4 Life Insurance Policies every individual must have

We often put off buying insurance for various reasons. We might say we're too young to need insurance, that we don't require insurance since we're not the main breadwinner of the household or since we don't have any dependants. However, insurance can prove to be a life-saver of a financial tool no matter what stage of life you're in or what your living situation is. All that matters is that you correctly assess your needs and invest in a plan that's right for you. But don't take it from us take it from these folks' experiences.

• Radha*, Age 30

  Radha has spent most of her working years at the same pharmaceutical company for which she is now a Director. Being a part of the medical industry served her well. She realised the importance of investing in health insurance early in life and took out a health plan as soon as she could afford it.

  A year ago, crisis struck and Radha was diagnosed with cancer.The diagnosis took a serious toll on her family. As Radha is the primary breadwinner, it would have had an equally significant impact on their finances as well if it wasn't for her cancer care plan. She says, My family had enough on their plate having to deal with my diagnosis. I'm relieved that they don't need to add my medical bills to the list of their worries. With the costs of cancer treatment being sky-high, I'm glad that I have my insurance to fall back on. Because of that, I've been able to focus all my energy on getting better and am now on my way to a full recovery.

• Uma*, Age 25

  Uma and Rajesh married young. While Rajesh works as an executive with a well-known MNC, Uma was once a successful architect. However, after the birth of their daughter, Uma decided she wanted to be a stay-at-home mother.

  Although Rajesh earns enough to run the household and afford luxuries like international travel for the family, Uma still decided to opt for an insurance plan of her own. Here's what she had to say might no longer work my 9 to 5 job, but I actively contribute to this family and that's why I need insurance. Taking a unit linked insurance plan has allowed me to insure my family against unforeseen events while making investments. Before we know it, our little daughter will be grown and the funds could come in use for her education. Besides, eventually I want her to learn to manage her own finances and for that she must know the importance of insurance and what better way to teach than by example?

• Anil*, Age 28

  Anil has worked hard at a financial advisory company for just over 5 years now. He joined this company straight out of business school and has recently been promoted to middle management. While he is admired for his sincerity and dedication to his work, he has always dreamed of an early retirement and has taken out a retirement plan to make these dreams a reality.

  Although he has travelled extensively for his business trips, he knows he still has a lot of exploring to do. He says, I've been to Paris, sure. But I haven't really seen Paris. I believe in hard work and I believe in reaping the benefit of that work. I know my retirement plan will provide me with the security I'll need when I'm grey. The only thing I'll have to worry about is seeing the world.

• Imran*, Age 35

  Imran is a young entrepreneur with his own venture. He built a digital advertising agency all by himself from the ground up. This took him ten years of hard work. Today he employs about 40 people who together run this business. Imran is well versed with the ins and outs of all aspects of his company. He is a successful entrepreneur.

  Unfortunately, Imran's father passed away when Imran was just 25 years old. This was a devastating loss but Imran overcame the odds. He says, Although my dad is not alive, his spirit is everlasting. It was tough losing him when I was still quite young, but his legacy continues with the work I do. The term plan my dad opted for helped me build my company into the success it is today. My dad's passing was untoward. But, my dad ensured that we were always taken care of. What's more, my business too could find a safety net.

Get Insured

There are a variety of insurance plans available today. Each plan serves different purposes, and it's up to us to choose the plan that we need based on our age, income, family structure, future plans, and much more. Before you decide on an insurance policy, it's important to weigh your options carefully. Make an informed decision about the insurance plan you pick.

At HDFC Life, we offer a wide range of policies for you to choose from based on your specific needs and requirements. There's something for everybody, so partner with us and build a secure future for yourself and your loved ones.

*Names, characters, businesses, places, events and incidents are used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.

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