Vaccination and Life Insurance: the two things you need to safeguard the future of your loved ones
Covid-19 didn’t take much time t0 spread like wildfire all across the globe. Even with the dispatch of vaccines, there’s no assurance of uncertainties that may take place in the upcoming time.
Anyone can contract the virus, regardless of the efforts and precautions taken. During these uncertain times, you must consider taking a look at some good insurance policies that provide you protection against these unforeseen times.
In case you already own a policy, it’s surely a good time to review it again and get some changes done through your insurance provider. These challenging times call for the need for a reliable life insurance policy and this article will tell you why.
How the Various Life Insurance Policies Help You Deal With COVID-19?
If you’re fairly new to life insurance and have never dealt with them before, you must know that there are three major types of life insurances namely guaranteed returns products, term insurance, and unit linked insurance plans (ULIPs).
Each of these types of life insurance helps you deal with the adverse effects of COVID-19 in various unique ways. Let us take a look at how these policies help you during these uncertain times and allow you to deal with the pandemic:
- Guaranteed Return Products
The Guaranteed Return Products are a non-participating savings plan that helps you accumulate a surplus amount of corpus over a long period through systematic and consistent investments to meet your life goals. These plans provide you the advantages of both insurance and savings plans.
With the life insurance cover provided by these plans, you can ensure that your dependents and loved ones are financially covered in your absence. Moreover, these plans also assure guaranteed returns in case you survive till the end of your policy tenure.
This type of plan can help you greatly, especially during this period of crisis. God forbid in case any unforeseen event takes place, the life insurance is in place to keep your family safe and secure. On top of that, the policy also provides good returns in case you manage to survive.
- Term Insurance
The term insurance is considered the purest type of life insurance policy that offers you a cover for your life for a specified period. In the event of your demise during the tenure of the policy, your chosen nominee will be eligible to gain a significant amount of money.
It is also considered one of the most cost-effective investment plans available as it guarantees a higher assured sum in return for nominal premium rates. With this policy, you can deal with the consequences of the virus by providing financial safety to your surviving family members.
The corpus of money will allow your family members to meet all their financial requirements such as school fees, loan repayments, and day-to-day expenses. This also prevents your family from suffering through a financial crisis in your absence.
The Unit Linked Insurance Plans abbreviated as ULIPs) are market-linked products that act as a two-in-one financial instrument with advantages of both insurance coverage and financial investment. As a policyholder, you can enjoy the dual benefits of having life insurance and investing in equity and debt funds.
With the help of Unit Linked Insurance Plans, you can easily deal with the impact of COVID-19 by making use of the market movements for your gains. As you may have noticed, the market didn’t take much time to become stable again after a rough patch amidst the pandemic.
By investing in these plans, you can gain a good amount of money from the ranging movements of the market. Furthermore, you also get to enjoy life insurance that provides coverage for COVID-19 too, along with the standard benefits of the plan.
What Figures Have to Say About the Current Situation?
This pandemic is not only an alarming state for health and well-being but also an equally challenging time for financial needs. Although the effect of this virus differs from person to person, the cost of treatment has certainly skyrocketed and is considered expensive for the majority of the patients.
An average person admitted for 14 days in the hospital may require an estimation of Rs. 2 Lakh, excluding the availability of a ventilator. The costs for the latter are even higher. With the help of life insurance of India, you can add an extra layer of security for your loved ones.
According to some credible sources, only 25% of Indians own a life insurance policy. Moreover, as a single person can also hold multiple insurance policies, the exact statistics might reveal that an even lesser number of people own a life insurance policy in India.
The main reason for such a large protection gap is the lack of awareness among Indian citizens. If you’re reading this, you must not repeat the same mistake and safeguard the future of your loved ones by investing in a life insurance policy.
Advantages of a Life Insurance During A Pandemic
In the event of the death of the sole earner of the family due to the coronavirus, life insurance can prove to be very helpful as financial support for the surviving family members in meeting their day-to-day expenses.
- Children’s Expenses
Through life insurance of India, your children can continue their further studies and carry on with their lives in your absence. This also provides you peace of mind knowing that you have a financial cushion for your family in such unprecedented times.
As the pandemic is still ongoing, you need to be quick with your decisions and consider investing in life insurance right away. These policies offer various benefits that can prove to be very helpful during these unforeseen times.