National Insurance Awareness Day 2024: Why is affordable and personalised life insurance vital for financial planning?

livemint.com:

Imagine life as a grand jigsaw puzzle. Every piece, whether it's career, family, health, or leisure, fits together to create a beautiful picture of financial freedom. Yet, there’s often one piece that people overlook, the elusive piece that completes the puzzle: life insurance. Not just any life insurance, but personalised and affordable life insurance. It's the secret ingredient that ensures your financial masterpiece remains intact, no matter what life throws your way.

The quest for the right fit: Life insurance isn’t a one-size-fits-all solution. Just as you wouldn’t wear a suit off the rack for your wedding day, you shouldn’t settle for a generic insurance policy. Each individual has unique needs and circumstances, and that’s where personalised life insurance comes into play. Whether you’re a young professional just starting out, a parent planning for your children’s future, or nearing retirement, there’s a tailored policy designed just for you.

Consider the young, ambitious go-getter. For them, a term insurance policy might be the perfect fit. It’s straightforward and affordable, offering substantial coverage at a low cost. The term insurance policies can provide coverage 15-20 times the annual income for a premium that's often less than the cost of a daily cup of coffee! This policy acts like a safety net for an individual, ensuring that if life takes an unexpected turn, their financial responsibilities are taken care of without burdening their loved ones.

Building wealth with a safety net: Now, let's talk about the savvy savers and investors among us. You’re the type who’s always looking for ways to grow your wealth while securing your future. Enter the world of ULIPs. These hybrid policies offer the dual benefit