The pandemic has impacted the economy in a huge way and we are still reeling from the loss. If that wasn’t enough, inflation is worsening the situation and making us terribly worried. As per the data released by the Ministry of Statistics and Programme Implementation, consumer prices in India jumped 7% in March 2022, compared to the previous year. But this is not only the case in the country; inflation is prevalent the world over, because of Russia’s invasion of Ukraine.

Due to the ongoing circumstances, the International Monetary Fund has revised their projection for global growth downwards to 3.6% in both 2022 and 2023. This sends a strong signal on how inflation is going to rise in an uncertain world like today. The future forecast doesn’t look too bright, which is why it is essential to take steps that are within our control. In this case, it is about keeping your savings steady to counter these offsets and live a stable life.

What is the best way to beat inflation?

While having an emergency corpus is a good idea, it is also wise to invest your money in the right channels. In case you invest in assets that have a rate of interest that is lower than the inflation rate, you won’t be able to beat it. Hence, choosing the right investment vehicle is of utmost importance. 

If you have a high-risk appetite, you can choose to invest in equity funds. Although there is a certain amount of risk involved, the gains are also as high. Another good option is real estate, which can help you diversify your investment portfolio, and help you build your wealth if you do not seek short-term liquidity.  One could also go for gold as an investment option.

Debt investments are also an option, and work as a good alternative to fixed deposits. It does act as a safety net, especially if you are someone who is risk-averse.

Opting for a life insurance plan that offers adequate coverage is also something you must consider.  You must invest in a plan that caters to your ever-evolving financial needs, so that you and your family do not have to compromise on your lifestyle, even if inflation touches the roof.

In a nutshell, it is essential to diversify your portfolio, so that you can beat inflation and at the same time, beat inflation.

Why should you choose HDFC Life Sanchay Par Advantage?

If you are someone who has dreams and aspirations, but is worried about how to fulfill them due to external circumstances, then the HDFC Life Sanchay Par Advantage is for you. The plan takes care of life’s rising uncertainties, even in the case of the sudden demise of the policyholder or the retirement years. It is a life insurance plan that provides an option to avail cover till the age of 100 years.

Here are a few plans you could opt for:

• Immediate income: This is an option that provides regular income by way of cash bonuses (if declared), from the first policy year and provides a lump sum at maturity.

The policyholder is eligible to receive Survival Benefit in the form of a Cash Bonus (if declared) at the end of each policy year until death or the end of the policy term, whichever is earlier. Cash bonus (if declared) would be expressed as cash bonus payable = cash bonus rate x annualized premium.

For a policy where all due premiums have been paid, the Maturity Benefit payable at the end of the policy term is defined as:

1. Sum Assured on Maturity
2. Accrued Cash Bonuses, if not paid earlier plus
3. Interim Survival Benefit, if any
4. Terminal Bonus, (if declared)

Lastly, there is a Death Benefit that can be availed by the policyholder’s family on the death of the life assured during the policy term, provided all due premiums are paid.

• Deferred income: This is an option that provides Guaranteed Income for a certain period, and also provides regular income by way of cash bonuses (if declared) throughout the policy term.

As part of this plan, policyholders will receive the Survival Benefit, which is Guaranteed Income plus discretionary Cash Bonuses (if declared) in arrears one year after the end of the premium payment term.

The Maturity Benefit is also applicable, where all due premiums have been paid. Further, the Death Benefit can be availed on the death of the life assured during the policy term, provided all due premiums are paid.

There’s more…

Apart from these benefits, policyholders can receive additional income benefits over and above the sum assured, in case of permanent disability due to an accident. Plus, they also receive a lump sum amount, which is equal to the rider sum assured, if he/she is diagnosed with any of the specified critical illnesses.

So, if uncertainties are keeping up at night, worry not! This plan by HDFC Life will take care of your financial needs, come what may!