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Salary protection insurance is the simplest and most effective way of ensuring regular financial support to your family in times of need. There could be several situations where the breadwinner may lose the capability to earn. Such events are irreversible, and your family will need alternate financial support to continue their lives and meet their goals. During situations like loss of life, permanent disability, and diagnosis of critical illness - a person will need income protection.
Wouldn’t it be great if you could ensure that your salary continues to support your family no matter what? Salary protection plans are one such way to protect your loved ones financially during adversities.
Let us delve deeper and learn more about salary protection insurance in India.
In case of any adversity while the insurance is in effect, the primary role of the plan is to replace the policyholder's monthly income. Income protection insurance ensures that the income is safeguarded so that your family is always taken care of. In the event of a tragic catastrophe, these plans provide financial protection for your loved ones. It gives people the chance to lead a stress-free, pleasant, and financially secure life.
When you buy a salary insurance plan or an income protection term insurance plan, you will have to decide on the monthly income your family will need.
Here's how such plans work:
While buying the income protection policy, choose the monthly income you think will suffice for your family if something happens to you. However, remember that the amount you select should be equal to or less than your current salary.
Decide the duration for which you want the policy to be active. Remember that the premium you will pay depends on the policy tenure. However, it is not the only factor that is considered for premium calculation.
If the policyholder passes away during the policy tenure, the beneficiaries will claim the death benefit. Typically, the salary insurance plan pays the death benefit till the remaining policy term. Beneficiaries will receive the benefit as and when prescribed in the policy.
There are various reasons a salaried professional should buy an income protection insurance plan. Considering the uncertainties of life, you should plan your finances and stay prepared to fight off the financial blows.
Listed below are three major reasons one should consider buying the plan:
It gives a fixed payout, which will help the family to maintain their standard of living. The regular stream of income will assist the family to manage their finances even in your absence. Also, as the benefit will paid regularly till the policy term, the chance of running out of funds quickly is low.
The payout amount increases every year by a fixed percentage with the power of compounding. The percentage of increase in the payout varies from company to company. With increasing prices, it is vital to have a financial plan that helps you fight inflation while retaining the value of your invested money for years to come.
Income insurance protection is a financial plan to consider if you earn a regular income and have family members who are dependent on your income. The plan ensures they do not have to find other ways to make ends meet when you are not around anymore. Income insurance protection offers a fixed and guaranteed payout that helps them stay afloat during difficult times. Also, the plan can help your loved ones to achieve various milestones like:
Just like any other insurance plan, the premium of income protection insurance depends on a variety of factors. The premium will depend on factors such as:
Apart from the above-mentioned factors, the premium may vary from insurer to insurer.
The only way to ensure your family doesn’t have to compromise on their regular needs is to opt for an income protection plan. If you are available for the family throughout, you will provide the same and even more. But, when you are not around anymore, at least they won’t have to cut too many corners to make the ends meet.
To buy the best salary protection plan, explore different plans from different insurers and check which one suits your financial needs.Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.
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