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How to select the best Insurance Plan for Salaried Individuals

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With the rising uncertainties in life, having an insurance cover has become crucial, especially in the post-pandemic world. There are various kinds of insurance plans that you can choose from, but you need to make sure you’re opting for the plan that suits your requirements and financial conditions. This requirement increases manifolds in the case of salaried employees who need to cover their financial requirements with a stipulated cash flow.

This is why it is essential to understand the contours of the policy and choose the best insurance plan for salaried employees. But how to make this choice? Here we talk about a few of the best insurance plans for salaried employees to help you make an informed decision.

ULIP for Salaried Employees

ULIP is amongst the best insurance plans for salaried people. ULIP provides benefit of insurance and investment in one policy that helps to achieve the goal of wealth creation and along with life cover. These plans are designed to help you meet your financial goals while also providing a safety net to you and your loved ones.

While these investment plans can be incredibly lucrative, it is important to make the right choice while selecting a ULIP plan for yourself. Here’s a quick guide to choosing the best Unit Link Insurance Plan for salaried persons.

  • Keep your financial goals in mind
  • Calculate an appropriate life insurance cover amount
  • Stay invested for a long term
  • Be mindful of the ULIP charges and choose a plan you can comfortably afford
  • Please note, ULIP is a market-linked product, the returns depend on the market conditions and performance of funds.

Guaranteed Income Plans for Salaried Employees

We’re all driven by certain life goals. These could be related to things like our child’s education, their wedding, and our retirement plans to name a few. However, these dreams can only be fulfilled if we’re financially capable. As salaried employees, we depend on a single source of income which increases our financial vulnerability, and even the smallest mishappening can diverge us from our journey towards our financial goals.

Therefore, it is important to have an additional source of income that can come in handy during difficult times. A guaranteed income insurance plan acts as this secondary income and can significantly enhance your financial security.

If you’re wondering what a guaranteed income insurance plan is, it is essentially a life insurance product that allows you to save and create a corpus to meet your future needs. Savings plans also provide insurance coverage, ensuring that your family’s financial needs are satisfied even if you are not there to provide for them. These are undoubtedly one of the best insurance plans for salaried people.

Having said this, you must be mindful while exploring your options and make sure to pick the most appropriate insurance plan for salaried persons. Here are a few things that can help you make the right choice:

  • Be clear on your financial objectives
  • Compare different plans
  • Explore different riders
  • Select your savings timeframe

Term Insurance Plans for Salaried Employees

We all wish to safeguard our families and provide them with financial security. But what about when we’re no longer around to ensure this ourselves? This is when a life insurance plan comes into the picture. This is one of the most important insurance plans for salaried employees with limited savings to secure their families’ stable future. Term life insurance is a type of life insurance that provides financial protection in the case of the life assured’s demise within the policy term It is a life insurance policy that offers financial protection and coverage to the policy beneficiary if the insured passes away during the active period of the term insurance plan.

Here’s how to choose the best term insurance plans for salaried persons.

  • Examine the necessary financial requirements of your family
  • Decide the insurance plan’s tenure
  • Compare costs and benefits

Health Insurance for Salaried People

It is advisable for salaried people to go for the best insurance plan that offers maximum health coverage and protects you financially against any medical emergency. You can also opt for health insurance riders over other insurance policies at additional costs

Like any other investment, an insurance plan for salaried persons also requires ample research. Keeping these points in mind will help you make the most of your insurance plans and cater to your financial needs with ease.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Super Endowment Plan

  • Guaranteed Benefits (as per the terms and conditions of the policy)
  • Extended Life Cover Benefit
  • Tax benefits

Bharti AXA Life Dhan Varsha

  • Offers you Non-Guaranteed Cash Bonuses from the 7th year
  • Guaranteed* Survival Benefits from the 10th year (as per the terms and conditions of the policy)
  • 100% of the sum assured payable as maturity benefit
  • Flexible-Premium Paying Terms
    *“Provided all due premiums have been paid and the policy is in force”

Bharti AXA Life Monthly Advantage

  • Flexibility to choose your Policy Term and Premium Payment Term from 3 options
  • Life Insurance coverage
  • Receive Guaranteed* Monthly Income on survival/any untoward event
  • Accrued non-guaranteed simple annual reversionary bonus and non-guaranteed terminal bonus
  • Tax Benefits on the Premiums paid and benefits received