Buy a term plan and secure your family
Most of you must have heard about the ritual where the sisters tie a Rakhi (thread of love) on the brother’s wrist that is said to strengthen their relationship and bond. In return, the brothers make a promise to protect them from all evils and take care of them in life. However, are you sure that your brothers or sisters are truly secured from the uncertainties of life in the real world?
For making sure of this, you have to meet the responsibility of guiding and helping your siblings on the challenges, which they might face in the journey of their life. Hence, why not consider gifting them something, which promises financial protection throughout their life. You must already be looking for Rakhi gift ideas, so when this festival is all about protection; there would be no other gift better than life insurance in Dubai.
These protection plans can help you in securing the financial future of your siblings when they need the most. For doing this, a protection policy such as ULIP (Unit-linked insurance plan) or a term insurance plan could be the best gift.
In case you have a sister who is married, the best Rakhi gift for her would be a term insurance policy in her name for protecting her dependents financially if and when an unfortunate incident takes place. While in the case of an unmarried sister, you can gift the benefits from investment in a ULIP.
In case your sister is an earning member in her family and contributes to the income of the family, she must be insured. Hence, this Raksha Bandhan is the best time for making sure that your dear sister is financially safe and secure by buying a term insurance policy for her and making payments of the premiums on behalf of her.
For doing this, get her a sufficient amount of life coverage, equivalent to 10-15 times of her annual earnings at least. In case she has children, the term policy will make sure that the education of your niece or nephews is not jeopardized in the absence of your sister. If your sister is a homemaker, this plan will take care of her contribution to the family economically for- cleaning, cooking, education, provisions, and more. There could no better Rakhi gift for your sister as well as her family.
Similarly, if you are a sister to an amazing brother, you can promise to look after him by buying a term insurance plan in his name.
Another amazing option of Rakhi gift for your sibling can be a ULIP. This comprehensive life insurance in Dubai serves the double purpose of being an investment instrument and an insurance plan. It is considered to be amongst the best investment for long-term objectives such as marriage, higher education, car or house purchase, and more. If you are an elder sister, then this can be an amazing Rakhi gift for your brother.
The best thing is that ULIPs give you an option to invest in many funds according to your risk-bearing capacity while providing you with the flexibility of switching between funds on the basis of the market conditions.
For doing savings with ULIPs, you just have to shell out a little amount of money each month without causing a hole in your pockets. But it can help you in possibly building up for your dear sibling a sizeable corpus and help him or her in meeting their medium to long-run objectives.
To Sum Up!
On this auspicious festival of Raksha Bandhan, make sure that whatever life insurance in Dubai you select, it should just be unique as your brother or sister. The amount of money you should invest is dependent upon your finances, cover type, the term of the policy, goals, timeframes, and risk preferences. If required, you can reach to a financial advisor.
So, this year on Rakhi, purchase an appropriate protection plan so that both of you can enjoy the ‘sweetness’ of financial safety with the knowledge that you and your sibling, both are tied with the bond of eternal security and protection.