Getting insured is one thing, adequate life-insurance cover is another

livemint.com:

As a football enthusiast, I find the sport exhilarating. It demands patience, persistence and timing. Its unpredictability adds to its allure.

Life, much like a football match, is inherently a series of unpredictable events, emphasizing the necessity of having adequate defences in place, both on field and in terms of financial planning. Appropriate strategies and calculated moves can make all the difference in securing our life goals. Bear Bryant famously said: “Offence sells tickets, defence wins championships." A solid financial plan with the right mix of investment tools builds the defence that you need to secure your financial future.

With increasing financial literacy, rising income levels and greater awareness, along with greater technological adoption and policy reforms, more families in India are recognizing the need for long-term financial planning, including the importance of incorporating life insurance early on as a versatile tool for protection. As term life insurance serves as a safety net for loved ones faced with unforeseen circumstances arising from a tragic demise, everyone should have a policy. It doesn’t matter whether you are in your early 20s, late 30s, a single mother or a father with dependents.

The concept’s value explains why life insurance is among the top three most preferred savings instruments in the overall household financial savings mix. It has grown at a compounded annual rate of 11% from 2018-19 to 2022-23, contributing 18% to total financial savings. Its penetration inspires optimism.