Have different maturitiesOne of the best ways to make the most of your diversified portfolio is to schedule different maturities at different times. When you have multiple payouts spread across a certain period then you can plan your major financial goals around this time. For example, schedule one payout during retirement another during your child’s major educational years and if you have another insurance policy then you can use the same for some other financial goal.
Get different types of life insurance plansYou don’t have to stick to just term insurance plans. Opt for other life insurance plans such as endowment or money back plans and diversify your portfolio with different kinds of returns. Endowment plans give you good returns whereas money back plans give you returns that are spread over a period of time.
You can also get different types of term insurance plans to diversify your portfolio. Different types of insurance plan will help you to fulfil different types of goals. For example, if you want to buy a house or pay off the house loan you could use your share of money back policy whereas an endowment policy can be retirement security.
Buffer claim rejectionClaim rejection is when the beneficiaries are denied the claim amount in event of the death of the policyholder or in times of any critical illnesses. When this happens mostly the beneficiaries file for another claim. Getting an insurance policy from other insurers will leave you with more than one option to secure yourself financially.
When you have multiple policies you can go to other insurers and if the claim gets approved by one insurer and rejected by the other then your chances of getting the claim approved by the first insurance company is higher.
Insurance policies are low-risk instruments and most of them will give you good returns. They also double up as tax saving instruments and hence, are also beneficial during your earning years. When it comes to insurance, two or more plans are always better than one plan. Therefore, diversify your portfolio with multiple insurance policies and use it to your complete advantage.
Learn more about different Online Term Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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