Don’t Delay These 5 Financial Decisions

Aug 28, 2018 | 11 months ago | Read Time: 1 minute | By iKnowledge Team

Procrastination always blows up in your face — at some point or the other. Therefore, stop overthinking and look at ways to secure yourself and your family. You don’t want the people you love to suffer in case you aren’t around, do you?

So, here are a few things you can do to create a safety net for you and your family’s future:

1. Get rid of your debt

  • Don’t burden your dependents with debt in your absence
  • Instead, get an insurance cover enough to repay the loan
  • Life insurance also helps you save tax up to Rs 1.5 lakh. You can use this money to reduce debt

2. Plan your taxes

  • Buy financial products that give you returns as well as tax benefits
  • For example, you can invest in a unit-Linked Insurance Plan (ULIP) for dual benefits of insurance and capital appreciation

3. Think of your retirement years

  • Start contributing to your retirement fund right from your first salary
  • A pension fund can help replace your salary during retirement years

4. Buy critical illness insurance plan

  • A good critical illness policy takes care of your medical expenses at every stage
  • Some plans even waive premium payments if you are critically ill

5. The bottom lines

  • Life is uncertain, but you can be prepared
  • An effective financial planning can help you with your preparation IA/Aug 2018/4350

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