As we celebrate the role played by our Fathers in shaping our lives this Father’s day, let us take a step to bridge the gap and make their future financially secure. You can do this by giving him a life insurance policy or buying one for yourself so that he can fulfil his dreams and ambitions well into his senior years. Let us look at a few reasons which explain why this is a good idea:
- Provides financial protection: The earlier you purchase a life insurance plan such as term insurance for yourself, the better. It is the simplest and cheapest of all insurance products in the market which will get you a higher life cover for lesser premium and secure the financial future of your parents. This is especially important if you are the only earning member of your family. If one of your parents, especially your Father, is dependent on you, you can give them lifelong financial security. You can be rest assured that he can continue to live his life without any paucity of money even if you are not there to support him.
- Help him retire with a sufficient corpus: If your Father is working, you can help him settle comfortably once he is retired by signing him up for a retirement plan. This will inculcate the habit of saving regularly as the money invested by him multiplies over the years to create a corpus for retirement. This can be used to provide income on a regular basis to meet his expenses when he is out of an active working life. A retirement life insurance plan can also help him take care of a financial emergency and be self-reliant in such situations.
- Give him control of his finances: You have seen your Father toil hard to make you financially independent. What could be a better gift than to hold his hand and return the favour. Buying him a life insurance policy with a focus on investment will give him more control over his financial decisions. He will also learn ways to grow his wealth by gathering more knowledge about how to invest his money, which in turn will empower him. So whether he is an entrepreneur who wants to start his own business or simply wants to save enough to travel the world, a life insurance plan can be the wind beneath his wings. This will ensure that he does not hesitate to make his dreams come true even when he is in his 60s or above.
- Protect him against medical emergencies: When you buy a life insurance policy with a critical illness rider for your dad, it can help you get the best possible treatment in reputed hospitals without worrying about the medical costs that he may have to incur. Unexpected diagnosis of a life threatening critical condition such as cancer, stroke or any other disease not only takes a physical toll on the patient but can also be emotionally and financially draining. Adding a rider for critical illnesses with a life insurance plan offers extra protection to your Father in the event of being diagnosed with any such condition.
Invest 4G Plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers the dual benefit of life insurance with investment. Your Father can choose from 7 different fund options to grow his wealth in the long term as per the risk he is comfortable to take. He can also opt for the return of mortality charges upon maturity of the plan to get more value for his money.
The scheme also allows him to make withdrawals to meet any unexpected financial needs such as a medical emergency. So, it is time for you to hold your Father’s hand and lead him on the path to financial freedom. This is a gift that he would definitely thank you for!