Father’s Day: An Expert Shares How Different Life Insurance Schemes Can Secure Your Loved Ones

Last Updated:June 15, 2025, 12:14 IST

Know how life insurance secures loved ones at every stage, ensuring financial stability with term insurance, ULIPs, income plans, and annuities.

They say life comes full circle. We see it every day in the roles we play – as children, as parents, and as people working to build a more secure future for others. Father’s Day is a time for reflection. On this day, an expert shares how insurance can help you as a father secure your loved ones and vice-versa.

Akhil Almeida, head of marketing at Bandhan Life Insurance, shares how different life insurance solutions help fulfill that promise at every stage of your journey as a parent:

● Term Insurance is often the first — and most essential — step. With low premiums and high coverage, it ensures that your loved ones are financially protected, even if life takes an unexpected turn. It’s simple, affordable, and provides peace of mind.

● For fathers who want to protect while also building wealth, unit-linked insurance plans (ULIPs) offer dual benefits: Life cover and the opportunity to invest in market-linked funds. These plans grow with your long-term goals — whether it’s your child’s education, a dream wedding, or even seeding their first entrepreneurial venture.

Yes, ULIPs are linked to the markets and carry some investment risk. But, choosing options like debt funds, well-performing equity funds, or flexi-cap funds — which can adjust to market shifts — can deliver strong returns over time. The longer you stay invested, the greater the benefit.

● Income Plans which can be used to support your child through key milestones — school admissions, college tuition, or even marriage. Many of these plans come with a premium waiver benefit, so even if you’re not there, the plan continues — just as your love and care would.

● Savings Insurance Plans combine guaranteed returns with life cover. Like a long-term fixed deposit with a safety net, they help build a financial corpus for your child’s education, part payments on a home loan, or even the down payment on their first vehicle.

Each plan is a way of ensuring the future is taken care of, so there’s never a need to worry.

From Receiver to Giver: When a Child Becomes the Anchor

Years pass. The child grows. And one day, the roles gently reverse. Now, it’s the son or daughter who notices the slowing steps, the stories repeated, and the quiet dignity of aging parents. And they wonder: “How can I give them the same security they gave me?”

This is where life insurance comes full circle. Akhil Almeida said:

● Annuity Plans convert a one-time investment into lifelong monthly income, ensuring your parents never have to worry about day-to-day expenses.

● Guaranteed Income Plans offer fixed, predictable returns, ideal for those without a pension. They ensure a steady stream of support, unaffected by market volatility.

With these solutions, children can ensure their parents retire with grace, comfort, and peace of mind—just as their parents once ensured their dreams took flight.

Why Now Matters: The Urgency of the Moment

“One thing fatherhood teaches quickly is that life doesn’t wait. Accidents, illnesses, job losses — none of these come with notice periods. Too often, families hesitate, thinking they’ll ‘get to it soon’. But, by the time they do, the premiums are higher, the options fewer, and sometimes, it’s already too late,” Almeida added.

● If you’re a young parent, starting early means you lock in low premiums and give your investments more time to grow.

● If you’re an adult child, and your parents do not have a retirement corpus in place, acting today means your parents can enjoy the comfort of financial freedom right now, not someday.

Life insurance isn’t for when things go wrong — it’s for making things go right.

It’s how we make sure the people we love can continue to thrive, even if we’re not around to see it.

A Promise That Lives On

Life insurance is more than a financial product. It’s a bond. A promise. A legacy.

It allows a young father to say: “I’ll always be there for you.”

And it empowers a grown-up child to say: “Now it’s my turn to take care of you.”

This Father’s Day is a moment to reflect on life coming full circle as sons and daughters, as parents, and as individuals striving to build financial security for the next generation.

“Whether you’re a father laying the foundation for your child’s dreams, or a son or daughter securing your parents’ peace of mind, know that life insurance is more than protection. It’s an expression of love that endures across time and generations,” Almeida said.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More

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