A life insurance solution with complete protection

Am I on the right track for savings? Am I spending too much? Am I prepared for unexpected contingencies? Do I have enough funds for my children’s higher education? I have been a chain smoker, what if I am diagnosed with a critical illness? Who will look after my family when I’m not around? These questions kept Rajeev, a 38-year-old and father of two children, awake every night.

Like every other individual, for Rajeev financial security of his family in case of an uncertain event, the burden of paying off debt, running monthly expenses and protecting his family from the aftermath of medical exigencies were the top three priorities. Clearly, he and his loved ones required protection towards all these uncertainties.

What would be the best option available to him that could cover all his priorities? A traditional life insurance plan will offer a lump sum in the event of his untimely death providing financial security to his family. Would his family be able to manage this money judiciously? If they use it to pay off his debts, then what will happen to their monthly expenses? Therefore, he would also require a plan that takes care of the monthly financial needs of his family. What about his third concern, critical illness? He definitely needs a critical illness cover as well.

Just like Rajeev, most of us require the above mentioned three-four policies to ensure complete financial protection of our family. However, the challenge is to maintain three-four different sets of policy documents, pay different premiums mostly on different dates, and expect your family to keep a track of all this as well. Imagine the inconvenience it will cause them at the time of claims.

Previously, diversity in insurance plans was a huge factor that made the market composite. Keeping in mind the value of fiscal core strength and how it influences the customers, insurers these days have started offering the combined benefits of three-four policies as a packaged, singular solution. It saves you from unnecessary hassle and troubles of hunting for different policies from different agencies. It ensures that you pay one single premium for all and most importantly one single document for your family to be aware of.

Let us have a quick look at what are combination solutions and how they help in resolving the major concerns of our life:

Opting for a combo solution certainly takes away the hassle of choosing and purchasing three-four different products. These are of greatest appeal for consumers who want to provide comprehensive protection and ease of claims to their families.

Why are these solutions best-suited for relieving you from major concerns?

Convenient and hassle-free

This combo relieves you from the burden of seeking detailed comparisons on what is best suited for you and your family’s needs making it all the more essential to check the premiums offered, the cover as per your needs, the terms of maturity and capital benefits. Moreover, it saves your time and energy by following minimal documentation.

Financial security and peace of mind

They offer financial security which ensures one’s family will continue to have enough money equivalent to the bread earner’s total years of income potential, even when he or she is not around. Such an assurance is worth much more than a few thousand rupees a year.

Monthly Income with Protection benefits

With market instability being engraved in the economy, these monthly-income options offer individuals a bankable option to hold well in times of need and ensure that the monthly expenses are taken care of.

Protection with financial assistance

When someone is struck with a major illness, the medical bills mount up. It gets even worse if the person is the sole bread earner of the family. In such a scenario, this act as an income replacement, offers large cover to take care of medical costs as well as day to day expenses and thus increases chances of revival. Critical illness benefits offered most definitely provide the much needed financial support and confidence to fight the disease and protect one’s family’s dreams, goals, and financial aspirations.

In a nutshell, given the uncertainty of life and the unpredictability of savings, having a combination life insurance plan is like having a safety net. It’s a wise financial decision. Investing in combo solutions is good for the long run as it is the safest option when you are seeking a secure future for your family. You need to plan today as no one knows what tomorrow holds.

(The writer is Chief Actuarial Officer, Aditya Birla Sun Life Insurance)