Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
What Is The 50-30-20 Budget Rule?
3 mins
11.7KBudgeting is the first step towards financial success. Making money is just one part of the economic game.The second and equally important part is to manage one's finances. Lack of planning, however, is a plan for a financial disaster.
What is the 50/20/30 budget rule?
The 50/20/30 rule simplifies the allocation of your finances after deducting the taxes. There are three categories.
These categories include money spent on the , , and of the person.
The 50% of Your Income - NEEDs
Firstly, it is essential to fulfill the necessities of an individual, so 50% of your income should go towards such needs.
The 30% of Your Income - WANTs
30% of the income goes towards the wants of the individual. This includes:
The 20% of Your Income - SAVINGs
The remaining 20% of the income goes towards savings. Savings does not mean storing money in a savings account.
Savings means utilizing the free money to work for you by investing it in the best possible way.
How Can Life Insurance Make Your Money Work for You?
To your surprise, here’s where insurance can play a leading role if you choose your investment wisely depending on your risk appetite and the financial responsibility at a given point in time.
For individuals with low or medium risk appetite or wanting to bring balance to their portfolio then Guaranteed Return Plans are the best option for you. Insurance saving plans not only offer guarantee on the premium you pay today but also on the premiums that you promise to pay in future. One can also look at participating policies which have a minimum guaranteed amount payable upon death or maturity and have a potential to get an upside by way of bonuses.
For individuals having high risk appetite, the guaranteed return plans can work as a hedging tool. They can also look at Unit Linked Insurance Plans which not only allow them to choose funds as per risk appetite for the investible proportion of premium but can also move between funds (switch) with changing risk appetite or market conditions.
Most important, irrespective of the type of product you choose, Life Insurance cover will be in-built to ensure your loved ones are protected in case of an untoward incident.
Insurance plans are seen as a tax efficient method for long term savings.
Summing Up
The 50 20 30 rule, in short, is about correctly allocating your money to your wants, needs and investments. With life insurance you can get your needs and savings right! What are you waiting for, click here to connect with our financial advisor NOW !
Disclaimers
Suggested Plans
Related Posts
We foster an inclusive workplace where diverse perspectives thrive, and every individual feels valued, respected, and empowered.
Financial Planning
How Emotions Drive Bad Financial Decisions?
4 mins
3.1K
Posted on: Jul 21, 2025
Financial Planning
Be Your Family’s Vighnahartha. Defeat Financial Uncertainties with Life Insurance
2 mins
2.7K
Posted on: Apr 19, 2024
Financial Planning
Achieve Financial Freedom with This Financial Checklist for 2021
4 mins
2.1K
Posted on: Dec 14, 2023
Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Center
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
Subscribe to get our best content in your inbox
Subscribe to our newsletter and stay updated.