Starting a New Business? Here's Why You Should Also Consider Term Insurance

Starting up your own business is an exhilarating journey, especially for young entrepreneurs in the age bracket of 18-28. The time is spent chasing dreams with a lot of passion and creativity. Still, it is equally important to remain financially prudent while balancing the financial demands of a startup with personal obligations. This is why ensuring that you are financially secure is not only crucial for your business but also for your loved ones.

One of the major steps towards securing your financial future is investing in a Term Insurance plan. A Term Insurance policy acts as a safeguard to ensure all the financial needs of your family are taken care of in case any such instance shall arise. For a young entrepreneur whose focus is on growing and scaling their business, it offers peace of mind, allowing them to concentrate on building the business without worrying about the 'what ifs'.

Why Term Insurance?

• Affordability and Flexibility: Term Insurance is one of the most cost-effective ways to secure substantial life coverage. With HDFC Life Click 2 Protect Super, you receive the flexibility to choose a cover that is appropriate to your specific needs. This policy offers several flexible options where you can choose to increase or decrease your cover amount at major life events that determine your liabilities.

• Financial Security for Your Family: As a budding entrepreneur, your focus is always on reinvesting in your business. However, ensuring your family is financially secure is just as significant. In the event of an unfortunate situation, a Term Insurance plan like HDFC Life Click 2 Protect Super would ensure that your family's needs are met without them compromising their standard of living.

Balancing Business and Personal Finances

Indeed, starting a business involves significant financial investments, but neglecting personal finance is the last thing you want to do. Here are a few tips to maintain that balance:

• Create a Personal Budget: Just as budgeting for your business is important, a personal budget is equally vital. It helps in the proper management of your income, expenses, and savings.

• Emergency Fund: Before diving into business, be sure to first have an emergency fund. This should cover at least six months of your personal and business expenses, providing a cushion during tough times.

• Invest in Insurance: While protecting your business is important, securing your life and your family's future is even more so. A Term Insurance plan is a simple yet effective way to achieve this.

Getting a Term Insurance plan is easier than ever with HDFC Life. The entire process is fulfilled online, and you get an additional 7% discount on your first premium when you buy online. This small step will provide immense relief and let you focus on doing what you love—building your dream business.

Features of HDFC Life Click 2 Protect Super

HDFC Life Click 2 Protect Super offers lifetime coverage, flexibility, and financial security. With options like Return of Premium, Accelerated Death Benefits, and Terminal Illness Benefits, you can customize your coverage to suit your specific needs.

HDFC Life Click 2 Protect Super provides you with the flexibility to choose a cover that fits your needs from three different plan options, offering comprehensive life insurance with flexible options and financial security:

1. Life: This plan offers basic life coverage, ensuring that your family's financial needs are taken care of in case of an untimely demise.

2. Life Plus: In addition to basic life coverage, this option includes features such as the return of premium and accelerated death benefits, providing more extensive financial protection.

3. Life Goal: Designed for those looking for comprehensive coverage, the Life Goal plan includes all the benefits of the Life and Life Plus options, along with terminal illness benefits and other added protections for a well-rounded safety net.

Each of these plan options allows you to tailor your coverage according to your life stage and financial goals, ensuring that you have the right protection in place.

Key Benefits of HDFC Life Click 2 Protect Super:

• Lifetime coverage up to age 100

• Return of premium option

• Accelerated death benefits for terminal illnesses

• Increasing death benefit option

• Waiver of premium for critical illness or disability

• Spouse cover available

• Death benefit instalments option

Eligibility:

• Age: 18-84 (Life & Life Plus), 18-65 (Life Goal)

• Minimum sum assured: ₹5,000

Want to learn more? Consult with a financial advisor or visit our website: HDFC Life Click 2 Protect Super