With the immense advancement in technology, our purchasing behavior has changed drastically. Buying anything, be it clothes, accessories, electronics, etc. has become easier and more convenient than ever. You can just browse through the options, check designs, read reviews and pick the one that suits your requirements. While we proactively choose products that best compliment ourselves, why not plan our investments in the same way? In today's day and age, investment is a critical aspect for each of us as it secures our financial future and opens a door of opportunities.

While there are numerous investment plans and options available, it is often confusing to determine an option that justifies our needs. However, one ideal instrument to secure our financial future is ULIP. Let's understand the benefits and importance of ULIP investments.

ULIP or Unit Linked Insurance Plan is considered as an ideal choice for investors who are looking for a reliable investment option to generate wealth in the long run. This investment-cum-insurance plan is also one of the best tax-saving options. So, here are some tips that will help you make the most of your investment, have a look :-

• Choose between debt and equity funds - Your risk appetite plays a very important role while making a choice between debt and equity funds. Each asset class has different characteristics when it comes to risks and returns. For instance, equity funds are known for high risk and high returns while debt funds are known for low risk and low return value. Thus, if you can withstand risk, then go for equity funds. But, if you want your investment plan to be less risky, then go for debt funds.
• Understand your life goals - You must identify your goals before you begin investing, as it plays a very important role in deciding your risk appetite. Thus, you can make a list of your life stage requirements. By this way, you will get to know how much you need to invest in a ULIP or Unit Linked Insurance Plan so as to meet your financial goals.
• Optimize fund allocation - This strategy plays a very significant part in determining the risk to return ratio. As ULIP allows you to invest money in different asset classes that saves you from big losses. With ULIP investment plan, you can easily switch from one fund to another as per their performance.
• Stay updated with the market trend - You must stay updated with the latest market scenarios. If you think equity market is suddenly expensive, then you can switch to a different fund and get back when the situation gets normal.
• Know the charges - Before investing in ULIPs, it is important to know the charges linked with them, as this will give you an idea on how to invest money in one or more fund because charges in ULIPs differs from one plan to another.
• Stay invested for a longer time - You need to have patience while investing in a ULIP. If you want to generate wealth, then you need to invest in ULIPs for a longer period of time. Apart from this, you need to be aware of the prevailing market trends so that you can switch between funds as per your investment needs. This will help you take an informed decision.
• Buy ULIP online - It is beneficial to buy ULIP online as there are no charges involved and will cost you less. You can score the best ULIP if you are well aware of the market trends. One more reason to buy ULIP online is that you can compare various ULIP schemes offered by different insurance companies. The best part about buying ULIP online is that there's no policy administration charges which automatically reduces its cost.
• Flexibility in premium payment option - You should look for a ULIP that offers flexibility when it comes to premium payment option. For example, some insurance companies offer single premium payment option while some offer regular premium payment option (same as that of policy term).

On the whole, these above mentioned tips will make the most of your ULIP investment by offering guaranteed returns with minimum losses. Besides, for those who are planning to invest in ULIP, choose to go with Invest 4G ULIP by Canara HSBC Life Insurance; this plan offers 7 different types of funds as well as 4 portfolio strategies to invest your money.