Reportedly, the amount of unclaimed life insurance payouts in India has grown 1.5 times throughout the last few years.
As of December 2020, over INR 1,50,000 cr1 of insurance money is lying unclaimed in Indian banks and other financial firms, which is enormous. It marks a substantial rise from around INR 1,30,000 cr in 2018.
Insurance cover and investments are crucial to ensure your family’s financial well-being. In the end, not involving family in such critical matters can be a big mistake.
Hence, while identifying your long term goals to save money and invest smartly, consider involving your family in the decision-making process. Wondering how to get started?
Check out this smart article to learn how awareness about your insurance and investments will enable your family members to make wise financial decisions.
#1. Inculcate Money-management Skills in the Family
Money management skills and disciplined saving will prepare your family to handle crisis situations even when you are not around.
Let’s say you have availed of the Future Generali New Assured Wealth Plan that offers unique benefits. The policy allows you to choose between two death benefit payout options. If your family knows about this, they will be able to claim the plan benefits at the right time. With sound money-management skills, your family can appropriately utilize the payouts from your insurance cover and investments.
#2. Discussing Financial Needs and Accordingly Developing a Long-term Plan
Discussing financial needs and accordingly developing a long-term plan for your insurance cover and investments can help strengthen your family bonding. An environment of mutual trust is created as you identify how to plan for your family’s financial security. Involving family members is essential to understand their needs with clarity and plan responsibly to meet their requirements.
Suppose you intend to invest in the insurance products offered by Future Generali India Life Insurance. There are various insurance plans the company offers, such as Future Generali Money Back Super Plan, Future Generali Assured Income Plan, Future Generali Big Income Multiplier, etc., with different benefits suitable for your various goals. Based on the discussions you hold with your family members, you can finalize a suitable insurance plan.
#3. Discuss Every Detail about the Insurance Cover
A well-informed family is empowered to take appropriate actions during unforeseen circumstances. You must discuss every detail about your insurance cover with your family, including policy number, type of plan, amount of investment, date of maturity, riders added, total sum assured, etc.
In addition, it is best advised to maintain a physical folder for all your policies and investments at an accessible location. You can even create some additional print-outs of these policies for the future. Take a proactive approach by reminding your family about these plans at regular intervals and discuss any updates related to the same.
#4. Educate Your Family About the Benefits of the Policy
When you make investments and take insurance, it is for your family’s sound financial future.
Let’s say you availed of a term insurance policy that pays a lump-sum and regular income payouts to dependent families. If your family is aware of these insurance covers and investments, they can avail the benefits without any hassles during a crisis. When you involve your loved ones in financial decision-making, they will understand how each investment product works and be better informed about it.
Engage your family in finalizing a suitable plan that secures your future financially. Discuss how to optimize the profits and curb expenses to achieve your financial goals, and be open to their suggestions. It would further help if you fix a long-term plan and keep your family abreast about your insurance cover and investments. Involving them in developing your financial strategies will help you make a decision that is well aligned with your family goals.
Future Generali India Life Insurance understands the importance of investing for your loved ones and making informed financial decisions. We offer a range of products that can be customized to serve your insurance requirements. Visit our website to learn more. Our trained and trusted financial advisor will guide you with the most appropriate policy tailored to your needs.