We see Insurance as one of the most essential tools in the process of Life & Wealth Protection and Risk Management. The Process involves identification of all the risks attached to one’s life and safeguarding your near and dear ones as well as making sure that your assets remain in the right hands.
Most of us are aware of one Risk i.e Risk of death. The biggest asset for any family is the main bread earner of that family. Any loss or damage to that asset may cause a big financial loss to the family in terms of his future expected income.
This may happen due to death or any critical illness. Insurance protects the family by transferring the risk of loss to insurance company. Therefore, it becomes imperative for an individual to hedge or protect his family’s life against the risk of his death or critical illness, by insuring himself.
Most of us do identify the risk of financial loss to the family due to early death; very few understand and identify the risk of living too long, which requires serious planning. Due to improvement in medical science mortality age has increased over the years. Also, due to lack of social security or structured pension fund sector, most families in India carry risk of living long with no savings to service his/her daily expenses or maintain their standard of living.
Culture in India in the past (the Joint family culture) speaks for low concentration on building up wealth for retirement, where the children were expected to take care of the parents, etc. Most of us today want to live life independently and with dignity. Things changing at a fast pace and fast emerging concept of nuclear families in our country, one needs, on a priority basis, to plan for his/her retirement and start investing from his/her early days of his/her career. Delay in planning will cost him/her with much heavier investments amounts in the future periods.
Insurance companies provide varied products catering to retirement planning, enabling the accumulation of a huge sum, which in turn, enables them to provide regular fixed pension after your retirement for life.
Through a combination of cover and wealth creation schemes, insurance also caters to other objective based planning – e.g., children’s education, childre’s marriage, to buy a car, to buy a house, foreign tour etc. For instance, an individual can invest regularly to accumulate a huge sum for his child’s education or marriage while he’s alive and at the same time provide the same amount through a life cover in case of an unfortunate event before the maturity.
On the basis of which life stage you are in and the corresponding insurance needs, plans we offer, can be categorized into the following types:
- Wealth Solutions
- Retirement Solutions
- Education Solutions
- Securing Life
Life is about living it to the fullest; it’s about reaching for a higher goal. At different stages of your life you have different goals; whether it is owning the home you’ve always dreamed of, giving your children the best or just having the financial freedom to enjoy your golden years.
13 deaths every hour in India due to road accidents !!!!
At Wealth Navigator, with our insurance partners – Reliance Life Insurance, Aegon Religare and ICICI Prudential, we offer insurance coverage and wealth creation opportunities to meet your different financial goals during the various stages of your life. The plans offer you the control to manage your protection and investment in one account. It is designed to remove your worries and secure you in the knowledge that you and your loved ones are protected against any untoward events.