First up, it is difficult to understand the relevance of a life insurance scheme, in context with William Shakespeare – often considered as the greatest playwright of all times. Before delving into the details, however, we must investigate his life first. William Shakespeare lived a financially sound life with at least two homes and a healthy income. This widely recognized dramatist, poet, and playwright passed on timeless, witty wisdom through his literary works.

The Bard of Avon was ahead of his years when he penned the famous Merchant of Venice. Who would have thought that the life and credit lessons taught by this erudite genius will be applicable even after more than 400 years!

Fast forward to 2020; we need to understand that comprehensive financial planning, supported by the best life insurance plans, is a way of life that requires self-regulation and discipline in managing our finances.

While money isn`t everything, and wealth creation is certainly not worth the debt, the Merchant of Venice drives the point home about being smart with money. Many robust investment plans can help you maximize your savings, once you have a grasp over the intricacies of the financial world.

To protect the financial future of your loved ones through a life insurance scheme and build a sound investment portfolio – the Bard way, here are his two cents about debt and money from the timeless classic, The Merchant of Venice. 

1. Debts Can Be Dangerous

The Merchant of Venice will never stop being topical. You know why? Because it talks about debts and how dangerous it can be when pursued mercilessly. The main storyline talks about how a loan goes wrong with a lender known for his unsavoury practices. While a lender today will not ask for a pound of flesh as Shylock did from Bassanio, you need to understand that the debt traps are real and harmful in multiple ways.

If you want to avoid being in the same situation as Bassanio, do not take out a loan or rack up credit, until you fully understand the perils of not being able to repay the amount.

It is possible to avoid putting your loved ones in a tricky situation where they must repay your debts in your absence – by including a life insurance scheme into your financial portfolio. Some of the best life insurance plans (for example, ULIPs or Unit Linked Insurance Plans) from reputable insurers such as Max Life Insurance help cover liabilities in case of any unforeseen circumstances, such as your untimely demise. Moreover, the benefits of ULIP plan include significant market-linked investment returns that compliment your insurance coverage.

2. You Must Manage Your Money More Efficiently

Shakespeare`s Antonio in the Merchant of Venice is a wealthy businessman with a soft heart who walks right into the lending trap set by Shylock, just to help a friend. Through his wise character portrayal, Antonio is relevant even today because we are all responsible for making hasty financial decisions at some point in our lives.

However, experts explain that it is crucial to learn the importance of financial planning to be able to live a wholesome life. Start by learning how to spend responsibly and setting aside a portion of your income for savings and investments. At the same time, having a life insurance scheme allows you to cast a financial safety net for your family – one that evolves with your family`s evolving financial needs and requirements.

3. You Need to Be Prepared for Emergencies

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One of the most prominent life lessons we learn from the Merchant of Venice is that even though we all covet wealth, very few know how to manage it.

Emergencies can be anything from an accident to an untimely demise. Therefore, it is imperative to prepare yourself for these contingencies if you want your family members to sail through the tough times, even without you. Not paying your debts promptly can cause irrevocable damage to your credit, not to mention the pain of losing your loved one and the difficulties in managing your finances following an unfortunate incident.  To avoid being in this situation, invest in a life insurance scheme that can be used to avail of the required financial support in case of such emergencies.

Moreover, the best life insurance plans in India offer significant tax-saving benefits to your loved ones under Section 80C of the Income Tax Act 1961!

4. Money Isn`t everything

The Merchant of Venice teaches us that we need financial means to support our family and live a comfortable lifestyle. At the same time, financial decisions must not be taken hastily, especially if you want to secure your family`s financial future and grow your wealth.

Luckily, having a life insurance scheme enables you to secure your family`s financial future. While choosing the right life insurance scheme, you should look for one that has the right features and benefits that meet your needs.

When you are not around, this life insurance scheme will not only take care of your elderly parents but also help your spouse and children in maintaining their lifestyle.