For a majority of young adults, financial planning can seem like a piece of cake. A decent, regular paycheck and a little something set aside for a comfortable retirement sound like a job well done. All that changes in an instant with the arrival of a child. Suddenly, the parents are drowning in bills and lie awake at night, agonizing over the what-ifs.
Many Indians do not have health insurance. As a result, people spend out-of-pocket from their monthly income or savings on health care, impeding the country's social and economic growth. In fact, according to data from the Public Health Foundation of India (PHFI), out-of-pocket health expenses pushed 55 million Indians into poverty in 2017, with 38 million (69%) of these being destitute solely due to medication costs1.
The key to avoiding unnecessary stress is to get financial priorities in order. Here are five money management tips a new father can inculcate in his finances to ensure he and his family are on solid footing.
Save. Save. Then, Save Some More!
Between diapers, formula and hospital visits, expenses tend to pile up rapidly. More than ever, it is absolutely necessary to save for the future. Many apps now help with budgeting and help to keep a new father on his toes. This insurance plan is an assured hit for a father who wants a stable means to save. It is crucial to have a budget and to discipline oneself to stick to it. It does bring a sense of peace once new fathers have a sensible savings plan in hand.
Money Management for a New Father - The Joy of Being Insured
A crying baby doesn’t just wake up the household but also makes a father sit up and face reality, albeit with love. Real men don’t just change diapers; they also protect their babies and better halves with life insurance coverage. Future Generali Flexi Online Term Plan gives a brilliant coverage of 75 years. A discount rate is offered as well if opting for a higher sum assured. Under this plan you can choose a minimum life cover of is Rs. 50,00,000 and the maximum is unlimited*. In a situation of an unforeseen demise of the life insured, his nominees would get the death benefit.
Get Benefits. Manage Money. Get a New Life.
Once a baby enters a dad’s life, medical bills also make way to a man’s heart. A father needs to take a look at the bigger picture. Appropriate research needs to be done. Health is truly our wealth. Future Generali India Life Insurance encourages dads to invest in their health and get coverage for 59 critical illnesses at just Rs. 14 per day! The Future Generali Heart and Health Insurance plan provides a fixed financial benefit that will help you cover medical costs, especially in case of critical illness which require a long term treatment, cost of second opinions, post treatment nursing and above all a loss of income during the affected period.
Fulfilling Your Child’s Dream
‘A father is a special someone who carries pictures in his wallet where his money used to be.’ As commonplace as this quote may be, it is not without significance. Feeding and clothing, a wee baby barely makes the cut. To be a father in good stead, he needs to have a plan and make preparations for the child’s future. Babies turn into teenagers to young adults who should, without doubt, have access to the best colleges the country can offer.
With Future Generali Assured Education Plan - a well-defined education plan that helps a father save systematically until the child is 17 years old. This helps as a source of stable savings for their college fees. It promises guaranteed payouts depending on the kid’s education milestones.
The child’s education is undoubtedly secured even in a situation of an unforeseen event in the father’s life.
Prepare for the Unexpected
When stepping into parenthood, none of the initial thoughts of the father may be about one’s own mortality. But it never hurts to have a contingency plan, especially if the spouse and kid depend on his income. To ensure savings is the way of life going forward. Someone who doesn’t like risks should go for traditional plans that provide more than one benefit like risk cover, a fixed income return, and ample safety and tax benefits.
As a father, it works well in terms of increasing savings, thanks to a life insurance cover. Such coverage can provide a fixed amount of money for five continuous years after the premiums are paid up. It also gives a lump sum payout and a life cover till 80 years of age!
It is always a good option to start looking early for means to have a healthier and safer lifestyle with a baby on board. The options are quite a few, and the new father need not stress about a better and healthier future for his newly extended family. Once a father, always a father. Parenting is the toughest job on the face of the earth. It is all about unconditional love and saving up for a rainy day. For more information on insurance and how it can help meet your financial goals, visit Future Generali India Life Insurance.
* Subject to underwriting as per Board approved Underwriting Policy.