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Investment Plans are a combination of both investment as well as insurance. A part of the premium you pay is used to provide you insurance coverage (Life cover) and the remaining part is invested in the financial instrument as per your risk taking capacity. Such plans help you fulfil your Short-Term as well as Long-Term Financial Goals. Investment Plan is a good option if you want to enhance your wealth and save taxes.
Life insurance is regularly used as a form of funding and is therefore additionally referred to as the best investment plans. First of all, they offer the protection of insurance wherein the insured and his/her nominee or family gets the essential cover to guard towards any potential risks, and secondly, they get a funding product that they could use to meet their desires whether short-term or long-term.
Investment plans are of two types, Unit Linked Insurance Plans or ULIPs that gives returns based on overall market performance, and traditional endowment plans that provide a lump sum or annuity payout when the life insurance coverage funding policy matures. Each of these forms of financial savings schemes or best investment plans offers a policyholder life insurance coverage and a financial savings option.
If that sounds like a bunch of complex questions, you have hit the right page!
Investment plans are a mechanism for multiplying your funds. It can not only help you accumulate a lump sum but also provide that security cover that we wish for. Be it a simple life insurance plan or a
provident fund, those intense ULIPs or a regular and simple Systematic Investment Plan, investing should be a habit.
Endowment plans have their benefits. Where ULIPs delivers the investment of policyholder with lots of flexibility and transparency, endowment plans act as a guaranteed financial savings option as they provide definite returns.
Find out how much you are willing to lose. Are you a market player who gets befuddled with all the smattering of how the stocks perform? Does it bother you if you do not get the returns you wished for? Are you willing to wait long enough to see your funds perform better?
It hardly makes any sense to pool all your money and put in a fund. You need to pay the rents and utilities, remember? So how do you decide?
Find out how much of excess funds you would have at the end of the month! Figuring out a decent number can prepare and set you up for a plan. Start off with baby steps where you can afford a couple of losses. No one wins big with a smaller amount!
What investment plan do you want to go for? Is it a retirement fund or a short-term goal? Is it going to be for your own wedding or for your children's? Figuring out a financial goal can give you a clear picture of what kind of fund you would wish to invest in. Whether you want to play it safe or be an aggressive or demanding investor, it all depends on the kind of budget and risk appetite you have. All that said and done let's find out the best investment plans India has to offer to you as a whole!