5 things to buy in the year 2022
As we settle into the year 2022, it is time to take stock of what one needs to purchase and invest in, to ensure financial security. We list the 5 most important things you must buy for a successful 2022:
#1 A good health insurance plan.
Given that the dreaded Coronavirus continues to rage around the world with its different variants, it pays to be financially secured against future illness. As healthcare costs rise exponentially in India, it is always better to have a trusted health insurance plan under one’s belt. It is inconceivable that one may not have health insurance in these turbulent times. If you don’t, or have one but want a better plan to invest in, then you should consider the Arogya Sanjeevani policy. It has a maximum sum insured of Rs 10 lakh and affordable premiums, apart from benefits like coverage for all day care procedures, cumulative bonus, inclusion of AYUSH treatments and cataract surgeries, lifelong renewal, etc. You can also avail of treatment costs up to the sum insured limit.
#2 Term life insurance.
Apart from a good health insurance plan like the Arogya Sanjeevani Policy, it is time to invest in life insurance. The best option is to take a term life insurance policy. Term life insurance has affordable premiums and some of the highest sum insured amounts, from Rs 1 crore and above. The term life insurance pay-out is made to the insured’s nominated family member(s) and it is often adequate to help one’s family members pay for expenses like household maintenance, children’s education and wedding, spousal support and retirement, medical costs, etc. The pay-out is not made if the insured outlives the policy tenure. However, it is immensely beneficial to the family in the absence of the insured person’s income.
#3 Your first home.
Having a roof over one’s head is a luxury most of us take for granted. However, it is not enough to simply have shelter in lieu of a rented home. As one ages and their family grows, one needs the stability that comes with having a home of their own. Rental accommodation may provide a home for a short while, but one must move every few years and adjust to the house as it comes, without the liberty to modify the premises. Besides, one loses a lot of money over the years paying rent and utility bills for a home that does not belong to them. Instead, this money can pay EMIs on the home loan that you take to buy your first home.
#4 A family car.
By now, we’ve seen that the Coronavirus is here to stay. Mutating constantly, it throws up new variants that cause infection in different ways. This simply means that one must continue isolating themselves as much as possible, and avoiding places and events where there may be large numbers of people present. One of the biggest transmitters of the virus is public transport. Take the safer route to protecting your family’s health by investing in a family car. Whether to take holidays or simply drop the kids to school or yourself to work, a car creates a bubble from the outside world to keep your loved ones safe.
#5 A savings account for your child.
Those with young families need to think about raising the funds required to fund their children’s expensive future education. Start a savings account in your child’s name and deposit money in it every month. Over the years, you can invest some of the money for high returns.