It is widely suggested to plan for your long term goals and then link them to a tax saving investment.
The tax saving season for the financial year 2019-20 has just begun and now most taxpayers would be searching the right tax saver and may make an investment mistake in the process. Remember, tax saving should only be incidental to your investments, and rather should be linked to one of your long term goals.
Unit-linked insurance plan (Ulip), is one such tax saver which suit investors who do not have the financial discipline and inclination to keep investment and insurance separate, but yet need to save for their long term goals. Ulip, of all the investment options available, is one such product that can help meet all the long term goal through a single purchase itself. Because of its lock-in and longer horizon, Ulip instills investing habit in investors. Ulip is typically a combo of protection and savings. This makes Ulip a hybrid investment wherein several factors such as premium, duration of the plan, mortality, fund administration charges, allocation charges to name a few, interrelate and impact each other.
Some of the long-term goals could be buying/ arranging a down payment for a home loan, funding of children education, marriage, or planning for one’s own retirement. All of these are possible to meet through a single Ulip. A single ULIP can be used to meet multiple savings goals using features such as partial withdrawals, multiple fund options, premium payment, and policy term options. They can be effectively used for wealth creation, retirement or child education depending on your financial goals.
This story is from the May 2019 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 2019 edition of Investors India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Are You Drinking Too Much Coffee? If Yes, Then You Are Taking A Big Risk!
Coffee contains caffeine in maximum percentage:
LIC MUTUAL FUND
According to World Bank data, women represent 49.7% of the world population. In India, women represent 48.4% of the population but they contribute only around 18% of the GDP compared to 41% in China.
Maintain 15-20% exposure to US funds in your equity portfolio
2022 was a difficult year for stocks in the United States (US), particularly for the large tech companies known as FANG. Concerns about the Russia-Ukraine conflict, inflation, etc led to a significant drop in their values.
Systematic Investment Plan (Sip): Meaning, Benefits, How It Works
We all dream of buying a car, dream house, gadgets, etc. This all can come to reality if we have strong financial planning. One of the best options is to start investing in mutual funds through a SIP (Systematic Investment Plan).
How to repair your credit score
Fintechs have seen their personal loan portfolios rise at a humongous pace between 2017-18 and 2022-23. However, loans below Rs. 50,000 are showing signs of strain, according to a white paper brought out by Experian and the Digital Lenders' Association of India. If you have defaulted on a loan recently, here are steps you can take to repair your credit score.
Abhaya Here For Her Smile -
Ever wondered why brushing and flossing is so important? Well, it's not just about sparkling white teeth!
The Pathway to Building Wealth: Unlocking Prosperity through Strategic Knowledge and Investment Habits
Mr. Sanjiv Bajaj is the Jt. Chairman & MD, Bajaj Capital, building the platform for the Business leaders of the Financial Services and Advisory sector to exchange their vision, experience, and views on making the right financial decisions.
India's Economic Rise and the $10 Trillion Opportunity
In the last two years, India has been the fastest-growing major economy in the world.
"Consumption is one of the most attractive investment opportunities in India"
Q 1: Your take on the recent Household Consumption Expenditure Survey? Have you observed any great change in urban or rural consumption pattern?
Learn the Magic of Self-Talk There is perpetual self-talk taking place inside all of us
We listen when our self-talk happens in our minds; we listen to whatever is imprinted in our memories and our past conditioning. Many a time we do not hear exactly what the other person is saying, and we form an opinion.
