ALL >> Business >> View Article
What Are The Financial Products You Need To Invest In To Secure Your Future?
Total Articles: 1170
If you have started to earn and contented about your finances, there are several reasons why you should be concerned. In failing to invest in the appropriate investments and policies, plenty of individuals will lose out several financial advantages, in terms of better premium rates and tax exemptions.
However, that is not all there to know about it. You will feel the pinch when you reach your 40’s, where lack of savings and proper investments will lead to financial vulnerability as your expenses will rise. To avoid such a potential situation, here are a few financial products you need to invest in:
Life insurance: The first product you need to invest in is life insurance, especially if you have dependants. With a life insurance policy in place, your family will be financially protected, in the event of your demise. For the best and financially flexible insurance option, you can opt for term insurance. To ensure that your family gets enough funds to compensate for the loss of income through your death, opt for a high sum. You can calculate the sum based on your requirements, potential rise in prices, day to day expenses and goal amounts.
Health insurance: Afterlife insurance, your health insurance is the next important investment. Statistics have indicated that India’s medical inflation is higher than the global average. No debt investment will pay your more than this figure. Therefore, once you have begun paying for your loans, you will need a financial protection against hefty medical bills. While health insurance will protect you during a medical emergency, in the long run it will help protect your savings in the long run. Opt for an insured sum that is enough for you and your family, based on your lifestyle, health and family medical history.
Recurring deposit: You need to create a recurring depositwith your bank, especially in the bank where your income is being deposited. In this way, you can end up saving each month. This will also stop you from spending everything that you are c earning, leading to a steady saving. Additionally, it will help you manage your budget better, allowing you to invest in other investment options. You can even increase the amount you invest in each consecutive year.
PPF account: Like the recurring deposit, the PPF will give you plenty of benefits on investment, especially when it comes to tax benefits. You can first claim deductions under Section 80C for contributions. Secondly, the interest you earn on income is tax-free. Lastly, the lump sum you receive at the end of the tenure is also tax-free. All in all, by investing an amount of Rs. 1.5 lakh per year, you can save at most roughly Rs. 47.86 lakhs over a period of 15 years.
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about the recurring deposit Through her work; she provides valuable information about the financial products you need to invest in to secure your future.
Business Articles1. Union Movers And Packers Bangalore Jp Nagar India
2. What You Really Need On Video Projector Hire?
3. Why Hire A Projector For Your Next Event
4. Cheap Projector Hire, Make Your Demonstration Come To Life!
5. Important Things To Consider On Projected Hire
6. Why? Uttrakhand For Film Shootings
Author: AMIT KEDAR SINGH MEHTA
7. What Are The Important Parameters To Consider For Shortlisting Trenchless Contractors?
Author: Jeff Owler
8. Tips For Carpet Cleaning And Tricks From The Experts
Author: Barry’s My Carpet Inc
9. Cooking Differences When Using Propane Gas
Author: Randy Thompson
10. Top 3 Things Ooh Advertising Does For You
Author: Kelly Sanchez
11. Preparing Your Propane Grill For The Winter
Author: Randy Thompson
12. 6 Costly Mistakes That Will Hurt Your Site’s Search Engine Ranking
13. Useful Tips For Choosing Kitchen Cabinets
Author: Liam Well
14. The Importance Of Business Signage For Creating A Solid Identity
Author: Jamie Austin
15. Hassle Free And Quick Motorola Cracked Screen Repair And Replacement Service In Manchester, Uk
Author: Motorola Repairer