Life unpredictability was never in and will never be in our hands, but preparedness has always been there. In fact, keeping ourselves ready for anything and everything is what keeps us going and, most of the time, safeguards us during unexpected events. However, while we all hope to remain in control, unforeseen circumstances, such as illness or disability, may lead to financial instability.
Here, effective planning and money management play a crucial role in ensuring that financial affairs remain smooth and well-managed during times of need. Let’s explore how our insurance investment plans can help you prepare a future-proof strategy for life’s different phases.
Key Takeaways
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Understand life ups and downs like a road trip. You have it all planned for the route and the stops. However, on the way, there are unexpected detours, bad weather making you halt, refuelling stops, and roadblocks. Now, all of these would require you to adjust some other way. Similar is the case with financial planning. It isn’t about creating a rigid roadmap but staying flexible to adapt to life evolving circumstances.
Here’s what having a strong financial strategy offers:
Stability during economic downturns
Protection against unforeseen expenses
Flexibility to adjust investments as per life stages
Long-term wealth creation for a secure future
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Now that you know why financial strategy is important, let’s move to understanding its key elements:
A well-diversified insurance investment portfolio is what truly looks like a safety net. It cushions the impact of market fluctuations and life unexpectedness.
Here are a few options where you can spread your investments across:
| Assets | Risk | Ideal For |
|---|---|---|
Equity Funds | High | Long-term growth |
Debt Funds | Low | Stability & regular income |
Moderate | Wealth creation & Insurance | |
Very Low | Safe returns |
Keeping this fund liquid (easily accessible) ensures financial stability without disrupting your investment portfolio. An emergency fund should be solid enough for your safety net for at least 6 to 12 months of expenses, ensuring you can handle situations like:
Medical emergencies
Sudden job loss
Unplanned expenses
Good money management ensures that you control your finances rather than letting them control you. While the key practices might include wise budgeting, avoiding unnecessary debt, and expense review, smarter options have also emerged.
You can now leverage the following online tools, which are also available on our website for easy access:
BMI Calculator
Income Tax Calculator
Investment Calculator
PPF Calculator
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Life’s uncertainties affect not just your finances but also your loved ones. Having adequate insurance coverage ensures financial security in tough times. At Canara HSBC Life Insurance, we offer the following types of insurance plans that also help build a great investment portfolio:
Unit Linked Insurance Plans (ULIPs): ULIPs are a combination of life insurance, market-linked investments, and tax exemption benefits. They help grow your wealth and bring financial protection for your family to the table.
Guaranteed Savings Plans: These plans provide assured returns with life cover, ensuring a steady growth of savings and securing your family’s future.
Child Insurance Plans: Designed to secure your child’s future, these plans help in funding their education and other life goals, even in your absence.
Retirement Plans: With pension and annuity options, our retirement plans help you build a stable income post-retirement, ensuring financial independence in your golden years.
Term Insurance Plans: Offering high coverage at affordable premiums, term plans provide a financial safety net to your family in case of any unforeseen events.
Effective tax management helps you optimise your savings while staying compliant with tax regulations. By strategically planning your investments, you can reduce tax liabilities and maximise returns. Canara HSBC Life Insurance offers tax-efficient solutions like ULIPs, retirement plans, and term insurance, which provide financial security while offering tax benefits under Section 80C and 10(10D) of the Income Tax Act. Proper tax planning ensures that you retain more of your hard-earned money for future financial goals.
A financial strategy isn’t about predicting the future but being prepared for whatever comes your way. With Canara HSBC Life Insurance, you can build a flexible and diverse investment portfolio that keeps you financially secure through all of life’s changes. Start planning today by exploring our plans and leveraging online calculators.
Financial planning helps you stay prepared for uncertainties, manage expenses efficiently, and achieve long-term financial goals.
It’s best to review your strategy annually or after any major life event, such as a job change, marriage, or childbirth.
An emergency fund provides financial security during unexpected situations, reducing the need to dip into long-term investments.
Regularly assess your financial goals and adjust your investments, savings, and insurance coverage accordingly.
To start an investment portfolio, first assess your financial goals, risk tolerance, and time horizon. Choose a mix of assets such as stocks, bonds, and mutual funds that align with your goals. Begin with a diversified approach to minimise risk, and regularly review and adjust your portfolio as needed. It’s also helpful to consult with a financial advisor for personalised guidance.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
