Pulsating through the nine-to-five grind can cause financial planning for major life goals to be pushed into oblivion.  Add the travails and challenges that life throws along the way and your best laid investment strategies can get derailed.

The COVID-19 pandemic has changed the discourse around personal finance. Dwindling income streams, the impact on finances caused by the health emergency and the absolute departure from any semblance of normalcy – staying on track with investment strategies for major life goals like retirement, children’s education, marriage has been hard. Yes, the silver lining has emerged in the form of the revival of the economy and the colossal vaccination drive, it will take a while for many to regain their financial health and kickstart their investment routines.

This has highlighted the importance of including adequate instruments in one’s financial repertoire that can provide adequate security during tough times. A dialogue about planning for major life goals is incomplete without factoring in insurance. Many people tend to make the mistake of viewing insurance as something that you may only need in the later stages of life. However, contrary to popular belief the benefits of an appropriate insurance plan can go a long way towards sustaining financial health, safeguarding your investment reservoirs that you may have painstakingly built for your goals and maintaining the quality of the lives of you and your loved ones in the event of any emergency.

HDFC Life Sanchay Fixed Maturity Plan is one such way through which you can add that extra level of security to your financial future and be prepared for any crisis that may surface. It is a non-linked, non-participating, individual, savings, life Insurance plan that ensures you and your loved ones are financially protected. This plan offers a guaranteed maturity benefit payable as lump sum at the end of the policy and it also offers flexibility in terms of the premium payment options.

The lumpsum amount that you can avail on maturity can help you easily sail through a major financial goal such as paying for your child’s education or your dream car or even for bolstering your retirement corpus. The guaranteed payout will create a solid financial buffer so that you don’t have to worry at any stage of life. You also have the option to choose a joint life cover with riders – the HDFC Life Income Benefit on Accidental Disability Rider gives you additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident and HDFC Life Critical Illness Plus Rider, you can get a lump sum amount equal to the Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

The impact of a prolonged period of difficulty is not only limited to the window during which the crisis lasts. In the aftermath of a crisis, you may also have to completely revamp your investment strategies that will support you through the different stages of life. You may not have the requisite risk appetite for dabbling in high risk avenues and saving for even short or medium term goals may seem tricky. Also, most of the conversation around planning for various life goals tends to be centered around choosing the right investment vehicles and adopting the right financial strategies but if you are plagued with high levels of debt, you may have to tap into your existing savings to clear those debts in which your long term financial security can take a hit.

This is where risk-free secure instruments can come into the picture because irrespective of the trials and tribulations you may be dealing with at any point in life, there are some financial objectives which you cannot compromise with. Be it children’s education, having a stash ready for health emergencies or retirement, a solid financial plan has to ensure that these objectives are taken care of even during turbulent situations.