What are the different kinds of investments ?
- Real Estate
- Mutual Funds
- Fixed Deposits
- Unit-Linked Insurance Plans (ULIPs)
- Public Provident Fund (PPF)
- National Pension System
- Senior Citizens Savings Scheme
How do we define these goals and objectives ?
We evaluate the type of lifestyle we want to live in the future when defining these goals, and the objectives/reasons can include:
- Funds Safety & Security
- To Grow Your Funds steadily
- To supplement one's current income.
- Lessen Income Tax Burden.
- To Plan Retirement
What exactly is ULIP?
Unit Linked Insurance Plans (ULIPs) are a type of insurance that combines investing and insurance benefits. The premium is split into two parts: one is used to provide protection, such as life insurance, and the other is used to invest in market-linked funds.
Under the Income Tax Act of 1961, ULIP also enables income tax deductions.
What are the Different Types of ULIPs?
- Wealth Creation ULIPs
- Child ULIPs
- Health ULIPs
- Retirement ULIPs
Wealth Creation ULIPs: These ULIPs assist develop wealth while also providing insurance coverage. You can get a significant return on your investment if you choose a wealth-building ULIP according to your risk tolerance.
Child ULIPs: Child ULIPs assist in meeting your child’s future financial needs. Even if you are not present, it covers the costs of your child’s education, higher education, and marriage.
Health ULIPs: A health ULIP is a type of insurance that covers your medical bills. Your premium is split into two parts: one that saves money and the other that protects your health.
Retirement ULIPs: This strategy aids in the accumulation of funds for your post-retirement years. You can take a lump sum withdrawal and utilize the remainder to buy annuities.