If you overspend on a regular basis, you may land up in a debt-trap and this can take a toll on your finances. Therefore, it is essential that you manage your expenses wisely in order to avoid any financial crunches in the future. Saving a portion of your monthly income and utilizing it to make smart investments can not only provide financial security but also help you in achieving your short-term goals with ease. Moreover, making investments can also help you be well-prepared for any unexpected emergency.
Before you make any sort of investment, it is essential that you evaluate the potential returns and your risk appetite carefully. This will allow you to choose the right investment product for yourself. Nowadays, there are various investment options available in the market, such as equity funds, debt funds, fixed deposits, etc. However, one investment product that has gained massive popularity in recent times is the Unit-Linked Insurance Plan (ULIP).
What is ULIP?
ULIPs are modern investment plans offered by life insurance companies that provide both insurance and investment under a single integrated plan. This dual-purpose of ULIP gives it an edge over other investment options in the market.
Let us have a look at some of the major benefits of investing in ULIPs.
Investing in ULIP will provide you the flexibility to choose the fund option according to your financial requirements. Moreover, you can also choose the sum assured at the beginning of your insurance policy.
Investing in ULIP will provide you better returns as compared to traditional fixed deposits. Additionally, ULIPs are a low-risk investment and this makes them a preferred investment option in the current volatile market.
You can also avail ULIP tax benefits. Under section 80(C) of the Income Tax Act, you can avail tax benefits for the premiums paid for ULIPs.
ULIP for short term goals
- Investing in ULIP plans can help you achieve your short-term goals such as managing wedding expenses, buying a car, funding a vacation, etc.
- Since ULIP is a goal-based investing, it can also help you save enough money for your long-term future goals such as funding children’s education, buying a home, etc. Moreover, ULIP returns can also be utilized to live a comfortable life post-retirement.
Now that you have a better understanding of ULIP investment, ensure that you make the most of it and invest your hard-earned money wisely. Lastly, do not forget to compare various ULIP plans offered to you by different insurance providers before making the final decision. This will help you avail a ULIP plan that best suits your needs.
With the help of Bajaj Allianz ULIP plan, you can not only make a wise investment but also protect yourself and your loved ones through the life insurance coverage. Some of the major benefits of availing a Bajaj Allianz ULIP plan available on Finserv MARKETS are partial withdrawal of funds, alter premium payment frequency, rider options, etc. Some plans also offer benefits like the return of mortality charges, loyalty additions, and fund boosters.
So why wait? Compare various ULIP plans and choose the right one for yourself, today.
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