National Insurance Awareness Day was on 28 June. In spite of this, not many people are prone to sign up for insurance policies that can only benefit them. Earlier, insurance cover meant, primarily, health insurance and life insurance cover. However, with changing times, and uncertainty on the horizon, you can purchase an insurance policy that acts as a savings plan. In fact, this may not just offer you standard life cover, but also grow your wealth over time, so that you get a corpus to look forward to in your retirement, or a fund to meet expenses in the course of your life.
Today, a plan such as HDFC Life’s Sanchay Plus plan can be a sound scheme to opt for. With such a plan, you get a guarantee of income and insurance, giving you assured benefit payouts for a range of tenures.
Why Consider Investment and Insurance?
Life as we know it, goes at a fast pace with unpredictable circumstances ahead. Therefore, you need a contingency plan, especially where your finances are concerned. Not only are you responsible for your own wellbeing, but if you have a family that depends on you, you must think of their life too. The emotional fallout of losing a near and dear one may heal over time, but when the breadwinner of a family passes on, generations that follow may face distress. This is where the requirement of a fixed income product with assured returns enters the scene. Such a product can guarantee returns for the financial protection of your family in advance.
How Plans Work
Plans of a guaranteed nature are popular as they offer policyholders capital protection. Consequently, policyholders can opt to receive payouts in lump sums or by way of a regular income over a specific duration. The returns that policyholders typically receive from such policies amounts to 5%-6%, depending on the plan chosen. This is fixed when policyholders purchase the plan. The returns remain the same for the tenure of the plan, so there is no room for shocks. However appealing all this may sound to those who wish to invest and enjoy life cover, it can be confusing to ultimately select the right plan.
Make an Easy Decision
To make your decision easier, you can explore a plan by HDFC Life, the HDFC Life Sanchay Plus plan. This is a non-linked, non-participating savings and insurance plan. You can pick from a range of different tenures offering you various maturity payouts, depending on sums assured. For instance, there is a Long-Term Income option which provides you a guaranteed income for a set period of 35 years. This particular plan comes with the advantage of you having to pay a premium for just five years.
Create a Legacy
Insurance cover aids you in the creation of a legacy for your heirs to benefit from. Apart from this, income features give you the leeway in planning for potential milestones that occur throughout your family’s life. These milestones take the form of a child’s higher education or a wedding. Guaranteeing a safe financial backup for you family, plans like this may sound too good to be true, but they are and with the HDFC Life Sanchay Plus plan, you can choose from three options like the Guaranteed Income option, Long-Term Income option, and Life-Long Income option.