In an intelligent wealth plan, you can avail the benefits of the Plan. For 25 or 30 years, you will receive a guaranteed income benefit. As a Terminal Benefit, the total premiums paid at the end of the income distribution term are returned. If the life insured dies during the policy term, the insurance pays a comprehensive death benefit, as long as the policy is in force. To have a secure financial future, one must typically work long hours to earn enough money. However, in these times of rising costs and inflation, one’s salary alone will not be enough to produce wealth. As a result, it is critical to investigate various wealth-creation options to optimize one’s future earnings.
Consider the following money-making suggestions:
- Start a savings account every month: Starting a savings account is the easiest and most effective way to build wealth. Every month, put a set amount of money into this account. Never touch it for any reason. The money you save in your savings account earns at least 4% interest every quarter. You can invest the money in a fixed or recurring deposit after it reaches a certain amount (say, Rs 2 lakh or more) to increase its size.
- Set up a SIP: Novice investors may be hesitant to participate in the stock and stock markets. On the other hand, investing in equities is a wonderful option for individuals looking for a sound investment strategy. There is no such thing as a risk-free investment.
- Look into savings plans: Savings schemes encourage people to save and reward policyholders when their policies mature. The savings scheme invests the money in good equities and debt securities for maximum profits. After a few years, the policyholder receives a considerable sum of money, which can be used for personal or professional purposes.
- Establish a retirement fund: It’s never too early to begin making plans for a secure retirement. Rather than putting it off until later, it is significantly better to start saving now. Purchasing a decent retirement plan is the best way to save and invest for retirement. When the policyholder retires, the funds in the Plan can be used to cover basic living expenses and even medical operations.
What is a wealth plan policy?
Wealth Builder is a unit-linked insurance plan that provides assured additions at different intervals throughout the policy term. As a Death Benefit, your nominee will receive the Sum Assured or Fund Value, whichever is greater. You will receive the Fund Value as a lump sum payment when the Fund matures. You can choose from three different wealth plan policy. This will be determined by the number of years you wish to pay premiums.
- Regular Premium – If you choose this Plan, you will be responsible for paying the premium for the whole insurance period.
- Limited Premium – You will be able to pay for only a few years with this choice.
- Single-Premium – You choose to pay for the coverage in one lump sum at the time of purchase.
The policy term can be selected based on the Plan Type:
- Premium – Regular and Limited – 10 years, 15 to 30 years
- Premiums are limited and range from 5 to 30 years.