Coronavirus brought the entire world to a standstill. The faced past mundane lives took a halt with the onset of a global pandemic. It was no less than a financial setback to the entire global economy.
While the health concerns due to the virus are still on the rise, what better way you can ensure the protection of your financial resources. Including an insurance policy in your investment plans is the way ahead.
While most of you would be perplexed looking at investments options showing lowest ever return in the last decades, insurance plans solve the problem of where to invest money. Insurance plans are considered as a cost where it should be considered as an investment; investment to save your investments!
Let us look at the types of investment avenues where you that can help you safeguard your financial resources in the long run –
#1. Health Insurance Plans
With the cost of medical inflation rising each day, it is increasingly important to have a health cover. A health insurance plan protects not only you but also your family against uncertain health contingencies that might arise. The rising cost of medical facilities has made it increasingly difficult to estimate the amount that shall be required in the future. Moreover, in a situation like a pandemic, the entire family might need medical attention all at once, and it might lead to wiping off your retirement savings and leading into a debt trap.
#2. Term Insurance Plans
With traditional insurance policies losing their importance, term insurance is a type of Investment Avenue to ensure your family remains financially secured even in your absence. Available at affordable premiums, it is one of the investment plans that you must not miss, after all your family’s lifestyle should not be sacrificed in your absence. Whether you’ve started your new job, recently married or young parents, this insurance plan will help you stay at peace knowing your family’s financial future is secured with a term insurance policy.
#3. Home Insurance Covers
While it may seem a little odd to consider buying home insurance at first, it should be one of the first few things that you need to get when moving into a new home. Whether you are someone who owns a house or someone who lives in a rented space, there is a policy for all of you. The natural, as well as, human peril are uncalled for and sudden. This coronavirus has made us realise that these situations are unsettling and give no time to regroup. So why not be prepared to tackle any perils and be ready with a home insurance policy?
#4. Unit Linked Insurance Plans
Unit Linked Insurance Plans or ULIPs are often regarded as the all-in-one insurance policy. It is primarily a life insurance plan with an investment option so that you do notmiss investment opportunities. While the global markets are at absolute low levels, it is the right time to invest in securities.ULIPs are a financial tool that helps you enjoy the protection of an insurance cover and simultaneously provide investment opportunities.The investor has an option to select the appropriate fund depending on their financial goal whereas keeping the family covered with life insurance too.
#5. Retirement Plans
Retirement plans are a type of investment plans where you can opt for life cover along with investment portion. The premium under this plan is attributed to life cover along with building a corpus for the investor. On the retirement of the policyholder, these plans start paying out a periodic amount to ensure the golden years of retirement are stress-free.
Bottom line, these are some types of investment that can ensure you are free from any financial difficulties that might arise in torrid times. Having a safety net helps, both mentally as well as financially to lead a comfortable life.