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Most Affordable Insurance Plan - Term Plan

Most Affordable Insurance Plan - Term Plan A 30-year-old can buy a cover of Rs 1 crore for 30 years at a premium of just Rs. 11,000 - the cheapest available option. Rahul Shah, 30, an IT professional, has three dependants - his parents and his wife. Shah's annual salary of `8 lakh is good enough to support his family, but he is worried. Since he is the sole breadwinner, his dependants could be under tremendous financial stress in the event of his untimely death. Therefore, to mitigate the risk, Shah is considering buying a life insurance policy. However, given that there are over 20 life insurance companies offering a variety of products, Shah is trying to zero in on a policy that would suit his requirements best. Life insurance can be broadly classified into five types: whole life plans, term plans, endowment plans, moneyback plans and unit-linked insurance plans (Ulip). All products come with tax benefits of up to Rs 1.5 lakh, under Section 80C of the Income Tax

The first question that comes to mind is - "Invest in what?"

When it comes to investing, the first question that comes to mind is - "Invest in what? " Every investor has his or her own appetite for risk and any rash and an untimely decision can prove to be costly. This is because you need to choose from several asset classes having varying degrees of volatility and risk-return potential. Therefore, one has to weigh the pros and cons before zeroing in on an asset class to invest in. Over a longer period of time Equity gives a better return than any other asset class. Fixed Deposit being the worst as post-tax return on FD is even not sufficient to beat the inflation. Equity may look risky over short periods, but over ten, twenty or thirty years, it’s the only way to earn enough for a comfortable future. And unless one is willing to devote a lot of time and efforts to research, the best way to invest in equity is through equity mutual fund. Mutual funds allow investors to pool their money for a diversified selection

Happy Krishna Janamashtami !

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