We all have specific life goals, dreams and aspirations we wish to achieve at a certain point in our life. There is no denying that we require adequate funds to reach our desired goals. To achieve those goals, many people strive hard and save more money every passing year. However, savings will not always be a wise choice to accomplish your life goals. Investing is the right way to turn your dreams into reality. When you invest money, the chances of growth of your funds is high, which eventually makes it easier to fulfill your financial life goals.
Since there are many types of investment plans in the market, it might be difficult to zero-down on a product to invest in.Let’s take a look at 5 investment tips that could help you steer through to realize your financial life goals:
- Purchase a ULIP Policy
A ULIP Policy is a market-linked product, which offers dual benefits. When you purchase a ULIP Policy, you can secure the needs of your loved ones as well as participate in the equity markets. If you Live the term you are entitled to Maturity Benefits as per the sum assured planned for. In addition to this, it offers attractive tax benefits on the premiums and maturity proceeds. Under Section 80C of the Income Tax Act, 1961, you can claim a tax deduction up to Rs. 1,50,000 on taxable income. Moreover, the payout received on maturity is tax-free pertaining to certain conditions. Besides, it provides returns, which also make it easier to fulfill your life goals.
- Opt for debt and equity mutual funds
Mutual funds can also help you to reach your financial life goals. These are beneficial as these offer a diversified investment portfolio. However, investing all your money in either fixed interest or debt instruments is not a practical solution. As a policyholder, you should invest a specific proportion of your money into equity funds based on your risk-appetite.
- Avail a health insurance plan
Having a health insurance policy is a necessity. Since the unpredictability of life is high, you cannot predict any unannounced emergencies. Moreover, the rising medical cost has made health insurance the need of the hour. When you buy a health plan, you can easily cover yours and your family’s medical emergencies. Additionally,many health policies cover pre-hospitalization, post-hospitalization, nursing, surgical expenses, and so forth.
- Invest in gold
In India, gold investment is considered as an effective solution to combat the impacts of inflation. It also ensures a risk-free asset allocation. Since there are several attractive schemes on gold investment, you should opt for it to meet your financial life goals quickly.
- Put money into NPS
Retirement marks the beginning of your golden years. During retirement, we wish to live a comfortable life without any financial barriers. However, living a stress-free retirement period is possible only if you plan in advance and invest in the right retirement plans. Investing in a National Pension System (NPS) is the right way to ensure you have a steady income flow to fulfill your post-retirement goals. Having an NPS account will make sure that you invest sufficiently towards your retirement goals.
Now that you know how to invest money, what are you waiting for? Identify your life goals and opt for plan accordingly.If you have long-term goals, select a plan like a ULIP Policy, which will ensure you meet your goalsover time withample amount of resources. A ULIP Plan will cater to your investment needs by providing market-linked benefits.