Insurance – the Key to your Financial Wellbeing
As you grow older, your responsibilities will grow, and before you know it, you’ll have a family to support. That comes with its own set of financial obligations, from college funds and home loans to cars and vacations. But if the pandemic has taught us anything, it is to expect the unexpected – and insurance is a vital risk management tool to protect you from unforeseen crises. It is a critical part of any financial plan – so let’s find out why insurance is so important for your financial well-being.
Jan 2022
5 mins read
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Why insurance matters:
1. Protects you and your family
Given the unpredictable nature of life, every one of us could face financial problems someday. Life or health insurance provides a financial safety net for you and your family in case things don’t go as planned, mitigating the damage.
2. Reduces stress and anxiety
As the payments pile up, from rent to grocery bills, life can get daunting at the best of times. But when things go awry, a contingency fund can be a huge source of comfort. This way, you will cope better during financially difficult times without crumbling under stress and anxiety.
3. Gives you peace of mind
It's not just about money, it’s also about peace of mind. As a prudent, forward-thinking individual, you will sleep easier at night knowing that your family will be secure even if something untoward were to happen.
4. Helps you manage money effectively
The key to financial wellbeing is knowing how to effectively manage your money. This includes knowing how to allocate a budget for expenses; which funds to invest in; and most importantly, what kind of insurance you need. Your insurance commitments will help bring rigour and discipline to your budget planning.
5. Boosts your capacity to absorb shocks
Difficult times don’t come with advance notice, so it’s important to strengthen your financial capacity. The better prepared you are – whether it is with mutual funds, retirement funds, equity funds or insurance – the better equipped you will be to absorb financial shocks when they hit.
Remember, your financial plan is incomplete without insurance. It’s the financially smart way to protect everything you’ve worked for, secure your family and enjoy the fruits of your efforts with complete peace of mind.
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PGIM India Asset Management Private Limited
(CIN - U74900MH2008FTC187029)
Toll Free Number: 1800 266 7446
Email: care@pgimindia.co.in
This is an Investor Education and Awareness Initiative by PGIM India Mutual Fund.
All the Mutual Fund investors have to go through a one-time KYC (Know Your Customers) process. Investor should deal only with the Registered Mutual Funds (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit https://www.pgimindiamf.com/ieid.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Read more
All the Mutual Fund investors have to go through a one-time KYC (Know Your Customers) process. Investor should deal only with the Registered Mutual Funds (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit https://www.pgimindiamf.com/ieid.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Read more
The information contained herein is provided by PGIM India Asset Management Private Limited (the AMC)
on the basis of publicly available information, internally developed data and other third-party
sources believed to be reliable. However, the AMC cannot guarantee the accuracy of such information,
assure its completeness, or warrant such information will not be changed. The information contained
herein is current as of the date of issuance* (or such earlier date as referenced herein) and is
subject to change without notice. The AMC has no obligation to update any or all of such
information; nor does the AMC make any express or implied warranties or representations
as to its completeness or accuracy. There can be no assurance that any forecast made
herein will be actually realized. These materials do not take into account individual
investor's objectives, needs or circumstances or the suitability of any securities,
financial instruments or investment strategies described herein for particular investor. Hence,
each investor is advised to consult his or her own professional investment / tax advisor / consultant for advice in this regard.
The information contained herein is provided on the basis of and subject to the explanations, caveats and warnings set out elsewhere herein.
The views of the Fund Manager should not be construed as an advice and investors must make their own investment decisions regarding investment/ disinvestment in securities market and/or suitability of
the fund based on their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
