Achieve your goals through insurance

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The pandemic brought about a host of changes, which have redefined the life choices of customers. A large part of which included an appreciation of the importance of financial independence and well-being. Financial independence is a way to secure your loved ones and your future, thus ensuring that you can follow your goals without financial constraints. It’s the ability to make life’s decisions without fear of running out of money. Ideally, you should begin financial planning as soon as you start earning. You can create a sound financial plan basis various life goal, such as purchasing a home, a vehicle, planning for children’s education/marriage, among others. If you plan and invest carefully, you can attain your objectives and have a sizeable corpus for your retirement needs as well.

Following a roadmap to assure you have an iron-clad strategy early in your life can help you achieve financial independence.

You could have a variety of long-term goals in mind, such as:

— As a parent, you may want to help your child realise his or her dream of attending a prominent institution

— You may be looking to purchase a home or a vehicle

— You can aspire to be a retired globetrotter who travels the world

Whatever your goal may be, there is no going back once you’ve made up your mind. These goals will always flash in front of your eyes whenever and wherever you are – before going to bed or when you are lost in thought while commuting to work.

Regular investment in such wealth plans such as ULIPs (Unit Linked Insurance Plans) or Guaranteed Income Plans can bring not only great long-term rewards but also provide a safety net for life’s unforeseen events. Such plans provide you with the best of both worlds – financial protection against uncertainties plus help you grow your wealth to achieve your dreams. Moreover, these plans, with a disciplined investment approach, can help inculcate a habit of saving.

Comfortable retirement with insurance

Retirement planning is the process of determining your post-retirement income objectives, as well as the actions and decisions necessary to achieve them. When it comes to retirement planning, finding information sources, forecasting expenses, creating a savings plan, and managing assets and risks are all important considerations. Your retirement plans can begin at any moment, but it is most efficient if you start early in your life and incorporate them into your financial planning.

You can consider a pension plan, which is a retirement fund that you construct over the course of your life to maintain a steady stream of income during retirement. Such plans provide a guaranteed fixed income for life. This income can help you meet your day-to-day expenses, health-related costs and more.

Protect your loved ones 

Term insurance plans are one of the least expensive and most basic insurance plans which help you secure your family’s financial future in case of an unfortunate event. With a small annual payment, you can be worry-free about your family’s financial safety. Term life insurance provides claim money at the time of death to the family that can help your family maintain their current standard of living. The insurance company’s contribution can ensure that your children receive a good education and the dreams you saw for your family stay on track.

Buying insurance at an early age

Term insurance plans, when purchased at a young age, are extremely cost-effective. Term plans also provide protection against medical expenditures and coverage against critical illnesses too. Most people are also not aware of the right insurance cover that they should get. You should get a large cover to ensure your family has a steady flow of income for the coming years to meet their daily expenditures, pay off existing loans, fulfil education-related expenses and more.

In the long run, financial freedom requires careful planning and making good financial decisions to ensure an all-round safety for you and your loved ones. A robust financial plan will give you the much-needed peace of mind that comes from knowing that you and your loved ones are financially secure and independent.

(The writer is Head – Tied Agency and Direct Distribution, Bharti AXA Life Insurance. Views expressed are personal)