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There are multiple stages in everyone’s lives. There’s childhood, teenage, adulthood and finally old age. There are lot of things that happen between these stages and not all of them are planned.
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There are multiple stages in everyone’s lives. • There’s childhood, teenage, adulthood and finally old age. • There are lot of things that happen between these stages and not all of them are planned. • There’s education, work, marriage, children, family, their health and education and so much more. • All this requires money and we spend most of our lives working to earn more of it.
In order to ensure that you’re making the most of the money you have there are a number of plans and policies formulated by banks, governments and even non-banking finance companies that ensure that you can get the most out of your earnings. • Simply putting your money in the bank is no longer enough, these plans and policies can help you increase you earning and manage your wealth.
Here are the plans that you should know about in order to manage your wealth the right way.
This is a plan where you put in your money on a regular basis for a long duration. • You receive an interest on the amount you accumulate, which in turn increases your savings. • Life Insurancecan be a great way to invest in savings plans. • ULIPs, term insurance, mutual funds are all great savings plans to put your money into.
An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term. • This maturity amount can be used to meet various financial needs such as funding one's retirement, children's education and/or marriage or buying a house.
With the rising cost of health care and medical treatment in general, the importance of health insurance cannot be stressed enough. • A Health Insurance Planwill help you cover your medical expenses in care of hospitalization. • If you want cover for specific illness or incidents like accidents, you can purchase rider with your insurance.
To have a comfortable retirement, one needs to save a good amount of money. • We all have retirement goals which can only be achieved with sufficient amount of money. • Pension plans require you to deposit a fixed amount every month when you’re young so that you can receive a lump sum payment on retirement or receive a fixed amount every month once you retire.
