Most investors seek high returns over the short term. In the rat race to get more and more returns, people often forget to invest in basic financial products that prove to be the beneficial in the long-run. Listed below are some of the financial products that are a must-buy.
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Planning for retirement helps identify priorities and maximize investment potential. It is very common among the working class, to miss out on investment opportunities, due to lack of awareness on certain financial products.
The EPF helps salaried citizens enjoy a comfortable retirement. However, people working in the unorganized sector and also businessmen, invest in retirement plans like NPS or PPF to save money for retirement.
Currently, these investments offer high returns. Before investing in a retirement plan ,make sure to do your research and choose a plan based on your financial goals.
EPF and PPF enjoy tax benefits under the Exempt, Exempt, Exempt or EEE regime. Good retirement planning helps save a good amount to carry out family obligations without depleting finances even after retirement.
See Also: What is a Term Insurance Plan?
Life insurance protects your family from risk. It is a must-have financial product for sole earning members of the family. If you have a family or kids or you own a business, then you must avail a life insurance plan. The sum assured depends on the number of dependents and the financial liabilities.
Make sure to avail term life insurance which is a type of life insurance. A lump sum death benefit helps the nominee settle financial liabilities, if the policyholder dies within the term of the plan. Term insurance offers high sum assured and can be availed at nominal premiums. Avail riders with term life plans.
Life insurances come with other benefits like tax saving where the premium paid towards the policy enjoys tax benefits under section 80C, up to Rs 1.5 Lakhs a year.
See Also: Best Term Insurance Plans In India
Given the kind of lifestyle and environment conditions today, a health insurance plan is a must. Healthcare is a major concern in India and can be attributed to the late working hours, hectic schedules, fast-paced lifestyle and rising pollution levels. With the rise in life expectancy, the number of diseases affecting the masses is also on the rise.
Therefore, there is no denying that a health insurance plan is a must in today’s fast-paced World. A health insurance plan helps the policyholder save on emergency hospitalization.
Buying health insurance when you are healthy helps enjoy coverage at an affordable premium. A health insurance policy proves to be a lifesaver when you or a loved one is suffering from medical complications. It allows you to focus on the treatment, rather than arranging funds at the time of a medical emergency. When you have adequate health insurance for self and family, then you can focus on making other long term investments. Health insurance offers holistic coverage for hospitalization. You can enhance cover by adding riders.
See Also: Why Buy Term Insurance for Your Family?
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