Raksha Bandhan: A Thoughtful Gift of Lifelong Protection

Protection plans can help secure your sibling’s financial future when s/he needs it the most. For this purpose, a protection plan like Term Insurance or a Unit-linked Insurance Plan (ULIP) can be a perfect gift.

If you have a married sister, your best gift could be a term insurance plan in her name to financially protect her dependents if and when any untoward incident happens. On the other hand, your unmarried sister could benefit from investment in a Unit Linked Insurance Plan.

If your sister is working and contributing to her family’s income, she needs to be insured. Therefore, this Raksha Bandhan, you can ensure financial safety and security of your dear sister by buying her a term insurance plan and paying premiums on her behalf.

For this purpose, make sure to buy her a sufficient life cover, equal to at least 10 to 15 times her annual income. If she has kids, the term plan will ensure that your nephews/niece’s education plans are not jeopardized in your sister’s absence. In case your sister is a homemaker, term insurance will take care of her economic contribution to her family –

• Therefore, take out time to do these things and help yourself find long-term happiness:
• Cooking
• Cleaning
• Provisions
• Education, etc.

Similarly, as a sister, you can pledge to look after your brother by choosing a term insurance plan for him.

If you are looking for a term plan that offers comprehensive protection, then Axis Max Life Smart Total Elite Protection Term Plan could be ideal for you. Apart from offering sufficient coverage at affordable premiums, this plan also offers options to provide financial stability in case of:

• Critical illness diagnosis
• Disability or death resulting due to an accident

Another impressive gift option for your sibling could be a Unit-linked Insurance Plan. This comprehensive plan serves the dual purpose of being insurance as well as an investment instrument. ULIP is one of the best goal-best investments for long-term goals like higher education, marriage, house or car purchase, and so forth.

The best part is, ULIPs allow you to invest in multiple funds as per your risk appetite while offering you the flexibility to switch between funds depending on the market conditions. Additionally, Axis Max Life offer’s ULIP plans with no policy administration and premium allocation charges and coverage up to 85 years.(Available with all variants of products available)

For saving with ULIPs, you only have to shell out a small amount every month - without pinching your pockets. However, it can possibly help you build up a sizeable corpus for your sibling and help fulfill his/her medium to long term goals.

To summarize, ensure that whatever life insurance plan you choose, it is just as unique as your special sister or brother. How much to invest will depend on your finances, tenure of the plan, cover type, risk preferences, goals, and timeframes. If needed, you can reach out to us to help you plan.

So, this Raksha Bandhan buy the right protection plan, so you both enjoy the 'mithai' of financial security, knowing that you and your sibling are tied through the bond of eternal protection.