by Mr. T.R. Ramachandran, Aviva India
To ensure that your family leads a comfortable life & is financially protected when you are not around, you need to plan for them in advance, the way you plan your monthly expenditure.
There are solutions available today that help you ensure regular income for your family in case you are not around, like income protection plans, offered by life insurance companies.
However, one should not confuse income protection plans with pure term plans.
In case of term plans, your family members receive a lump sum payout in case something unfortunate happens to you, income protection plans, ensure a regular income for your family.
The income protection plans are especially important in case your family is not financially savvy & you are not confident about them being able to judiciously invest the lump sum received from a regular protection plan.
Ideal for risk averse policy holders, these plans also come with limited premium paying term, that is, you may not be required to pay premium for the last few years.
About the author..!
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| T.R. Ramachandran, Aviva India |
Mr. TR Ramachandran is CEO & MD at Aviva India
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