Life is uncertain - there are always circumstances beyond our control. While we cannot control how the world operates and affects us, we can make provisions for the uncertainties and the hurdles they might bring for us. Securing a life insurance plan is one of the foremost things we do to ensure we are protected in the wake of an emergency or for times when things go downhill. This is especially true for the financial aspect of such situations. On top of all the uncertainties that we have to provide for, there are also certain milestone moments in life that can incur heavy expenses - buying a new car, sending your child abroad for higher education, investing in a new property. Now consider a situation where an emergency strikes and all the savings you made for one of these milestones get eaten up in attending to the accident or the financial crisis. All your plans could come undone within moments!
This is why, in addition to the protection extended by a traditional insurance plan, it can help tremendously if you have some savings parked in a plan as well. This is why people are flocking to an insurance plan with a savings component in them. The best savings plan would provide you with an option to customise your savings horizon to key financial goals.
This is where protection and savings plans come to your rescue!
Let us see why it is prudent to get a protection and savings plan:
For instance, the Canara HSBC Oriental Bank of Commerce Life insurance Invest 4G is a unit-linked life insurance plan under which you have various savings options along with a life cover. You are also offered a choice between 7 different funds and 4 portfolio strategies to invest your money.
In fact, most people revise their portfolio as the plan nears maturity. When the maturity date is nearing, you would want to steer clear of market fluctuations and safeguard the funds, so you might be inclined to invest in low-risk debt funds.
In short, you should opt for an insurance product that serves your financial goals well. The best savings plans will give you that extra cushion for a soft landing in times of financial troubles!