The following are the general guidelines to plan your and your family safety, goals and investment.
If you need further clarification then you can get in touch with financial planner as well as you can also write to us.
1) Cover your risk and make you and your family safe
2) Work on your Goals
3) Creating Wealth/Money
1) Cover your risk and make you and your family safe
a) Early death
b) Medical expenses
c) Permanent Disability
Action Plan
a) Accident and permanent disability plan. – If in case if you become permanent disable in any incident so that you and your family should not suffer.How should be your insurance plan?
Generally health insurance is like if you pay the premium then only any incident will come in picture if you want to claim or else your money is
not returned but due to money back policy it becomes advantageous to opt for health insurance.
For more information about LIC’s “health protection plan” please visit at
Likewise Bank of Baroda and Andra bank also launched such money back Health insurance plan, please visit below link to get more details.
http://www.indiafirstlife.com/downloadPDF/DownloadFormsBrochures/IndiaFirst_Money_Back_Health_Insurance_Plan_Brochure_V14_with_SFIN_No_300911.pdfb) Health Insurance - Go for entire family cover, even if your employer provides health cover then also go for your entire health cover.
c) Term Insurance plan - This plan is for sudden death. The sum assured will be helpful for your family after your sudden death. It should cover minimum 5 times your annual income.
Important Note - There is no need to go for three different plans to cover all above 3 parameters. Nowadays there are various plans which would provide various combinations.
So there is need to search in the market (or on the internet).2)Work on your Goals
a) For Children marriage/Education
b) For Retirement
a) For Children marriage/Education - Choose ULIPs (unit link Insurance plans), Endowment plans etc. Fixed deposit provides low returns but the money will be having high safety.
b) Retirement - Nowadays there are various pension plan schemes. You can choose monthly/quarterly or Annually Emi and go for minimum 10 years and maximum 20 years.
3) Creating Wealth/Money
Long term investing - Creating wealth/money is nothing but investing in property/shares/mutual funds/ULIPS etc . Keeping money in bank account is not called as investing and this will not provide any good returns in long term.
You can choose monthly/quarterly/annually EMI to invest for long term to get excellent returns.
No comments:
Post a Comment