Insurance
“It’s not how much money you make but how much money you keep, how much money you keep, how hard it works for you and how many generations you keep it for.” By Robert Kiyosaki, who is a seasoned businessman in America and founder of successful companies. He has penned several books on finance and investment.
Insurance
Investing funds and trying to get back sizable returns is one of the crucial aspects of creating wealth. There are several risks involved in various investments, so having insurance would be a good option.
Insurance is financial support that will help you prepare your scenarios that may not be ideal. Having a backup for situations like these. Regular payment of premiums for a specified number of years will enable you to get back the money after maturity or your nominees to get the amount.
There are several types of insurance policies you can choose from
● A term insurance policy that comes with pure risk cover
● Endowment life insurance policy gives you both insurance cover and savings
● Non-linked participating Endowment Plan has an insurance cover as well as an assured sum
● Unit Linked Plans (ULIP) will get you the insurance and the investment benefits too.
● Non-participating non-linked endowment plans that give you a fixed insurance cover.
Why Invest in insurance?
Investing in an insurance scheme is like ensuring a risk cover for yourself and your loved ones. The investor will build a habit of saving. There will be disciplined and systematic payments that give you the sense of budgeting and prioritizing your finances to fund your life’s milestones. Investments in insurance will let you make savings on income tax because those investments are eligible for deductions. Insurance plans not only make your money grow, but your money is well protected. Insurance policies such as the ULIPs allow you to navigate the capital market without having to dive deep into it yet make a difference to your finances and earn gains. Eventually, these investments also buy you peace as you will get back your amount especially during an exigency.
JC has a lot to offer in terms of expertise and financial advice to investors who are rookies or veterans in the game of investment.To even out the risks involved, investing in insurance is known to provide backup in the long run. Insurance is an investment not only helps an individual in wealth creation over time but also builds the nation’s capital in the process