What if we tell you that your insurance can also be your corpus building machine? Yes, you heard that right! Insurance might not necessarily give you the highest returns but will definitely help you to build your corpus. Read on to know how insurance can accelerate your financial journey.
Choose the right policy for your corpus dietEndowment and Money Back policies are ideally most apt investment avenues. These policies give you good returns with flexible premium payment options. So, forget about those high-risk funds that leave your salary account drained every month. With insurance policies, you can choose to pay monthly, quarterly, half-yearly or annually. This also helps self-employed people to alleviate the burden of investing like a salaried employee.
Tax benefitsHave you ever looked at your pay slip and thought about everything you could do with the money that you pay in taxes? If you have thought about it then why not do so. Investing in insurance policies will give you tax exemptions under Sec 80C and Sec 10(10D). You can claim an exemption for the premiums as well as for the maturity amount and make your corpus a little more substantial.
Eliminate care expensesOur expenses eat up most of our income. How about you let your insurance cover strike off one significant cost entirely from your expenditure? By paying a small premium every month, you can wave off expensive health care expenses and save up the same amount for your corpus.
Lesser risk of losing moneyIf you were looking for investment instruments with low risk and lucrative returns, look no further because an insurance policy is a solution you were looking for. Unlike other instruments that give impressive returns, your premiums do not directly participate in the stock market or the equity market. Hence, the returns are not drastically affected by market forces, and your corpus keeps building without any obstacles.
With these benefits offered by insurance policies don’t hesitate to look beyond conventional investment instruments and opt for an insurance policy as your tool to attain your financial goals.
Learn more about Online Term Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
How to save on gift tax in India?
You need to pay taxes on gifts which exceed the limits set by the Government. However, gifts of any amount received or given from relatives including parents and spouse are tax-free.
6 Factors for Rising Health Insurance Premiums
While the demand for health insurance policies has certainly increased, there has also been a rise in the premium costs. Read this post to know the top factors that lead to an increase in the premiums of health insurance.
What Is FTSE And Why Does It Matter?
Informally referred to as the ‘footsie’, FTSE is a joint venture between the London Stock Exchange and the Financial Times of London. The acronym stands for Financial Times and Stock Exchange, and the indices of this joint venture comprise UK’s most highly-capitalized companies that are listed on the London Stock Exchange.
5 Types of Business Loan For Woman Entrepreneurs
There are now many different types of loans options in India for women wanting to explore their entrepreneurial dreams. Read this post to know 5 of the most popular options.