Give your Loved Ones the Gift of Financial Security this Festive Season


Nothing defines festivities more than the joy of giving, or more precisely the joy of gifting. Now that the much-awaited festive season is finally here after two years of restricted celebrations, this time is all the more special. However, we can’t ignore the learnings of these two years, most of which is that health comes before everything else. So during this season of giving, why not make it more special for your loved ones? While of course, you can go for staple gifts, it will be better to put those learnings to use and buy your loved ones a gift that they can treasure for a long time to come — the gift of financial security and well-being.

To put it simply, consider gifting your loved ones an insurance policy that looks after them throughout their lives, and maybe beyond that.

Why an Insurance Policy Makes a Good Present?

Most gifts like jewellery, outfits, or other similar things last only for a specific period of time. However, an insurance policy is a gift that would last a lifetime and would stand by your loved ones in their times of need. An insurance policy is a gift that keeps on giving, more than any other. Moreover, there are different options among life and health insurance that you can choose for your family. By opting for life insurance and health insurance, you are giving them the best gifts — the gift of life and good health.

Health Insurance as a Perfect Gift

The financial security of your loved ones would not be complete in the absence of a sound health insurance plan. Health insurance makes a perfect gift for your family as it would ensure that they get the best possible medical care if they ever fall sick. One may consider a family floater health insurance plan that takes care of the entire family’s medical needs.

Most health insurance plans also come with an option of coverage against critical illnesses. So in case, the policyholder is diagnosed with any life-threatening disease like kidney failure, stroke, or heart ailments, the family members would get a lump sum amount which can be used not only to cover the medical costs but also as an income replacement source if the policyholder is the sole earning member of the family. Most health plans these days come with the benefit of a cashless claim, thereby freeing the family of worry about arranging the money.

Life Insurance as a Perfect Gift

By opting for a life insurance plan for yourself, you ensure that your loved ones can still lead their lives and achieve their financial goals even if you are not there to personally care for them. So if something unfortunate happens to the policyholder, their dependents need not worry about their life milestones. Meanwhile, the children need not compromise on their dreams and can still go to the college of their choice. The family can continue to live in the house that you bought for them but unfortunately, could not pay off the loan. Simply put, the family receives enough financial support to maintain their lifestyle and meet their life goals. So it is not just a document that you gift them, but complete peace of mind that their futures are secure.

Moreover, both life and health insurance plans come with tax benefits, thus providing the gift of savings along with its other benefits.

Some Things to Remember

While health and life insurance policies provide financial security for your loved ones, there are certain restrictions and exclusions which one must take note of.

  • For instance, in the case of life insurance policies, most insurers do not cover certain specific causes of death like suicide, death due to participating in life-threatening activities, illegal activities etc.
  • In the case of health insurance as well, there are certain restrictions like the waiting period for pre-existing health conditions and OPD or maternity-related expenses. So, one should opt for coverage wisely, like OPD add-on cover, maternity insurance and policies with day-one coverage to insure themselves adequately.
  • Most importantly, just gifting the insurance policy is not enough. You need to make sure that the policy is renewed every year either by you or by them to ensure absolute protection.

Santosh Agarwal is the Chief Business Officer of Life Insurance at

The views expressed in this article are those of the author and do not represent the stand of this publication.

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