Saving money for a secure future is a bold financial practice that needs much appreciation. It is a way to lead a satisfied and peaceful life. If you want to attribute this contented life with happiness, you have to build a fortune with your savings rather than just holding it! You can better utilize the benefits of savings when it is exploited in the best possible manner. Here are five easy methods to build a fortune with your Savings!
- Guaranteed return savings plan – There are savings plans that offer life insurance with returns that let you pay monthly premiums and assure a lump sum amount along with an extensive life cover. As you have clarity on the lumpsum benefit you will receive, you can plan and achieve a short-term objective for which you are certain about the money required. For example, if you are clear about the fees required for a post-graduation course abroad, you can always make preparations to pursue it anytime with your savings defined. It also allows you to secure your family’s future with the sum assured paid out from the life insurance component.
- Long Term Goal:If you define your savings plan and ensure that you get guaranteed returns, you can choose a long-term plan for a long tenure, such as 10 or 15 years. It will serve the purpose of managing your child’s education, marriage, etc. With expert guidance, you can get a fair idea of the expenses considering inflation and other factors. Select a guaranteed savings plan based on that.
- Insurance: Purchasing an Insurance Plan and ensuring financial protection to your loved ones will be the best achievement you can ever make. For example, a life insurance plan with guaranteed returns will help you accumulate an assured amount. It will provide life coverage and ensure the sum assured to the nominee in the event of sudden death. With additional riders like critical illness, disability, etc., you can increase the coverage and handle your medical expenses associated with the treatment with a portion of the sum assured. The life cover remains intact. Opting for life insurance with guaranteed returns will provide life cover and insurance benefits at the same time.
- Investment – Merely saving an amount for planned events can satisfy the needs. However, investing the amount will grow your wealth and prepare you for a life when there is a financial crisis due to economic slowdown or other personal reasons. There are Unit Linked Insurance Plans (ULIP) where you save an amount every month which offers dual benefits. One portion of the premium is used as a life cover, and the other portion is invested in equity or debt funds. These are market-linked and provide high returns if chosen promptly. They are tax-saving investments that will productively deploy your income.
- Guaranteed return monthly income: There is the best guaranteed return plan customized to receive the guaranteed returns in regular monthly income. If such an income is ensured, you can use it for your retirement life, managing regular expenses. It will set your life peaceful and make it no different from getting a salary regularly.
As discussed, with a guaranteed savings plan, you can attain a short-term objective and a long-term goal. By purchasing insurance, you can use your savings to build a fortune for your family. With life insurance with returns, you achieve both life security and wealth creation, and with guaranteed regular income, you can live a peaceful retirement life.