5 Benefits of Opting for a Combo Insurance Solution

Investments are crucial for a secure financial future. When your earnings contribute a significant income towards managing the financial expenses of your family, it is your responsibility to make sure you are financially stable at all times! So, life insurance, savings, and investment are important components of your financial plan.

However, affording different products separately for your financial needs can become difficult in the long term. Therefore, we have realised the importance of such investments, convenience, and affordability and introduced the combo insurance plan.

What is a Combo Insurance Solution?

A combo insurance solution is a comprehensive insurance plan that combines the benefit of two or more insurance products to serve your financial needs appropriately. With a combo insurance solution, you can make market-linked investments, save money for guaranteed¹ returns and receive a life cover to secure your family. The choice of insurance plans to be included in your Solution will be based on your requirements.

So, let us get ahead discussing the benefits of opting for such a combo insurance solution in detail.

Benefits of Opting for a Combo Insurance Solution

When you invest your hard-earned money on a product to assure financial support at different stages in your life, you must consider the benefits of the plan at large.

1. Life cover - While a savings policy is important to accomplish your financial goals, you must have a life cover to accommodate and balance uncertainties in your life for securing your family. Combo insurance solutions offer life cover, which will make the sum assured payable to your family in your absence. The fund can be used to pay for your debts and other financial obligations to reduce the financial burden for your family.
   
   If you feel your family will not wisely handle a lump sum fund, you can opt for the regular income option for a certain income period. You can also opt for the add-on rider^# benefits to enhance financial support during unexpected stressful situations.
   
   
2. Investment Protection - A combo insurance plan helps you invest for market-linked returns while also ensuring your capital gets protected from adverse market fluctuations.
   
   
3. Experts in fund management handle your investments during an economic downturn that affects the market conditions to stay protected. Thus, you can invest and let your fund manager handle the different market conditions, saving your time and energy. Market linked returns - While making investments secure, combo insurance solutions extend your investment horizon to market-linked returns. Therefore, the plan aids in wealth creation which is an utmost requirement considering your increasing financial commitments through life due to the inflation rate. You can invest in funds having good returns in the equity market.
   
   Thus, you are letting your investments grow while ensuring capital protection by our investment insurance solution. Growing your financial wealth is crucial because your lifestyle will keep going through different changes, and you will have to accommodate it with your financial position even as you grow older.
   
   
4. Choice of funds - Combo insurance plans provide a lot of flexibility. You can make the decision based on your investment preference. For example, if you start investing early and have a longer policy term, you can choose funds with high risk. The high-risk investment provides good returns. In addition, it will negate the temporary loss in fund value due to the economic conditions over time.
   
   On the other hand, if you plan to retire early and want to secure your investments, you can choose funds with a low-risk profile. And, if you have balanced commitments and a steady income, you can choose the funds with medium risk and invest for a longer duration for consistent returns. There is also the option to switch between funds based on the prevailing economic situation. It is a beneficial flexibility feature that can help you increase your wealth in the longer term.
   
   
5. Flexibility - The plan has flexible features that let you customise it as per your needs. For instance, you can choose to pay the premium for a limited period while assuring the life cover benefits throughout the policy term. You can also fix the frequency of premium payment based on your financial status and commitments, whether monthly, semiannually, etc., Also, if you want to avail of the payout before maturity, you can do so after the lock-in period. This liquidity can help you overcome contingency expenses
   
   

Conclusion

Financial independence is a long-term money goal. It is important to have a peaceful and secure life in every individual’s life. If you have a big family depending on your income for their survival, then you have to ensure their financial security as a priority. Insurers have introduced combo insurance solutions to benefit you in this regard. It can provide a life cover, market-linked returns and flexibility in the plan features for your individual needs. You can also choose the funds for the market-linked returns in the equity market for the returns based on your investment profile. Therefore, you must start investing early and for a longer term for higher returns given the features and benefits!

L&C/Advt/2022/Jun/1111