversionary Income Bonus (SRIB), Cash Bonus, Simple Reversionary Bonus for Premium Payment Term and Cash Bonus thereafter and Simple Reversionary Income Bonus (SRIB) and Cash Bonus (CB).  These can further help accumulate wealth for long-term financial goals.

3. Flexibility:

Every fielder has their own strengths. Even so, a good fielder is willing to field at any position. And they deliver results wherever they are placed. They are sensitive and alert to the needs of the bowler, and instinctively understand the captain’s strategy.

A good insurance plan is designed to suit the needs of the client in every way. It should offer multiple options so as to make it easy for the client to choose that plan without feeling any financial burden.

Consider, for instance, how HDFC Life Click 2 Protect Super and HDFC Life Sampoorna Jeevan plans offer ample flexibility in multiple aspects. You can choose a coverage amount that aligns with their long-term goals. Multiple modes and methods offer further flexibility when it comes to premium-payment which helps to reduce the financial burden and help in better financial planning.

The Final Game Plan

Whether you are at the beginning or at an advanced stage of your career, whether you are already a parent or planning to be one, you cannot discount the need for adequate insurance. By teaming-up your financial goals with the right insurance products from a trusted provider, you can build a solid game plan for your financial innings.

Much like a fielder's acrobatic skills, insurance provides us with a safety net. It shields us from unforeseen events and ensures that we are not burdened with crippling financial consequences. With the right guidance, it can offer that much-desired peace of mind.

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ARN: ED/11/23/6267

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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 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.

Disclaimer

1. Provided all due premiums have been paid and the policy is in force.

HDFC Life Click 2 Protect Super (UIN No.: 101N145V02) is a Non Linked, Non Participating, Individual, Pure Risk Premium/Savings Life Insurance Plan. Life Insurance Coverage is available in this product.

HDFC Life Sampoorna Jeevan (UIN:101N158V05). A Non-Linked Participating Individual Life Insurance Savings Plan. Life insurance coverage is avaialable in this product.

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