You may have heard from your family and your peers regarding investment and how crucial it is at every stage of life. It is essential to have enough funds to secure you and your family’s future. Investment plan with life insurance benefit is the best thing, to begin with.
You may face financial strain during different phases of life, and therefore an investment plan is necessary. An investment plan provides financial support by helping you create wealth for future goals. It is best to invest in a policy that offers wealth creation, as well as secures your life at the same time.
If you’re looking for investment plans with life insurance benefits, then you can consider investing in Unit Linked Investment Plans or Endowment Plans or Guaranteed Income Plans. Let’s get to know about the plans in detail:
This investment plan is a market-linked product, which means the returns fluctuate depending on the market performance. To initiate ULIP, you need to pay a premium. A part of your premium gets invested in stock market products and direct market investments, which can be part debt and part equity funds. It is the best investment option if you’re looking for financial security and life coverage. Since ULIP is a low-risk product, it delivers lower returns. In terms of liquidity, you can redeem the amount if there is any financial emergency.
This investment option offers dual benefit, which is insurance cover and savings. As per the endowment plan, you need to save regularly over a term, and you are entitled to receive the lump sum amount at the time of maturity. If the policyholder passes away during the tenure, then the insurer will pay the sum assured to the nominee along with the bonus benefit.
As compared to ULIPs, endowment plan is preferred by many as it is not a market-linked product. One can also enhance the plan with additional covers like permanent disability, critical illness and accidental death. You can pay premiums monthly, quarterly, bi-annually or annually.
You may be at any phase of life, financial stability is always important. To ensure that you have enough security in terms of funds, Guaranteed Return Plan offers life cover as well as financial protection.
This life insurance investment plan is suitable for risk-averse investors looking for regular payouts for 15 years. The plan gives you the freedom to receive income monthly, half-yearly or yearly. The policy term extends from 10 years to 30 years. Guaranteed Income Plan offers the regular payouts to the nominee for 15 years in case of the sudden death of the policyholder.
You can choose any of the plans by understanding the benefits associated with it. Note that best investment plans bundle more than one benefit. You need to ascertain whether it aims to protect your loved ones, helps you achieve goals aligned with it, offers coverage cum investments and tax benefits.