A regular monthly income is not just useful but extremely rewarding – after all, it pays for your kids’ school fee, buys you some intimate vacations with your wife, lets you help your parents learn new skills like painting in their post-retirement days, and helps you rewind life with your buddies at the latest music festival. And oh, it lets you plan the future better with savings and investments.
You are doing everything right, or so you think until one day you realize that you’ve lost your job. Of course, you can find another one.But the scenario could be far worse. In an unfortunate incident like the death of the only earning member, a family is left devoid of not only luxuries but even the most basic expenses. The family that you’d loved with all your heart and might, and promised to protect till your last breath, doesn’t only have to bear an emotional trauma of losing you but also face financial challenges.
The lifestyle that you’ve built for yourself and your family – all the living expenses, home loans, incidental overheads, the little luxuries of life – they all require money. These costs do not end with someone’s life and fortunately, there are ways you can provide for your wife and kids long after you’re gone.
The monthly payout option helps families that are not very insightful with investments and find it difficult to manage the lump sum on the ill-starred death of the policyholder. Quite a few factors are responsible for this and the loss of a loved one is not the best time to make a decision about capitalizing the amount that you receive in case of 100% lump sum payout.And you would have noticed the premium of a policy with monthly payout option is much lower than the lump sum payment option. And so, it keeps you worry-free while you live and much after you're gone.