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Are you too young to buy life insurance? Read what the experts have to say!

Do you think you are too young to buy Life Insurance? Read this to know the best life insurance policy plans for young professionals

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Life insurance policy plans are supposed to be one of the foundational blocks of financial planning. With a life insurance policy, you can not only safeguard your family’s future in the event of an eventuality but also invest your capital in long-term growth options to achieve all your financial goals in life.

Suppose you’ve ever been into insurance and financial planning. In that case, you may already know that several companies are available in the market that offers varying insurance plans, each with unique features and benefits. Due to this, choosing a specific insurer becomes an overwhelming and daunting task.

In that case, it’s essential to conduct your arch and compare various plans available as per your choices and choose the one that aligns perfectly with your financial goals. Moreover, the sooner you purchase a life insurance policy plan, the more benefits you can yield.

With that said, if you’re a young person with a stable profession, this is the best time to start investing your capital for the betterment of you and your family’s future. Therefore, let’s take a look at the six best types of life insurance plans for young professionals:

1. Aditya Birla Sun Life Protector Plus Plan

The Protector Plus plan offered by Aditya Birla Sun Life is a very comprehensive insurance policy that offers reliable financial security to your dependents in the event of your unfortunate demise. In addition to insurance coverage, the plan also allows you to grow your funds in the long run, which will enable you to create a financial cushion for the betterment of your family.

The minimum entry barrier for this plan is only 18 years, which makes it a perfect match for young working professionals.

Are you too young to buy life insurance

2. Aegon Life iTerm Plus Plan

The iTerm Plus Plan provided by Aegon Life is an online term plan that allows you to generate a corpus of monetary resources at very affordable premium rates. It features pre-defined riders like critical illness riders and accidental death benefits with its base plan.

Moreover, you can also pick from four different covers: the life benefit option, life plus benefit option, life and health benefit option, and life and health plus benefit options. If you purchase this plan at a young age, you can yield maximum benefits as it offers a high maturity age of 80 years.

3. Aviva i-Life Plan

Aviva i-Life is a life insurance plan that offers various coverage options to make your investments highly personalized as per your financial goals. This plan can be availed online from the comfort of your home, with minimal paperwork required to make the process completely hassle-free for you.

It also provides tax benefits under section 80C of the Income Tax Act of India. Additionally, there’s also an extra 5% rebate for female policyholders.

4. Bajaj Allianz Life Smart Protect Goal

The Bajaj Allianz Life Smart Protect Plan provides you with the combined benefits of financial protection for your family in the case of your demise and wealth generation to help you achieve your financial objectives in life. There are various unparalleled features available in this plan that offer you highly comprehensive coverage.

You can also opt-in for the return of premiums feature that allows you to get back all your premium payments if you survive until the end of the policy tenure.

5. Bharti AXA Life Monthly Advantage Plan

The Bharti Axa Life Monthly Advantage Plan is a traditional participating plan that provides guaranteed monthly income until the end of the tenure of your policy. In addition to the assured returns on your investment, you will also enjoy life coverage that offers a vast corpus of money to your family and dependents in the event of your unfortunate death.

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It allows you to choose from three different policy tenures as per your requirements. After paying a limited number of premiums, you’ll start receiving a guaranteed monthly income with this plan.

6. Canara HSBC Oriental Bank of Commerce Select Star Term Plan

The Select Star Term Plan by Canara HSBC Oriental Bank of Commerce is all-around protection for your family against various uncertainties of life. It’s a highly flexible plan that can be tailored as per the current stage of your life. There are several options to pick from in terms of coverage, pay-out benefits, and premium payments.

Optionally, you can also add your spouse to the same plan with exciting discounts on prices. Furthermore, as you progress further through the stages of your life, you can choose to increase the coverage of the same policy to align it with your financial milestones.

7. Why Should You Purchase Life Insurance At A Young Age?

Purchasing a life insurance policy plan at a young age costs you less money comparatively in the long run. An insurer considers various factors like your age and health condition to develop an adequate premium rate for you. At a young age, you don’t have many risks of death, and that’s why you get to enjoy lower premiums.

Moreover, the earlier you start, the more time your money gets to grow. This means you’ll be able to enjoy higher maturity or death benefits with your policy. Additionally, by exposing yourself to the art of investment, you’ll learn more about it throughout your life. This will also enable you to make other financial decisions between your existing policy that may help you grow your funds even more.

Bottom Line

Life insurance is undoubtedly an important financial aspect of life, and by purchasing it at a young age, you lay the foundation for a financially secure future. Therefore, make sure you check out the types of life insurance plans available and then choose a method suitable for young professionals from the options given above to select an insurance policy that works best for you.

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Blockchain

Can Tokenization of Asset Bring More Investment From the Masses

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance.

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In a new article, Coindesk has predicted that the Cryptocurrency’s DeFi sector is set to see a resurgence of Security Token Offerings (STOs) and has predicted “a sixfold increase in the total dollars raised using such funding methods over the next four years.”

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance. The article further predicted that “more private companies will bypass traditional initial public offerings (IPO) and instead use blockchain technology to digitize the capital-raising process.”

Although traditional capital markets and venture capital firms have ceded some prime money-making to DeFi, doing away with conventional IPOs might be a significant first step to democratizing venture financing.

Past the debacle of early blockchain ICOs, where the process by which a company ICOs was easy, but the lack of related regulations within the US and abroad around ICOs had led to many fraudulent crowd sales, illegal airdrops, and outright scams. This, in turn, had tarnished the reputation of blockchain-based projects. However, tokenizing assets and either fiat-backed or cryptocurrency backed by gold and silver have dramatically increased confidence in the crypto-asset markets.

The tokenization of assets that represents a real tradable asset, in reality, is quite similar to the process of securitization. An STO, with increasing frequency, is also used to describe a share in a company, ownership of a piece of real estate, or participation in an investment fund. These security tokens are also tradeable on secondary markets.

The new token economy offers to open up the investment world making it more transparent, efficient, and fair. The simplicity of tokenization will also help in reducing the friction surrounding the creation, purchase, and sale of securities.

In addition, it will bring several advantages for both buyers and sellers that will include:

1. Increased Liquidity of the Market:

The tokenization of illiquid assets in private hands, specifically art, real estate, and the likes, will significantly boost the market’s liquidity. Not only will it make it possible to liquidate the illiquid assets partially, but the ability to trade the security tokens in the secondary markets will also increase the trading activity bringing with it a broader base of traders and investors.

The “liquidity premium” alone makes it worthwhile to tokenize illiquid assets capturing more excellent value for the underlying assets.

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2. Making Transactions Faster and Cheaper:

The intelligent contracts attached with the tokens and their automated execution upon the meeting of coded terms in the smart contract will mean automation and lack of administration of much cheaper transactions. The buying and selling of the security tokens will require lesser intermediaries, faster deal execution and lower transactional fees.

3. Increased Transparency:

Since a security token is also essentially a smart contract, it can be embedded with the owner’s responsibility and rights. The fact that records on a blockchain are immutable searches, provenance and trading history would be a cinch. The entire chain of ownership rights, responsibility, and origin of the security token will be entirely transparent.

4. Greater Accessibility:

Most importantly, tokenization could open up the investment world to a large audience. The high liquidity, market movement, lower investment amounts, and shorter periods required to hold the token can make the token economy to the average investor. Like the ticket divides an illiquid asset, the tokens themselves are readily divisible into smaller and smaller fractions enabling even a small investor to participate in the token economy.

With automated workflows and cheaper and cheaper processing costs, and token administration, the minimum investment amounts will fall further. This will also increase liquidity allowing investors to hold the investments for shorter periods before cashing in. The trading is made even more robust due to secondary markets that operate 24/7.

5. Easier Asset Conversion:

With the DeFi market making the conversion of crypto assets into fiat currency more readily available, the same will become true for security tokens. By providing greater liquidity to an average investor that often shies away from investment into illiquid assets due to fear of the lengthy process of conversion of an illiquid asset into a liquid one.

If anything, the strong emergence and success of the DeFi market have shown us that making finance decentralized, transparent, and easily accessible will bring in more investors, not less, and lead to the market’s democratization.

In conclusion, the advent of a token economy will lead to a more transparent, liquid, accessible, and just financial and investment system that will serve more and more people via financial products and investment opportunities for all.

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