30 October – World Thrift Day
World Thrift Day is observed on 30 October every year in India and in worldwide it is observed on 31st October. This day is devoted to the promotion of savings all over the world.
SAVINGS save the lives of all for comfortable living now and ever!
There are ever so many ways of SAVINGS- one has to be careful
And intelligent lest his savings will go to naught and keep us tearful!
One of the best SAVINGS method for every one is LIFE INSURANCE SAVINGS!
What is Life Insurance and how is it helpful?
Safeguarding our family’s future is a must, particularly if we are the only or primary breadwinner in the household. Life insurance is what keeps our family safe and sound even when we are not around. Life insurance provides a protective financial cover for us and our loved ones. It ensures that we and our dear ones always get financial support. Broadly speaking, Life Insurance can be divided into several types which are tailored for a variety needs:
- Term Insurance: Term insurance plans provide life cover to protect our loved ones at most affordable rates. This is the simplest form of life insurance. Term plans offer financial security to our loved ones’ future even in our absence.
- ULIP: Unit linked insurance plans, better known as ULIPs, combines life insurance with financial investment. Unit-linked insurance plans offer a wide choice of fund options and portfolio strategies. ULIPs allow us to withdraw money regularly from our policy after 5 years lock-in.
- Endowment Plan: Traditional savings insurance plans are risk-free investment plans that also offer insurance shield. Better known as endowment and money back policies, traditional plan returns are not linked to the stock market, and hence carry lower risk. Traditional insurance plans offer bonus, such as reversionary bonus and terminal bonus, for staying invested, which enhances the maturity sum.
- Savings Plan: Savings Plans are life insurance plans that combine the benefits of a life insurance cover and investment. So, in addition to securing ourselves and our family, we also create a corpus to meet our financial goals at every life stage. Most protection and savings plans usually offer us a fixed amount as Maturity Benefit when the policy ends, but some specific plans also help us create a regular stream of income throughout our policy duration
- Whole Life Insurance Plan: Whole Life Insurance Plan cover us up till 99 years of age. They are different from ordinary insurance policies which have a defined term of say 10, 20 or 30 years, and are of use when we have financial dependents for a relatively long period, possibly our entire life.
- Retirement and Pension Plan: Retirement insurance plans offer ways to build our own pension income. We can either choose to accumulate our retirement corpus as per our risk appetite, or get guaranteed immediate income for life by investing a lump sum.
That is Why life insurance is a crucial part of any sound financial plan!
I was in Life Insurance administrative and marketing for almost FIVE DECADES!
Great period it was!