3 Reasons Why Life Insurance is the Best Diwali Gift

Diwali is the celebration of the triumph of good against evil – synonymous with the lengthy battle we fought against COVID-19. It is also when we get time to spend with our loved ones in laughter, food, and warmth – and most anticipatedly – exchange gifts. While the traditional gifts like sweets, clothing, and gadgets might have that initial charm, in time, they might lose their material value.

Moreover, these past two years, we learnt the true importance of the things that matter – health, wealth, and companionship. If you think you would like to step out of the box this year and give your near and dear ones something long-term yet personal, why not gift them the security of life insurance plans?

If you are not convinced yet and want to understand how life insurance plans work as a gift, take a look at the reasons below – 

There are many long-term savings plans for you to choose from. However, you must keep certain factors in mind to select the best saving plan. These factors include:

• A term insurance policy lightens your loved ones’ lives in your absence.
  A term insurance policy is the purest form of life insurance. A term insurance policy provides immense financial security to the family members of a breadwinner or income earner in their absence. If you fit the bill of sole or co-income earner and are worried about how your family will get by in your absence due to an unforeseen demise, a term insurance policy is what you need.
  
  It will give your family members the guaranteed financial support they will need in turbulent times. Moreover, term policies take care of additional needs like accidents, terminal ailments, and critical illnesses through optional rider benefits. The best part about a term insurance policy is that it provides a high scope of coverage at premiums that won’t leave a dent in your earnings.
• Life insurance plans protect your family against the darkness of the unforeseen.
  Life insurance plans will not only protect your family in your absence but will also secure them in times of unforeseen eventualities. There are times where some events are beyond our control – like accidents, disabilities arising due to accidents, and the diagnosis of a critical or terminal illness.
  
  At all such moments, life insurance plans provide extra financial security with an additional rider sum assured. This rider sum assured is over and above the base sum assured in a life insurance policy and ensures you and your family - both get by during difficult times. It also gives you enough space for recovery by waiving off the payment of premiums for that period.
• Saving plans help fulfill your cherished ones’ goals, dreams, and changing needs.
  Life is not just about surviving the trying times – it is also about thriving and creating milestones and moments you are proud of. While you should protect your close ones during turbulent instances, you must also ensure they have enough financial resources to leap towards their goals and dreams. Here is where saving plans will benefit you. Saving plans provide monetary continuity and give fixed and guaranteed payouts during a fixed tenure.
  
  So, for all those goals like higher education, travelling the world, or planning for a comfortable retirement, saving plans will work best. It will help you save your earnings and grow them at a guaranteed return rate. Once the payment term is over, the best saving plan will return the grown corpus to you in periodic instalments.

Conclusion

The past two years were years of learning – where we learnt the importance of family, good health, and sufficient wealth. Let us promise to never compromise these essentials of life and do all we can to honour our loved ones. By thinking for the long run, we pave the way for an enriched future. Life insurance plans can help you fulfill your duty towards your family and showcase your care towards them by protecting them in the face of uncertainty. This Diwali – vow to illuminate their life. Know more about term plan, term insurance and long term savings  at PNB MetLife.