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If you are the sole-breadwinner in a single income household, it is important to plan how your home will continue running if something unforeseen happens to you. Consider how your loved ones will stay financially afloat if you suddenly pass away or fall terminally ill. You wouldn’t want them to have to struggle to make ends meet. Nor would you want them to be left deprived. A  life insurance  plan can help you ensure that your family’s needs are covered in your absence. Let’s take a closer look at why life insurance is so important in a single-income household and explore what types of life insurance plans are available. So, how can a life insurance plan help a single-income household? A life insurance plan typically pays a lump sum payout if something unforeseen happens to the insured policyholder. The payout is generally made upon death or diagnosis of a terminal illness or total permanent disability. This payout can help the insured individual’s family to cope with the loss...

An endowment plan is a savings plan that comes with a savings component and life insurance. Typically, you contribute premiums towards the plan and get paid back a lump sum upon maturity. There is death benefit paid out if the policyholder passes away prematurely. An endowment plan is essentially a savings plan that helps you build a nest egg for the future. If you are taking an endowment plan for the first time, you might need a bit of help. To that effect, we have listed down 3 important things that you must consider while purchasing this insurance savings product. 1.       The reason or goal for taking the plan Before purchasing your very first endowment plan, you need to figure out the reason for taking the plan. Are you buying the plan to save up for your child’s university fees a few years down the line? Or, perhaps, you want to build a corpus of funds for retirement. Either way, knowing your goal will help you decide two things – ·   ...