LIFE INSURANCE BASICS

FINANCIAL PLANNING BASICS

When we were young, we used our pocket money to buy the things we liked. If we fell short of funds, our parents filled in for us. Sometimes, we even managed to save a little for later. As we grew older, our salaries replaced our pocket money. Today, we need larger funds to meet our daily needs. More importantly, it’s harder to ask and receive money in case of a cash crunch. You have to be your own saviour.

In the spirit of financial independence that all adults strive to attain, financial planning is crucial, as it ensures you can stand on your own two feet, no matter what.

To simplify the process for you, we have created a basic guide on financial planning and given you some excellent tips that can put you on the path to financial success.

It is a financial product that pays you or your dependants a sum of money either at maturity or upon your untimely death.

Term Insurance are protection plans which provide only life cover. These plans can help you get adequate cover at low cost.

ULIPs are combination of life cover and investment. They offer choices of funds depending on your risk appetite.

Retirement Plans are Pension plans. These plan can help you build corpus for your retirement years.

Health Plans are designed to secure you and your family against expenses due to medical emergency.

Tax planning helps you smartly minimize the amount of income tax payable and hence have more savings