As the summer season reaches its zenith and the Coronavirus continues to rage unabated, it is time to consolidate your finances for a more stable future. The time to make important investments for the future is now, your current fiscal situation notwithstanding. But what should you invest in – should you trade on the markets, or should you create a bank FD? Or are there better options to explore? Consider buying these 3 most important things this financial quarter:
#1 An online term insurance plan.
Most people baulk at the idea of buying a term insurance plan, instead choosing money back or maturity bonus life insurance policies. They believe that they should receive the premiums paid when the policy matures – this does not happen with a term plan. At its core, term insurance in India works to protect the future interests of the insured’s family members, in the event of the unfortunate absence of the insured while the plan is active. There is no maturity bonus on the policy, however, the sum assured may run into Rs 1 crore or more. Additionally, the best online term insurance plans have low premiums, with the option to cover the spouse in the same plan at no extra cost. If you’re about to invest in your family’s future, let it be in an online term insurance plan – the huge sum assured can pay for children’s education, wedding, household expenses, spousal support, medical expenses, unpaid debts, and so on.
#2 Family health plan with COVID-19 coverage.
Most of the world is still reeling from the economic effects of the Coronavirus pandemic – job losses, salary cuts, clients pulling business temporarily, companies shutting down, etc. With the second wave of infections gripping India at the moment with a corresponding paucity in resources to tackle the virus, health insurance has assumed utmost significance in today’s times. If you haven’t already got a good health plan, now is the time to get one. Invest in a family floater plan that covers all immediate dependents (parents, spouse, children) at a reasonable premium, and which has COVID-19 coverage as well. The IRDAI has made it mandatory for existing health insurance plans to include a COVID-19 benefit, so if you already have a health plan, please check to see if the inclusion has already been made.
#3 A vehicle of your own.
Even as the spectre of lockdowns and continued home isolation looms in the wake of a second deadly Coronavirus wave in India, mingling with crowds and taking public transport are hardly feasible for your own safety. This is the right time to invest in a vehicle of your own. Car prices have reduced in recent months, and new models are available in e-cars and bikes as well. Your own vehicle keeps you and your family safe when travelling. Making the investments mentioned above will help you and your family breathe easier and take better control of your financial life.