Being smart about your finances can see you happy and stress-free in your future. Whether you wish to collect a corpus for your retirement, a period when there is no regular source of income, be financially secure to tackle uncertainties, or secure your family if you are no longer around, a financial plan is a clever strategy to blow your concerns away!
Change With Changes
The world has witnessed changes on a huge scale in the past few years, and everyone in every corner of the globe knows why. For obvious reasons, the fallout of the health crisis of mammoth proportions is unemployment and inflation of unprecedented levels.
Even though the crisis has prompted several individuals to finally “see the light” and plan investments, there are still many people who do not invest prudently. To meet the challenges of change, especially if change is of an adverse nature, it is important to alter your thought process and focus on a plan that secures you and your family in the best possible way financially. Crisis or no crisis, financial planning and organisation is a must.
Lessons From Adversity
If there is anything that being in a global crisis has taught individuals is that there is light at the end of the tunnel, along with all the strife that has been experienced. In the fallout, good lessons may be learned. The awareness that plans like life insurance plans, and schemes that blend life insurance with investment are necessary for effective financial management, has come about.
Furthermore, with many employees still working from home, employers have cut down on physical workplace infrastructure costs, and employees have more savings. The costs of travelling to and fro from work, for instance, have dropped considerably. Furthermore, although life is almost back to normal, fewer outings and socialising are the norm. This means that there is less expense on entertainment like eating out.
Time to Rethink
Many individuals still follow the work-from-home routine and find they have more time on their hands to think about the future. Somehow, physical work never allowed one to sit and ponder on the future, as life was busy for most folks. With more time on your hands, you can easily plan for your future quickly. With most life insurance companies offering you plans online, it’s not hard to browse for ones that suit you. Additionally, although it is highly recommended that a life insurance plan is a must, you should also think of health insurance (if you have not already) and other investment instruments like mutual funds, pension plans, etc.
Typically, employers give a benefit of a pension plan to an employee, mainly to meet financial requirements at retirement. However, there are reasons for you to have additional investment plans, and secure life insurance as well. The pension plans that are currently offered by employers won’t suffice for retirement expenses with inflation only bound to rise with each passing day. You require additional funds to take financial burdens of ongoing milestones off your shoulders. More importantly, you need a good life insurance plan that financially safeguards you and your loved ones in case of unforeseen emergencies, during your life, and should your untimely demise occur.
Foresight and Financial Freedom
The savings you have built by working from home, perhaps, have not been channelled well enough to allocate your funds to plans for the future. It is prudent to think of a good life insurance plan early and execute your decision. You can explore plans such as the HDFC LifeClick2Protect Life plan that not only offers comprehensive financial security to your near and dear ones, but provides the flexibility to opt for any one of three plan types. For instance, you can get a plan with income payouts starting at the age of 60. There’s also an option for a payback of all your premiums if you survive the tenure of the policy. Unprecedented times require plans that evolve with you and the circumstances you have to face, giving you the protection you very much need.