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Term Insurance: Financial Planning for the Unforeseen Events in Life

Financial Planning is the key to meeting your life goals by doing a suitable management of your finances. The Financial Planning process is made up of four steps that helps you construct a ‘bigger picture’ to fulfil your financial goals. By following these four stages, you can figure out where you are at present, what you may need in the forthcoming time and what you must do to grasp your goals. This process includes:

  1. Getting together the significant financial information
  2. Defining life goals
  3. Scrutinizing your existing financial status
  4. Coming up with a strategic proposal

Remember our childhood when we had small-small desires that used to get fulfilled by saving money from our pocket money given by the parents. As we grow and so our desires for big things of life pocket money turned salary seem less; there comes the importance of financial planning in everyone’s life. By the time we grow up and satisfy our own needs and desires there builds a family that we start taking care of and which becomes our responsibility too. For this responsibility to be fulfilled by us, we do everything in our capacity till the time we are alive. But when we are dead due to any accidental death or critical illness what happens with our dependants, how do they manage their expenses (if the single person who used to earn is no more), how would they repay the debts (if any).

For securing the lives of our loved ones, Term Insurance concept is brought into picture and is very famous. AEGON Life Term insurance plans are aimed to provide your family financial freedom and firmness in case of your sudden departure, accident, or any other such unexpected occasions. These plans ensure that your family is very well taken care of in financial measures when you are not around.

Features of AEGON Life Term Insurance Plan:

  • In an event of death of insured prior to the end of Term Policy Term, the Death Sum Assured will be compensated as death benefit to the nominee/beneficiary.
  • The insured will abide to the premium rates for the selected coverage period. The frequency to pay the premiums (monthly, quarterly or annually) is subjected to what the insured has chosen for.
  • Tax benefits can also be availed as per the necessities and situations of the Income Tax Act. As per the current rules, Tax deduction under Section 80C is available.
  • There can be policy opportunities which allow for yield of all the premiums paid as well in case the insured lives to the end of coverage term.

Why one needs Term Insurance?

Term Insurance plans are an indispensable part of our lives these days, and the best time to get one for you shall be as soon as possible. It’s the safeguard and sense of security you and your family want to live during the many ups and downs of life when unfortunately, you’re not there to take care of their financial needs. The sense of having your family covered with a term insurance can be quite satisfying. You will feel a lot comforted naturally. Your home loans, other accountabilities are all under plain danger once the main source of income is gone.  But a term insurance shall take care of all of it. So, don’t delay and get your term insurance NOW!

About Aegon Life:

A joint venture between Aegon – world’s leading financial services and Bennett, Coleman & Company – India’s leading media house, Aegon Life Insurance launched its pan-India operations in July 2008. Armed with a vision to be the most recommended new age life insurance company, Aegon Life adopts the power of global expertise by leveraging digital platforms to bring transparent solutions, and to prioritize customer needs. Our financial planning and investment solutions include term life insurance plans, pension plans, unit-linked insurance plans (ULIPs), health insurance plans, child education plans, and more.

About Vikas Agarwal

Vikas Agarwal is an IIT-Varanasi graduate in Chemical Engineering. He is the Founder and CEO of Finaacle.com - an investment advisory website. He is a Business Development Professional but a Value Investor at heart. He writes articles on Finaacle, which focus on simplifying the art of investing and the causes of human misjudgment when it comes to investing. He also shares his experiences as an investor and lessons from some of the greatest investors of all time.

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