Gone are the days when a 9 am – 5 pm job was the norm. Today’s business landscape requires the workforce to constantly be on their feet, in order to achieve their targets and deliver outcomes. While growth prospects for employees may have upped over the last few decades, so have the stressors. According to a recent study by Deloitte India, there has been a rise in mental health concerns in the workplace, and workplace stress contributes to 80% of these issues.
This is an alarming revelation, which makes us ponder at how we can tackle the elephant in the room. Not only does workplace stress impact mental health, it also gives rise to physical ailments. According to research by the Center for Disease Control and Prevention (CDC), frequent incidents of workplace stress can trigger mood and sleep disturbances, upset stomach, headaches, and even cause rifts in close relationships.
Being burdened with work day in and day out, without having any time for yourself is not the best situation. There’s no denying that responsibilities increase as you move up the corporate ladder, but it’s also not fair for an organization to have unrealistic expectations, forcing you to crumble under all that pressure.
So, what is the best way to deal with the situation? Of course, the first step is to reach out to your manager to speak about your concerns. If you have an empathetic boss, he/she may understand the situation and ease your issues. You could also practice some strategies for self-care, including mindfulness to keep your calm. But if everything else fails, there’s no option but to quit your job. For some, this may not even feature in the scheme of things because of lack of financial security.
What really is the solution?
Financial planning is key
As mentioned above, there are many who continue to hold on to a toxic workplace in the absence of a sound financial plan. That’s exactly why you must start building an emergency fund, much before you decide to resign. You can get in touch with a financial advisor to help you build a roadmap. This way, in case you ever feel the need to leave a job, at least you know your finances won’t be a cause for concern.
Plus, you will also be more disciplined from the very start and have a budget in place. Sometimes, due to the lack of any savings plan or investment, we tend to splurge all our income, which later causes trouble in times of emergencies. But with financial planning, you are building a corpus over a period of time that will prevent you from compromising on your lifestyle, even if you don’t have a steady income flowing in later on.
You could also lean on an insurance plan as a fallback that will not just offer you and your family a life cover, but will act as a source of income in times of crisis.
Why HDFC Life Guaranteed Income Insurance Plan is your best bet
HDFC Life Guaranteed Income Insurance Plan is a savings plan that offers financial security for any unforeseen situations that arise in the future. It is perfect for anyone who is looking for a guaranteed long-term income during the policy term, in addition to benefits like life cover, tax savings, and lump sum amount on maturity.
As part of the Maturity Benefit, policyholders receive a lump sum amount equal to the sum assured, which is paid along with the last income payout. In case policyholders want to avail the Guaranteed Income benefit, they have to pay a premium for a ‘chosen number of years’ to start receiving guaranteed regular income for the remaining period till the end of the policy term. There is an option to receive income, monthly or annually.
For the Income Payout, policyholders can choose the rate at which they want the income payouts – 11%, 12%, or 13%. Here, income is paid as a percentage of the sum assured chosen.
Policyholders can also avail of the Death Benefit, in which case the nominee will get the higher of the following:
● 10 times the annualized premium
● Sum assured
● 105% of total premium paid
Having this plan also helps you save tax on premium paid and benefit amount under section 80C and section 10 (10D) respectively.
So, wait no more and build a solid savings plan that will give you the freedom to take decisions without having to worry about financial security.
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