The New Year brings with it hopes of a better, healthier, and happier life. It also seems like the perfect time to make significant changes to your life. While we often bring in the New Year with celebrations and expensive gifts, this year, why not give your loved ones a gift that will truly make a difference to their lives in the long run. While insurance is certainly not a traditional gift, it is one that will help secure the lives of your loved ones. Thus, here are a few gifting suggestions that will help you and your family bring-in the New Year with a sense of security and peace of mind.
Health Insurance for your Spouse
Rising healthcare costs have made it nearly impossible for anyone to not shell-out a significant portion of their savings in the event of a medical emergency. While there isn't much you can do to prevent a medical emergency, purchasing health insurance for your spouse will ensure that they are able to get the best of treatments without worrying about finances. Health insurance plans, which come in a variety of types, provide a cover against expenses that one might have to incur in the event of a planned or unplanned hospitalisation. A few types of health insurance policies that are offered by insurance providers include Mediclaim policies, comprehensive health insurance policies, disease-specific policies, etc. Before you purchase a plan, make sure to consider your spouse's health, lifestyle, and needs and purchase a suitable policy.
Retirement Plans for Parents
Often, as we grow old, we forget that our parents are ageing too and need us more than ever. If your parents are about to retire or have already retired, it makes sense to invest in a retirement/pension/annuity plan for them, thus ensuring that they will be able to get regular monetary payouts that can help them lead a comfortable life even in the absence of a regular source of income. Make sure to purchase a retirement plan that will give your parents sufficient returns so they can enjoy the golden years of their lives, without any financial hassles.
Child Insurance for Children
Your children's needs will change with time, and what might seem like a good gift now might hardly even be used by them a year or even a month from now. Thus, rather than buying them toys or gadgets, make sure to invest in a child insurance plan that will provide sufficient payouts during the key milestones of your child's life. Child insurance plans, by way of the benefits offered, can provide financial security and help pay for your little one's higher education, wedding, or any other financial needs that they might have.
Life Insurance for Yourself
One never knows how valuable life insurance can be until a tragedy strikes. Term insurance plans provide a risk cover against death, wherein if the policyholder meets with an unfortunate eventuality, a death benefit is paid to his/her nominee. Since life can be so uncertain, gifting yourself a life insurance policy is a smart way to ensure that no matter what happens in the future, your dependents are provided the means to carry-on with their lives. Life insurance plans come in various types, such as term insurance plans, whole life plans, money-back insurance plans, etc. The varied product portfolio offered by various insurers will help you choose a policy with a tenure and payouts that perfectly match your requirements.
Why buy Insurance as a gift?
The tradition of gifting our loved ones for New Year has been around for a long time, with some people even taking personal loans just to buy gifts for their family members. This year, rather than purchasing gifts that they can use for a limited period of time, why not gift them something they will truly cherish? Insurance policies offer a range of benefits to the policyholder and their nominee, making it an ideal gift to help one start their year on the right note.
Insurance covers are instrumental in providing financial security to one's near and dear ones. And being customisable, you can ensure that you opt for the right coverage amount and right policy tenure. Insurance plans, especially life insurance policies, also serve as a sound investment tool. Thus, opting for a policy with fixed returns is a great way to build wealth for yourself and your family over a period of time. Thirdly, insurance plans also offer tax benefits to policy buyers, thus helping you save even more. You will, however, have to remember that the tax-saving benefit is only restricted to life and health insurance covers, and not to car insurance or two-wheeler insurance plans.