Families play an extremely important role in the life of an individual. When we are young, all our needs including nutrition and education. As we grow older, they act as pillars of support at all times. Having strong family ties have been shown to improve self-esteem, reduce stress, and boost overall health. People who have healthy family relations are also more in control of their emotions, according to a study published in Sage Journals.
But, while our family serves so many functions for us, we also have certain responsibilities towards them. So, here are 5 things you must do for your family.
Get Life Insurance
Death is an inevitability, and something you must plan for. Getting life insurance ensures that your family does not have to financially struggle in case of your untimely demise. In life insurance, you pay a certain number of premiums to the insurer. In return, upon your death, your nominee gets a certain sum of money. When looking for life insurances, going for Pradhan Mantri Jeevan Jyoti Bima Yojana can be a great idea. PMJJBY is a government scheme, in which you would have to pay a monthly premium of ₹330. In return, you get a life cover of ₹2 lakhs. Only people between the ages of 18 and 55 are eligible for this scheme.
Buy a House
Having a house is something almost every Indian aspires for. And if you haven’t fulfilled this dream yet, it is time to do so now. Owning a house has become much easier because of the availability of amazing home loans. Before you apply for a home loan, ensure that you have a good credit score, since the best home loans are offered to those with a credit score greater than 750.
Plan for Your Children’s Education
Education costs are growing at an alarming rate. And your salary alone might not be enough to cover them. Consider investing in mutual funds for this. Mutual funds can offer much higher returns than a savings account. Plus, they are handled by expert fund managers. But they do carry a degree of risk, since they are market-linked.
Consider Personal Accident Insurance
In 2018 alone, 4,67,044 road accidents took place in India, according to a report by the Ministry of Road Transport and Highways. Accidents can also take place at workplaces and even at home. Some accidents can even lead to death or disability. In either of these cases, you would not be able to earn a livelihood for your family. This is where accident cover comes in handy. One of the best ones you can choose is the Pradhan Mantri Suraksha Bima Yojana. PMSBY provides you a cover of ₹2 lakhs in case of accidental death. Pradhan Mantri Suraksha Bima Yojana also provides cover of ₹1 lakhs in case of permanent disability due to an accident.
Spend Time with Them
Spending time with your family would not only make you happy, but bring the family closer as well. You can plan fun activities with them, such as cooking with them going for a hike, or just playing some board games in the afternoon.
Apart from these, having health insurance for your entire family is also extremely important.