With ever-changing lifestyle needs and growing uncertainties in personal and professional lives, you need to stand up to safeguard your family both when you are around and when you are not.

Building Shield for Your Family This New Year
Product Partner Tuesday, January 16, 2018 - 12:28

Our family is God's gift to us just as we are to them. The crucial role our family plays in shaping our lives and supporting us in difficult times often goes unappreciated. When it’s time for us to give back to our family, we tend to overlook certain factors that, if taken care of, can provide long-lasting happiness and security to those we care for the most. Little planning coupled with meticulous management of our finances can go a long way in ensuring the overall well-being of our family. 

As 2018 rings in, you can plan to do your bit this year. Muster your financial resources and resolve to secure the future of your family. With ever-changing lifestyle needs and growing uncertainties in personal and professional lives, you need to stand up to safeguard your family both when you are around and when you are not. Here are the few steps that you can consider to secure the future of your loved ones. 

Cushion of a Life Insurance

In an uncertain world, it’s prudent to have life insurance to secure your family. Several insurance companies offer life insurance policies with varying benefits. Depending on your needs and the annual premium you can afford, opt for a life insurance policy that acts as a savior of your family, especially in your absence. 

Most of the people are either unaware of the insurance plans or probably don’t deem it necessary enough to secure themselves from future uncertainties. They mistakenly assume that taking a policy is mostly futile and is a drain on their finances. But for an uncertain future, an insurance policy can provide huge financial security to the family in the absence of the breadwinner of the family.

Out of the total of 54 insurance companies operating in India, nearly 24 of them offer life insurance policies. Life insurance policies come in various forms, each with a different set of benefits. They can be broadly classified into 5 different categories: Term insurance plan, endowment policies, whole life policies, pension plans and money back plans. Before choosing any policy, one must consider various factors like age, terms of the policy, coverage amount, beneficiary and annuity, etc. These factors collectively determine the premium amount you need to pay every year. The buyer must also find out the claim settlement ratio of the insurance company, which is yet another important factor in choosing an insurer. 

A home of your Own

Everyone dreams of owning a home. While some are fortunate to have one, few others are not. Owning a home is a satisfying experience. In addition, a home provides security to the family even when the main breadwinner is no more. Therefore, it’s a prudent decision to own a home and give your family a roof over their heads. However, as the real-estate prices continue to soar up every passing year, it is becoming increasingly difficult for many to buy a home from their savings alone.

 Owning a house is a big achievement and, unlike in the past, people now have the option to avail a home loan to help them buy the home they wish for. Getting a home loan is very easy these days as it needs only a handful of documents like proof of address and proof of identity among others to apply. Leading banking and financial organizations provide home loans at competitive interest rates and with very favorable repayment terms.

But before you plan to avail a home loan, make sure that you have built a good credit score. This is one of the important factors that influences your loan application dramatically. Based on your credit score, the lender decides whether to extend you a home loan, interest rate to charge and the repayment terms. So, keep a regular track of your credit score from the reports generated by leading credit bureaus. Many credit bureaus offer free CIBIL score, while some offer subscription based credit score report services. Make sure you pay all your credit card bills on time and mitigate other outstanding debt obligations. A little prudence in handling your finances can easily elevate your CIBIL score to 750 or more.

In case you are already disciplined in handling your finances, there is nothing to worry about. Apply for a home loan that best fits your requirements. So, what are you waiting for? Do make sure you check all the available home loan options available in the market before you submit your loan application. Buy a home for your family and give them the happiness that they deserve in their life.

In case you already own a home and need only a home improvement loan to enhance your home, you too have plenty of options. Banks offer comprehensive loans to upgrade your house.

 A Joyous Ride for your Loved Ones

Along with a home, it’s everyone’s desires to own a car. After all, the car we drive says a lot about us. Having a car of your own is always the best option as you can manage your commute on your own and at the same time, cut down on your travel expenses.

 There is a plethora of cars available in the market today, ranging from SUVs to sedans to hatchbacks. Depending on your preference, you can opt to buy one. Car loans are readily available to make your purchase easy on your pockets. Almost all banks and financial organizations offer car loans with minimal paperwork. In fact, the car dealer can help you with most of the paperwork needed for the loan.

 Buying a car also means, you need to buy car insurance to go with your new car. Most insurance companies sell car insurance with different benefits. While some policies are comprehensive in their coverage, few others only pay a certain percentage of the damage. For a new car, it is better to get a comprehensive policy with zero depreciation plan.

 Howsoever busy you may be in your professional and personal life, it is better to ensure that the family is secured and prepared for any future eventuality, check more detail about these products in bankbazaar India. Few small initiatives from your side can assure long-term happiness for your family members this new year, which they rightfully deserve.

This article has been produced by TNM Marquee in association with BankBazaar.