At every life-stage, different financial goals take priority for every family, and so does different investment plans. If you want to invest in more than one financial goals at a time you need a smart investment plan.
A smart investment plan is an investment option which allows you to hit multiple targets with a single investment. You can also use different features of the smart plan to achieve different goals.
ULIP Investment Plan for Smart Investment
You can use ULIP plans for almost any financial goal which is at least five years away from now. These unit-linked plans have features and benefit options which can fit your needs at every age.
Some of the salient features of the modern ULIP investment plans are as follows:
Investments for Below 30 Years of Age
If you are under 30 years of age and have started earning. This is the best time to build the foundations for long-term prosperity. You have little responsibilities now but five to 10 years later you will have several short-term financial goals. Thus, you need:
Build an Emergency fund & Contingency Plan: This is to ensure that your savings are not affected due to a health emergency or accident. Also, the financial burden of your unfortunate demise of healthcare costs should not go to your parents.
Short-term investments: Invest money for less than five years, steady growth. Use Debt mutual funds or bank deposits to accumulate this wealth.
Five Year+ Investments: Use long-term ULIPs to meet your five years + financial goals such as marriage, education, house purchase etc.
Investing in Your 30s
The fourth decade of life, that is the 30s, is the decade with most changes to your life. You may get married, have children and start a new life of numerous responsibilities. This is also the age when your financial goals suddenly increase.
This is also the age when your investments must become serious to meet the new challenges:
Increase Emergency Fund & Insurance Cover: Your emergency fund and insurance covers should catchup to meet your spouse’s costs too.
Invest for children with Goal Protection Option: With the addition of new life into your family, you need to start planning for her future.
Start another 100-year ULIP for your & your spouse’s retirement: You will need to start another 100-year ULIP for your retirement income as your income grows significantly.
Boost the Wealth Goal: Wealth goal investment will help you not only meet the unforeseen financial needs and goals but also help you fill the gaps in other goals. or simply starting a passive income before you retire.
Investing in Your 40s
During your 40s you can have a good surplus since most of your financial goals are either a few years behind you or after. So, you are free to invest or spend your surplus income any way you like.
However, this is also the best time to:
Investing in Your 50s
The 50s is that decade of life when you start powering down your investment growth engines and aim for stability. Here are the changes you should look forward to during this age:
Change Portfolio Strategy: Switch your portfolio from equity to debt funds using systematic transfer option. Most ULIPs offer safety switch option which moves your money to safety in the last four years of your ULIP plan automatically.
Request for Systematic Transfer: For retirement ULIPs you will need to request for systematic transfer before the age of 60. The strategy option will not work in these plans as your maturity is expected to be at the age of 100.
Also, you may want to start exploring the pension options if you have invested in EPF or NPS for your retirement.
Invest 4G Unit Linked Life Insurance Savings Plan by Canara HSBC Oriental Bank of Commerce Life Insurance offers all this and much more. You can customize the plan as per your goals and changing requirements. With an unmatched combination of Portfolio Management Options and flexibilities, this plan gives you complete control over your savings and insurance needs.
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iSelect Smart360 Term Plan
Life Cover till 99 years of age
Option to Block the premium rate and increase cover by upto 100% at the blocked rate
Option to avail monthly income post attaining 60 years of age
Option to receive total premiums paid in case of no claim
Tax Benefits as per applicable laws