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5 Expenses You May Have in the Future & How to Plan for Them

5 Expenses You May Have in the Future & How to Plan for Them

When you are younger, it is considerably easier to make an investment plan as you only have to worry about yourself. Your responsibilities are fewer, which allow you to invest more towards the future and any expenses that might crop up. However, in line with your age, your requirements and financial responsibilities will also increase. It is necessary to plan for these in advance, as it will allow you to make a more comprehensive investment plan that will safeguard you in the future as well.

There are several ways to ensure that you have a sustainable corpus amount saved up to meet these future ways, and it is imperative to begin planning these at the earliest. You can invest in instruments such as the Invest4G Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, wherein you can invest across a range of portfolios and utilise different investment strategies that allow you to generate the highest returns.

Read on to learn about the different expenses that might be part of your future, and how you should plan for them.

1.Emergency Fund:

An emergency fund can be any back-up fund that you are building up for any emergencies that may arise. This emergency may be financial or even health-related, and it is necessary to set aside a certain sum to meet any unexpected emergencies that might crop up from time to time. In your investment plan, it is necessary to make concessions and set aside a certain sum for an emergency fund that could prove useful at any point of time.

2.Insurance:

Insurance is one of the best ways to guarantee your financial security for the future. Insurance lets you ensure the well being and comfort of your family and dependents, even if you are no longer around to do it yourself. Choose an insurance policy that lets you avail tax benefits while you are still paying premiums on it, and will guarantee the largest sum assured amount for your family when you aren’t around. Insurance is an essential part of your investment plan, as it lets you safeguard the comfort of your family and dependents for the future. A certain proportion of your annual income should be dedicated towards getting adequate insurance coverage, and this portion should increase each time you earn a hike on your income as well.

3.Retirement Fund:

Retirement is something that is at the very end of a twenty year old’s list of concerns. Retirement may feel like it is a long time away, but it is important to start saving up in advance in order to ensure that your retirement is comfortable and you will not be required to work hard then. You can secure your retirement corpus well in advance by planning your investments in order to build a substantial corpus by the time you retire. You can invest in the Invest4G Plan, offered by Canara HSBC Oriental Bank of Commerce Life Insurance, which is a ULIP that can help you build up a substantial corpus over a long time. You can invest across 7 different funds and with 4 portfolio strategies and ensure that you are able to acquire a big corpus for your retirement years, through a long-term plan.

4.Expenses Relating to Children:

As you get older, a large part of your financial responsibilities will accrue owing to children and their expenses. These expenses can pertain to their education, marriage or any other goals they may set for themselves. It is important for you to arrange the funds that will allow them to achieve their dreams and in order to do so, you need to plan for this early on in life. It is necessary to set aside funds or even set up an investment plan that can provide returns when your children require it. With education costs constantly on the rise, it is important to make this a part of your investment plan early on in life.

5.Unexpected Illnesses:

While in life, you’d like to be prepared for any situation, it is not always possible to do so. Unexpected illnesses can happen to the best of us and in order to avoid having to suffer too much because of them, it is ideal to invest in a health insurance policy in advance which can cover the amount incurred in medication, hospitalisation, etc.

The future can be unpredictable and you might end up incurring expenses with exigencies that you had not thought to prepare for. However, it is best to invest in a ULIP that offers you flexibility in drawing returns. Invest in the Invest4G Plan, available on Canara HSBC Oriental Bank of Commerce Life Insurance, which lets you hold onto your funds and generate significant returns and build an extensive corpus over a period of time.

Speak to an insurance specialist now!

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