In the wake of rising inflation and changing lifestyles, it’s vital for an individual to focus on one’s financial planning at an early stage of one’s life. A financial plan must be customized to meet the individual’s need at various stages of one’s life. It’s crucial to have a balanced blend of instruments to address different needs of savings, protection and wealth creation. It has been observed that people are more inclined towards the wealth creation facet of financial planning and the protection element is quite often neglected or compromised.
Life insurance is still an emerging concept and most people don’t think of it until a major life changing event forces them to consider it. While the main purpose of having a life insurance policy is to safeguard one’s family from any unforeseen situations, it could also help in accumulating and preserving wealth, and could also provide access to liquidity at the right time. Most people get confused about where and how much to invest in stocks, real estate, bonds, and many others. Life insurance is a great investment and protection tool that is comparatively simpler, more affordable and also caters to various stages of an individual’s lifecycle.
One could go for a pure protection plan or a unit linked plan which gives one the opportunity to earn high returns. ICICI Prudential Life’s Smart Life plan is one such unit-linked insurance plan which offers multiple benefits such as life cover, growth of wealth and tax savings within a single plan. It’s a plan which pays the sum assured as well as the fund value in case of any unfortunate event.
So when you are planning your financial future, opt for a plan that secures your family and ensures that your wealth grows.