For mutual funds and life insurance investment plans, you have experts managing your money. Depending on your risk appetite, in mutual funds, you can choose among lower risk debt funds to higher risk equity funds. In life insurance, this works a little differently. There are traditional plans and unit linked insurance plans ULIP.
While traditional investment plans work for you if you are not particular about the investments made by the investment experts, ULIP plans are for those who like to have a greater say in where their money being invested and want to track their investment performance.
In traditional plans, a part of your premium is deployed in making investments to grow your money. During the policy term, you receive bonuses, loyalty and other additions. These add to the amount you finally save. In case of unit linked insurance plans, a part of the premium is used to buy units of an ULIP fund chosen by the investor.
The choice of the ULIP fund is typically determined by the investors risk appetite. ULIP plans typically have funds that invest varying proportions in debt and equity. Investors seeking growth for their money can opt for funds which invest a large portion in equity. In the long term i. This ensures that you have ample savings. In addition to growth from equities, ULIPs can also benefit from any loyalty addition feature that may reward anyone who has stayed invested for at least a certain period of time, with the additions coming in regular intervals for the remaining part of the term.
To this add the annual deduction of up to Rs 1. While the tax benefits are available for traditional plans as well, but for those who are young and seeking growth ULIP Plans become a frontrunner to be the best investment plan. That is the best way of hitting bulls eye with your financial goals. Every investment that you make today is targeted to cater to a future goal.
Ideally, you expect that once your investments mature they would help you meet your future goals. But till the time the investments mature and help the family achieve its goals there is always an element of risk. Should something happen to you midway, this investment could very well be liquidated and prematurely withdrawn to fulfil the family's current needs.
Even the corpus left after the partial liquidation will not suffice to meet the family's goals, be it child's higher education or spouse's retirement. The risk to financial security of your family is much higher during the first half of your work life. Be it goals, such as your child's higher education or wedding, or, your own retirement, your savings remain very low in the initial phase. But you will be able to accumulate only Rs 6. It is in situations such as these that the life insurance coverage comes to the rescue and ensures that your family is able to fulfil the desired goals even in the event of your untimely demise.
During the course of your work life, your income will help you accumulate various assets, such as household appliances, gadgets, land, residential property, gold and deposits. Over a period, certain assets will generate enough income to take care of your family's regular expenses. But if you are no longer there, acquiring these assets could remain just a wish, unfulfilled. Here, a life insurance cover could provide that bridge when there aren't many income generating assets available.
Also, big-ticket items like car and home are typically bought with the aid of loans. In the event of your untimely demise, your family would be left with no choice but to sell them off to repay the outstanding loan. This is where unit linked insurance plans Ulips from life insurance companies works so well. They not only protect your family in your absence by covering living expenses but also allow your family members to keep enjoying the car and home bought with loans. Besides providing life cover, Ulips allow you to invest in equities which typically provide high growth during tenures of 10 years or more.
The life cover ensures that other high growth investments such as those in equities besides the investment portion of Ulips still keeps growing. What's more, the cost of life insurance is quite low, especially for online plans. With an adequate life protection to take care of your family, you are better placed to take higher risk for higher reward investments such as equities. This will also help you go a long way in helping you save more in the long-term of 10 years or more.
Clearly, combining insurance with investment by investing in a combo product likes Ulip provides you with more benefits than what meets the eye at the first instance. The key is investing in the right Ulip. Your long-term life goals, such as retirement, need big amounts. As big amounts cannot be saved in a short period, you need long-term regular savings to achieve different goals.
That said, you could come across emergencies that will require you to spend significant amount of money. If you have unrestricted access to long-term investments, they could become an easy choice for liquidation, consequently, compromising your long-term goal.
If you take the EMI payment burden of the education loan, it will hamper your retirement savings. If your child pays the education loan EMIs, he will save less or nothing for quite some time in his early work life. A lock-in period like the one in ULIPs, ensures that you stick to regular savings in the initial years, stay away from liquidation and successfully save the desired amount for the intended life goal.
These goals are likely to be years away. However, during the course of maintaining your regular expenses month-on-month, you might come across occasions when you would suddenly need a significant amount in a short time. If you are not allowed to withdraw money in investments like ULIP in the initial years due to a lock-in, you get to save a significant sum by the end of the mandatory 5 year lock-in period. Your temptation to liquidate a lower savings amount during emergencies will be greater compared to substantial amounts over a longer period.
This, in effect, improves the chances of the money growing unhindered over the long term and providing the growth you seek. As for emergencies, you are forced to make provisions for them like an emergency fund which has liquid investments equivalent to months of living expenses. Equity is considered among the best-performing asset classes in the long-run i.
But, in the short term, the investments are subject to significant volatility. Individual investors, new to equity investments can get perturbed by the high short-term volatility and some even make premature exits from investments on significant market declines, losing out on long term growth opportunity. Over time, you get used to the turbulence which settles down to more stable returns in the long term investment plans as the investments cross the year mark.
Investors typically prefer the best investment plan where they can access their money during emergencies. Many times, this facility does more harm than good since people end up nullifying their hard work done over time with ill-considered premature exits from long-term investments. Just how much could saving Rs 1, a month change your life? The amount may not seem big enough for you to alter your future.
But if we tell you that the difference could be Rs Here are some numbers to show the big punch that small savings in investment plans can pack for you in the future. Read more Read less. No matter how small your savings, if they get enough time to grow, they can become really big over time.
Now, if you manage to save just Rs 1, every month after taking care of all expenses, taxes, EMIs at age 24, and keep saving the same amount for the next 30 years, your money grows to Rs What happens if you start saving the double the amount, but start 10 years later i. Rs 2, every month at age 34? The answer: you end up with only Rs But what explains this? If the monthly savings of Rs 1, grows at 8 per cent every year, in 20 years the money grows to Rs 5.
If you keep doing more of the same, the money grows 2. Look at it in another way. For Rs 1. All this you manage to do simply because you accumulate Rs 5. Moral of the story: money starts growing by itself over long periods. So, the key is to have large amounts of time at hand and not necessarily save big amounts. Many people, after starting out late and anticipating their significant financial needs fall prey to such schemes and lose their money.
If anything, with minimum supervision, you can make your money grow and attend to other important things in life. After a late start, many people spend dollops of time figuring out when to buy and when to sell stocks, almost invariably getting into a mess. A common mistake made by many people is that they wait to have enough savings to invest. In the process, they lose precious time for the money to grow. If you are wondering where small savings can be made to work, the good news is that there are plenty of regular investment options that help you do this.
Among them are life insurance plans. Interestingly, many people assume that you need significant amounts to invest in life insurance savings plans. Life insurance companies have monthly premium paying modes where you can invest small amounts such as Rs 1, per month. If you buy online, the amounts can get even lesser.
A good investment plan is absolutely crucial in order for us to realize these goals. The answer to this will depend largely on your financial goals. Short-term investment plans will enable you to achieve your short-term financial goals, such as building up enough money to purchase a car, while a long-term investment plan could enable you to achieve your long-term goals like building up enough money to purchase a house.
On the whole, long-term investment plans are generally preferred since safer investment tools can be used to enjoy better returns in the long run. DO NOT prefix any country code e. Our vision is to provide innovative and customer-centric insurance plans that can help our customers secure their family's future as well as help them with other benefits such as tax savings. Keeping this in mind we offer a large range of life insurance plans such as term insurance plan , women's plan , health insurance plans , pension plans for retirement planning , child education plans , ULIPs , saving and investment plans.
Most of these life insurance policies are available online, so buy one today and Sar Utha Ke Jiyo! Ignore if already submitted. The Linked Insurance products do not offer any liquidity during the first five years of the contract. Joshi Marg, Mahalaxmi, Mumbai Tel No: For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The name of the company, name of the brand and name of the contract does not in any way indicate the quality of the contract, its future prospects or returns.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under the contract are the names of the funds and do not in any way indicate the quality of the plans, their future prospects and returns.
Public receiving such phone calls are requested to lodge a police complaint. Are you an existing customer? Yes No. Loader GIF. In Unit Linked policies, the investment risk in the investment portfolio is borne by the policyholder. Previous Article Next Article. Featured Articles. Popular Posts. Instant Callback. Or Give a Missed Call on. Locate A Branch Near You. Find Branch. Call Us. NRI Service. Enter your email id Subscribe.
|Trading 212 forex for pc||Term insurance. Tel No: Enjoy regular income for period of 8 to 15 years after premium payment term under limited pay option Enjoy regular income from 2 nd policy year onwards till the end of policy term under single pay option. Loader GIF. Many people, after starting out late and anticipating their significant financial needs fall prey to such schemes and lose their money.|
|Amalgamated gadget q investments glassdoor||Free Quotes From Top Companies. Popular Posts. SCSS's are tax free and risk-free investment options for forex jobs singapore citizens above the age of HDFC Life Sanchay It is a non-participating insurance plan, which provides guaranteed benefits along with the flexibility to choose your investment horizon. Stay protected during the entire policy term with life insurance cover. A small investment can rise up substantially over a period of time.|
|Hdfc life investment plans||NRI Service. Buy Online. Public receiving such phone calls are requested to lodge a police complaint. They not only protect your family in your absence by covering living expenses but also allow your family members to keep enjoying the car and home bought with loans. This ULIP plan will help you to make the most of equities by channelizing your savings effectively.|
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