Today, investment planning is as important as earning. And why is that? In a volatile world like this, you never know what’s coming next for you. There might be an unexpected expense or rise in inflation, and all of this can create a financial imbalance in your life. The way you can deal with all these uncertainties is by investing in long term saving or investment products. Such financial tools will help you grow your money and will keep you financially secured. With this, you can achieve your major life goals without any hindrances. 

But you always need to consider a few things before investing in the long-term savings plan: 

Identify your life goals: The first step is to identify your life goals such as buying a home, education of your child, planning for your retirement, etc. After this, you must see by when do you wish to achieve these goals or by when you will start funding these requirements. Your need for money will vary for different goals. The best way to achieve multiple life goals on time is to start investing early. This will ensure that your money has time to grow, even in unpredictable and volatile conditions.  

Term of the product: The first and the foremost thing after finalising your life goals, is to finalise the term for your saving or investment product. For this, you have to carefully calculate the time in which you want to achieve a particular goal. This will give you clarity for how much time you must stay invested in the plan to achieve the desired return. 

Right Product: It is always important to see that you invest in a product which grows your money, secures your investments and comes from a trustworthy source. This is important because you invest your life’s savings towards a goal and the goal should not get compromised in case of an unfortunate event. ULIPs ensure that your life goals are secured against any uncertainty in life. 

The Benefits of investing in ULIP products

Investing in ULIP products is a great way to secure your future while you are also multiplying your money. Trustworthy companies such as ICICI Prudential Life provides you with a wide range of ULIP plans to achieve your long term goals. Their ULIP products are great wealth-creating tools because of the diversity of funds they offer to invest.  

Let’s look at some of the benefits of ULIP products which could assist you in fulfilling your future goals.  

The benefit of Liquidity: In case of any emergency, you can make partial withdrawals from your ULIP. This withdrawal facility is available after the first 5 years of investment. 

Flexibility: In ULIPs, you can invest in a policy based on your risk-taking appetite. You can choose high, medium or low-risk fund option as per your comfort. Also, you can switch between fund options during the tenure of your policy at your convenience. There is flexibility to increase the investment through top-ups and also to choose the pay-out mode. 

Tax Benefit: These long term insurance products offer the tax benefit up to INR 1.5 lakhs under Section 80C of the Income-tax Act and can be instrumental for your long-term goals. ULIPs also offer policyholders to enjoy tax benefit under section 10 (10D) during withdrawal. 

The Bottom Line

The professional working class today are meant to be one of the well-off groups. However, it could be difficult for them if they don’t plan their financial future properly. Understanding the significance of planned investments is the key to this group. Therefore, start investing from today with ICICI Prudential Life. With their expertise at managing funds, your financial future will be secure.

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June 2021