When 30-year-old Aditya got married to Ankita, the couple had their financial goals in place. They wanted to save for a car in a few years and 10 years down the line, save for the down payment of their own house. In addition to that, they also wanted to buy a life insurance cover to protect themselves and their children from the uncertainties of life. Among the various investment plans available in the market, the couple decided to invest in a unit linked insurance plan after mutual consultation to address all of their future goals. Like Aditya, most of us have multiple financial duties to take care of. Read on to know how you can secure your future with a unit linked insurance plan.
Life Insurance Cover
With a ULIP plan, you can get the benefit of a life insurance plan along with an investment component. Life could take unexpected twists and turns, and in case of unfortunate events, like the death of an earning family member, can put the entire family under terrible financial strain. Hence, a life insurance policy is one of the most essential financial investments for a secure future. It secures the financial future of your family come what may.
Investment for Wealth Creation
Once the protection aspect is taken care of, it’s prudent to focus on investments for wealth creation in order to meet your future goals. With unit linked insurance plans you can invest in diverse asset classes including equities, balanced, and debt. Equity-based ULIP investments will offer you high returns while the balanced and debt fund will protect your investment corpus against market risks.
Flexibility to Build and Protect Corpus
As you may already know, inflation erodes the value of wealth with time. In order to plan for a secure financial future, it’s vital to make investments that can beat inflation. Investing in equity is one of the most effective ways to earn inflation-beating returns. However, at the same time, it’s essential to invest with caution so that your hard-earned wealth is not affected due to market fluctuations. ULIP investments offer the much-needed flexibility in your investment to help you beat the effects of inflation and also protect your corpus.
During the initial stages of investment, you can invest most of your investment corpus in equity to ensure inflation-adjusted returns. Once you gather enough corpus, you can switch from equities to balanced and debt funds.
You can enjoy ULIP tax benefits as the premiums paid qualify for tax deductions under section 80C of the Income Tax Act. Moreover, the maturity benefits received from the unit linked insurance plans are exempted from tax under section 10(10D) as per prevailing income tax laws.
With Finserv MARKETS, you can choose from a variety of ULIP plans such as Bajaj Allianz Future Gain and Bajaj Allianz Goal Assure to secure your future. To know more about our offerings visit our platform and choose the best investment plan that fits your financial needs and aspirations.
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