8 charges in ULIP you should be aware of

ULIPs – 8 charges you should be aware of

Insurance has been traditionally considered to be an essential part of a person’s portfolio. While it provides you with a safety blanket in any unfortunate circumstances like the death of your loved one, it cannot be treated as an investment that yields returns. Hence, for many young investors, insurance does not become a priority in their youth when ideally it is the perfect time to get it. This is where ULIPs come into the picture. ULIPs or Unit Linked Investment Plans are unique investment products that combine the benefits of insurance and mutual funds under the same roof. The returns of ULIPs are based on market conditions and are also subject to tax benefits.

However, there are many charges associated with an investment in ULIPs. Some of the charges are discussed below to give you a fair idea of what to expect.  (more…)

Sip with insurance

Insurance cover with mutual fund investments. Should you opt for it?

Only a person living under the rock may not have heard about mutual funds today. We have grown up hearing about mutual funds especially that they are ‘subject to market risk’. Mutual funds have been a popular investment product for a very long time. It is an easy investment product that allows the investors to gain potentially higher returns at relatively lower costs. There are many types of mutual funds in the market for the investor to choose from like equity mutual funds, debt mutual funds or hybrid mutual funds. 

Apart from this, the investors now are getting the option of adding an insurance cover to their investment.

We discuss the details of such insurance cover that comes with a  mutual fund investment. The pros and cons of the same as well as its need.  (more…)

Insurance covers

Top 5 Insurance covers needed in every person’s kitty

Insurance is a word that is often heard when talked about investment. It can be best explained as a safety net or a blessing at the time of crises. A majority of people consider insurance just from the point of view of a tax-saving instrument and mostly buy life insurance. However, there are many types of insurance covers that are quite essential for a person to have. While life insurance can provide a safe future for the family of the deceased if he/she was the sole breadwinner, other types of covers like health insurance or vehicle insurance will help in the event of a medical emergency or an accident. 

Insurance is often considered to be unnecessary, especially by young people in their 20s. They usually think of it as a waste of money and rather prefer spending on high-risk high-return investments like stocks, futures, and options, etc. However, according to a majority of experts, 20s are the best time to get an insurance cover as the cover value can be high and the premiums for them will be quite low. Moreover, these plans do not require an agent to be the middleman between the insurer and the person insured anymore as they can easily be bought online depending on a person’s needs.

Here are the top 5 insurance covers that are essential for a person to have in today’s day and age.  (more…)

term insurance

Do women need Term Insurance?

 

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

-Warren Buffett

This phrase is so true when we speak about our Mothers. Mothers play such a significant role in our lives. The lessons they teach structure our lives beautifully. A woman has so many responsibilities to fulfill at various stages of her life, be it the role of a daughter, a sister, a wife, a mother and if you’re a working woman, then you’re even the bread earner of the family. As women, we know every nook and corner of our house and understand the needs of every family member; their favorite food, their outing spot, the gadgets they like and even their financial needs. We always want to protect our families from every trouble.

But what if we are not around our family? What happens when we cannot cater to their needs? What if we face an untimely death? Still, as mothers, we want our families to have a peaceful life after we have left them. For this, we need to prepare our families both mentally and financially. This arises the need for Women especially to have

“Term Insurance”

Term Insurance is the purest form of Life insurance, wherein you need to pay a fixed amount as a premium to a certain amount known as Sum Assured. And in case of your unfortunate death during the policy term, your family receives the amount.

Why should working women opt for Term Insurance?

  • The conventional thought is that men are the bread earners of the family, even though women work. Let’s imagine your income stops for a while. Can anything substitute that income? No, right? So a women’s salary is also a major source of income for the family. Also, Term insurance is provided based on the total income of the family. Hence your salary matters.
  • Since you’re a working woman you would help your partner in taking care of the expenses of your family. A term cover is essential because, in the absence of your income, it would help your partner to handle the expenses all by himself. Let’s say, for example, school fees of the children, EMI, loan, rent, etc.

What is the use of a term plan for a homemaker?

  • Even if you don’t make monetary contributions, your absence would still leave a huge void in your family.
  • Your partner or your siblings would have to carry forward your responsibilities.
  • With the help of term insurance, your partner or siblings can cut down on their work hours or part-time jobs and dedicate their time in fulfilling your responsibilities. (Planning of your child’s marriage /education or taking care of your parent’s medical needs). They would receive a fixed amount of income, that would cater to their financial necessities and goals.

Women receive certain special benefits with term insurance such as:

  • Special premium rates especially for women.
  • If you don’t smoke, then you receive attractive premium rate benefits.
  • Comprehensive protection with the option to choose Critical illnesses rider and other added riders as well with your term plan

How do I get Term Insurance done?

Working women normally have a busy schedule, an easier way to handle finances would be to use digital platforms. Finity – India’s most trusted app for Direct Mutual Funds, is one such digital platform that offers Term Insurance. All you need is a few minutes on your smartphone and you will be able to provide a cover of 1 crore to your family, with the same amount with which you get a Netflix monthly subscription.

You may delay but life will not, and lost time is never found again. Hence plan your Term Insurance on Finity app today and be rest assured regarding your families well-being.