“In three words I can sum up everything I’ve learned about life: it goes on.” An interview with Robert Frost is enough to convince a lot of people on the endless possibilities in life. With fleeting moments in our life there is a lot to experience and cherish. Our life goals are based around our savings and investments. Considered a pathway to our dreams, a reserved kitty can truly help us enjoy the future to the fullest. Is such a world truly possible? Yes, it is. There are very attractive savings and investment plans that help one to structure their investments and savings based on their own life.
As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. The only way we move onto to achieving these is by securing our present investments that move towards these goals as we do. Here is a depiction of how our life’s goals move along with us:
Sowing the benefits of the future
Every rupee saved today can bring in better rewards tomorrow. This is not merely a statement it’s the truth. Any savings or investment plan or a combination of the two can definitely reap benefits in the future. Safeguarding against future inflationary trends and other economic eventualities, having a savings and investment plan can truly safeguard one against these eventualities.
What’s part of these savings and investment plans?
- Insure Life: Securing your family’s finances during any eventuality should be paramount. Life insurance is not really an investment but a necessity when it comes to planning for the future. You family members can benefit from a decent amount to sustain their finances in the future. Whatever life insurance you undertake, make sure your cover undertakes the events of the future such as rising prices or economic recession.Moreover by paying premium on life insurance policy you can save taxes. Life Insurance Premium- Tax benefit on Payment and Maturity
- A Savings & Investments Combo: Amongst the variety of savings plan or investment plans, one can choose to have a combination of the two. It is commonly known that by saving money in a bank, one cannot easily achieve life’s goals in the future. This money should be invested in the correct channels. For instance, a savings and investments plan can accrue a better amount that can help in realizing the future goals. Investments which qualifies for deduction u/s. 80C
At the end of the day
Can we say that savings and investment planning is the ideal way of achieving future goals? Yes, it’s one of the important milestones that not only safeguards against the inflationary trends but also takes into account for future demands. Incorporating the wishes of our children and our own desires is vital while planning for the future. Most of us are happy with planning for job and education trends but we are unaware of our future financial demands. In ten or twenty years as the world changes every day, it’s impossible to envision the future. Yet, we have a corpus behind us, it gives us the confidence of facing the eventualities of the future. Since, we are incapable of curbing rising inflation and other uncertainties that impact our current and impending finances, having a corpus is always the best way to plan for the future.
About HDFC Life
HDFC Life, one of India’s leading private life insurance companies promoted by HDFC Ltd. & Standard Life Ltd., offers a range of individual and group insurance solutions. HDFC Life’s product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health.
We should invest in such a manner that our money should be distributed in investment and savings