The fast-paced lives we lead today have made us very short-sighted in terms of financial planning. Most people live a life between one weekend to another wherein the long-term responsibilities and pleasures get downplayed unknowingly. Hence it is extremely crucial and pertinent for an adult to plan and make informed choices in terms of investment and financial prudence. Insurance policies are a great way to plan for a hassle-free and comfortable future.
The Insurance Companies in the country offer a wide range of policies and plans and cover almost every uncertain aspect of our lives. They help and guide the investor towards a secure and promising future. They act as some sort of shock absorbers to the various financial brickbats in life.
Some of the most important Insurance plans one needs to avail are:
- Life Insurance: As the name suggests this kind of Insurance policy covers the lifetime of the investor. Life insurance ensures returns for the entire life span of the investor making him or her financially secure.
- Child Plan: A child plan is essentially a mix of an insurance plan and a savings plan. The savings part of the plan helps in aggregating a corpus amount for over a long period and receiving decent returns. The investor or the parent can pre-define stages according to their requirement.
- Travel Insurance: Travel insurance is a short time insurance policy that covers any kind of mishaps during travelling. This includes loss of baggage, cancellation of flights or the entire travel plan itself, and many other types of issues.
- Health Insurance: this is one of the most important insurance policies that one needs to take up. Given the lives we lead and health conditions we are in a sound and secure health insurance is extremely important. The unpredictability of life and physical health condition of an individual can be faced without much of a shock through a health insurance policy.
- Retirement Plan: To ensure a peaceful and dignified life post-retirement investing money right now is very pertinent. A retirement plan is allows you to invest some part of your income for better income and eventually better life post-retirement. So there are options of retirement plan where the investor gets regular payouts after retirement.
Advantages of having an Insurance Plan
- Your child’s education is taken care of especially given the fact that higher education has become so expensive.
- Unforeseen situations cause a lot of anxiety and stress which can be avoided by taking an appropriate insurance plan.
- They also take care of any untimely expense that has hit the family.
- In case of any unfortunate demise of the parent, the life of the child mostly remains financially secure.
- Insurance policies and plans ensure a comfortable retirement life.
All these and many other advantages of having an Insurance plan make it the most prudent investment at a younger age. It not only paves way for a comfortable old age but also ensures confident adult life as well.