The festive season has begun! Millennials are geared up to celebrate this season with new apparel, sweets, gadgets, dry fruits, and other exciting things on their shopping list. However, with the way how the current Coronavirus (COVID-19) is spreading, it is essential that millennials be more cautious, when it comes to the financial protection of themselves and their families.
Today, life has become uncertain, and people from all age groups and walks of life are affected by COVID-19, and millennials are no exception. So, if you are a part of this generation, you can consider investing in various types of life insurance policies. Some plans that you can consider investing in include:
- Term plan
Attaining financial security is the need of the hour. This pandemic has been spreading to all corners of India, and there is no vaccine yet. People are falling prey to this disease, which is life-threatening for senior citizens. Celebrating festivals with the family will help us to forget this grim situation temporarily. However, it is essential to plan a secure and strong financial future, and this is you invest in a term plan.
A term life insurance plan offers covers the risk of an unfortunate event. If you have just started working, this policy is an ideal option if you have just started working, as it provides a high sum assured at an economical premium. Investing in this plan at a young age can help you pay an affordable premium through the policy’s tenure.
As per the current statistics, approximately 47 percent of India’s working population are millennials who indulge in online financial transactions and are comfortable working from home as the current circumstance demands it. Rather than just buying expensive and designer apparel, footwear, and fancy gadgets, it is advisable that you invest in the right term life insurance plan to have a financially secure future. In order to find out the premium that you would have to pay to get your desired sum assured, you can make use of a life insurance calculator, which is available on the insurer’s website.
- Unit-Linked Insurance Plan (ULIP)
Saving money and investing it in the plan will help you in leading a financially stable life. For this purpose, you can consider investing in a ULIP. Here, you can invest in equity, debt, or balanced funds, as per your risk appetite and stay for a period of at least 15 years to reap the benefits of this plan.ULIP is a perfect package, that helps you save taxes, increase your wealth, and offers life insurance protection.
- Whole life insurance policy
The whole life insurance policy covers the life period of the policyholder up to the age of 100, and in the case of his or her demise, the nominee will get the sum assured. If the policyholder survives, he or she gets the maturity value.
- Retirement plan
Last but not least is the retirement plan. It is a wealth creation plan for your old age, and this can be planned as per the various life stages like marriage, parenthood, buying a home, and so on. Once you turn 60 years of age, you receive the sum assured either in a lump sum or annually. In the case of an unfortunate incident, your family will receive the sum assured or 105% of the total premiums, whichever is higher.
You can invest in various insurance policies for a better and safer future. Moreover, you can buy these policies can be easily bought online and pay the premiums through the Internet. Depending on your needs you must invest money in a suitable insurance plan, preferably a term plan that offers a huge sum at a low premium. This festive season apart from buying clothes, footwear, and other items, invest in an appropriate life insurance plan for your family’s monetary well-being.