Moneycontrol
Oct 08, 2017 09:30 AM IST | Source: Moneycontrol.com

Do your bit to secure your family’s financial future this Karwa Chauth

Every year your wife’s Karwa Chauth fast forms an imaginary protective cover around you; however, you can make it a reality by opting for a life insurance and renewing it every year.

The very mention of Karwa Chauth might bring back your childhood memories of watching your mother keep a day long fast for the long life of your father, or your wife doing the same to pray for your life. Karwa Chauth is a unique festival to celebrate the special bond between a husband and wife. Since ages, the festival is being celebrated every year with much fanfare across North India. Married women observe a fast on this day to ensure the well being, prosperity and longevity of their husbands. But how many husbands are doing their bit to reciprocate their wives’ gesture this Karwachauth? While you try and find an answer to this intriguing question, let me share something interesting about this question. The question was asked by an eight year old son of my close friend to his father. Though the child had certainly not realized the magnitude of the question, his father definitely found it difficult to answer it.

Until now, like most of us my friend also believed that by gifting a saree or a piece of jewellery to his wife on Karwa Chauth, he is done with his part. It was his son that made him understand that the best way to say thanks to his wife would be to protect his own life and his family’s future for which his wife prays year after year. Opting for a Life Insurance cover is the best possible way a man, the bread earner can protect his life and family’s future from the uncertainties that lay ahead in future. Every year your wife’s Karwa Chauth fast forms an imaginary protective cover around you; however, you can make it a reality by opting for a life insurance and renewing it every year.

You might consider it too pessimistic to think about your beloved family without you, but the harsh reality says that death or disease gives no prior notice. Have you ever thought about the future of your family in case you are not there to support them? Though buying a life insurance might not give you a key to see the future, it will definitely give you a peace of mind that your loved ones will have the financial freedom to continue with the plans you made for their future.  For example - If you are a healthy, non smoker of 30 years a basic offline life term plan will hardly cost you Rs 10,000 – Rs 14,000 annually and guarantee your family an assured sum of 1 crore in case of an eventuality with you. For a small additional cost, riders allow you to customise your policy to match your needs as they cover risks that are fairly unique to an individual. A waiver of premium rider can also be activated in the event of a person becoming completely disabled or losing his livelihood because of unemployment owing to an injury or sickness. In such cases, the premiums due on the base policy (and other riders, if any) are waived off till the person is able-bodied and employed again.

One should also opt for a critical illness plan such as cancer, which provides financial support from the day cancer is detected irrespective of the stage at which it is. It has been observed that 1 in 8 men and 1 in 9 women develop some form of cancer during his or her lifetime. Though the government has taken proactive steps to provide cancer medication at subsidized prices, a quick cost analysis, shows that even in early stages of cancer, treatment can cost anything between Rs 10-12 lakh. Give your family peace of mind by gifting a critical illness plan to your wife and opting for it yourself to ensure that financial constraints never come in the way of treating it properly.

The feeling of being protected is unmatched, which you will only be able to experience it once you also cover your family from future uncertainties.  So, on this Karwachauth when your wife fasts to pray for your long life, do your bit for her.

(The author, Aalok Bhan, is Director and Chief Distribution Officer at Max Life Insurance)
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