Marriage, one of the major milestones of an individual’s life, brings joy and responsibilities in equal measures. It is a promise to take care of each other and share everything, right from joys to sorrows to finances.
While embarking on the new journey of life, it’s crucial to make prudent investments to remain financially secure and cushioned against unpleasant surprises thrown by life. Let’s look at the various products that you and your spouse can buy together post marriage to start the new innings on a secure footing.
Life insurance, particularly term insurance, is of utmost importance post marriage. As you have more responsibilities, it’s crucial to secure your family’s future first, in case an unfortunate event occurs. If you are the sole breadwinner of your family, term insurance assumes even more significance.
Term insurance plans offer a substantial cover at affordable premiums and can help your dependent manage daily family expenses and pay off the liabilities like home loans, etc., in case of your absence.
You can also add various riders such as critical illness rider, that will help cover treatment costs in case you get diagnosed with a critical illness covered under the policy. It will give you a more comprehensive protection.
Health is wealth and with rising medical inflation, a health insurance policy protects you from burning a hole in your pocket by preventing out-of-pocket expenses when hit with a medical emergency. Even if you are covered under a group insurance offered by your employer, it’s prudent to opt for a standalone health cover which is much more customizable than a group cover.
It is also prudent to have a fixed benefit health insurance plan that helps cover critical illnesses. Costs of treating critical ailments such as heart diseases and cancer are extremely high and a critical illness plan gives you the financial muscle to combat such ailments. Exide Life Insurance brings to you its unique health insurance plan for heart and cancer related conditions - Exide Life Sanjeevani.
Exide Life Sanjeevani is a fixed benefit health insurance plan designed to cover cancer and heart related conditions. It pays a fixed sum of money to the insured upon diagnosis of heart and cancer conditions. The sum paid makes sure the treatment expenses are taken care of without bearing any crunch on the family of the insured.
Unit-linked insurance plans (ULIPs)
Post marriage, it is essential for you and your spouse to accumulate wealth to address long-term goals. Unit-linked insurance plans offer triple benefits of life insurance, wealth accumulation, and tax benefits. Investing in various funds such as equities, balanced, and debt, ULIPs can help you build wealth for financial goals such as meeting the expenses for your child’s higher education, or your own retirement.
Exide Life Insurance offers you a host of term plans, health insurance plans, ULIPs and child plans to secure the future of your family. Know more about our products here.