Varun and Vanita are living in the hustle and bustle of the Mumbai city and are proud parents of two children. As both are working professionals, they constantly make efforts to maintain a work-life balance and give their kids a happy life.
And in efforts to do so, Varun has vowed to take responsible decisions for his family. His thoughts are clear. “If my wife and I choose to spend more than we make, we could end up in financial chaos, and if we choose to save an amount every month or invest the same, we can eventually end up with a great deal of wealth", his simple idea is.
While Vanita is all set to take care of the household and kids, Varun is determined to make good financial decisions for his family. This step would help him to be at peace with money and use it productively. Additionally, both spouses have developed an elaborate plan to achieve their future goals. Some of the goals are buying a second home (already in process and they have taken a loan for the same), going on family vacations every year and securing the educational needs of their kids.
Looking at these goals and his responsibilities towards his loved ones, Varun has taken an important financial decision. He has bought a life cover on his life and also gifted one to his wife. The online insurance (term plan) that he bought will take care of future uncertainties and goals. Here’s how:
Looking after his loved ones even after he is nor more
Varun is a father of two children in a double income family. Additionally, he and his wife have planned some elaborate goals for their family. God forbid, if something happens to any one of them, there needs to be a financial plan in place to secure their children against any adversity.
And by purchasing an online insurance plan, he has made sure that his dependents can carry forward with their lifestyle even after he is no more. Whether it's for replacing lost income, making sure that Vanita gets the much-needed financial security, or paying for his children’s education, life insurance will save the day for his surviving dependents.
Dealing with debt
Since Varun and Vanita have taken a loan for their second home, Varun doesn’t want Vanita or his children to deal with financial liabilities during any crisis. This will be made sure with the respective life insurance policies of the couple. These policies will serve to take care of any outstanding home loan, personal loan, auto loan, or a loan on credit cards.
Achieving long-term goals
Since Varun and Vanita have taken a term cover with a longer tenure, it will keep them invested for the long term, and help achieve their goals (healthcare and planning for retirement, children’s education and marriage).
Buying insurance is cheaper when done early
Considering a life insurance policy (for himself and his wife) was the best decision that Varun took. If he had wasted some more years contemplating whether insurance is required, he would have required to shell out more money (with his increasing age). By deciding to buy insurance at the earliest possible time for himself and his spouse, Varun was able to bring down the premium cost.
Tax-saving tool
The couple will be able to save taxes with their online insurance life cover. The premium they will pay on their term insurance policy will be eligible for a tax benefit of Rs 1.5 lakh under Section 80C. Additionally, the death/maturity process will be tax-free under Section 10 (D) of the Income Tax Act.
At the same time, Varun is also thinking of having different types of life insurance policies in his portfolio. For instance- Cancer insurance, considering the rising incidence of this critical illness and increasing the cost of treatment.
There's always one person in a family who's headstrong in the face of adversities, and Varun is that person. Furthermore, Varun spends time in teaching Vanita and kids about the investments and insurance. Yes, he is truly a ‘Rockstar’ who has vowed to be the shield of his family. His wife and children constantly appreciate his efforts to stand like a wall in the face of adversities for his family.
Conclusion
You must not only admire personalities like Varun but also learn from the way they make life decisions, caring for everyone around. Today, there are so many insurance companies providing different types of life insurance. On top of that, these policies are customised to suit your different needs. As a ‘Rockstar of your family’, you need to find that perfect life insurance plan for your family and protect their future - just like Varun!
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