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Financial food for thought
As the name implies, group life insurance schemes (GLIS) are designed to meet the insurance needs of a specific group of people. Group plans are generally taken by employees of a particular organisation.
Insurance is the key element that holds together a good financial planning exercise. As the life insurance market constantly evolves, various insurers offer multiple plans like protection, savings, and even investment plans that help in wealth creation.
The life and property of an individual are surrounded by the risk of death, disability or destruction. These risks may result in financial losses. This is when insurance comes into the picture, as a way of managing risks.
Credit Life insurance is gaining increasing popularity in India. For the loan providers, it offers protection in recovering the loan in case of the unfortunate death of the borrower.
Credit score can affect many of the major purchases you make today, from renting a home to buying a car – and even buying life insurance. Your credit can affect the cost of various types of insurance you buy, but it depends on what type of insurance you’re buying and what company you’re buying from, among other things.
Everyone loves the convenience offered by a credit card. Besides providing consumers the ease of shopping now and paying later, credit cards offer an array of other benefits like cash withdrawal on ATMs, cashback or reward points for shopping, etc.
If you have ever discussed insurance plans with friends or colleagues, you would have heard them referring to term plans as “pure risk cover.” It offers compensation only for the loss of the life insured.
The primary objective of life insurance is to provide financial security to the family especially in managing daily expenses and other financial requirements in the event of the family breadwinner’s demise.
Retirement is an important phase of one's life. This is the stage where most of your responsibilities such as loans, education of children, and other liabilities should be taken care of so that you could spend your time relaxing doing what you like.
Your life insurance policy should cover minimum and basic expenses of your family. Your dependents life should not significantly alter in your absence. If you are spending INR 15,000 per month for your family, your insurance should make sure that your family is able to get the same amount after your death. If necessary, a little extra amount should be taken to adjust for inflation.
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