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Plan Your Investments

April 19, 2012 | Comments: 0 | Views: 160

Identifying your goals You save for future events that you feel are important to you. You need to be specific while setting your goals. You may want to save for your wedding, financing initial payment for home, financing your car, your child's education, retirement or any other specific event that you may think is important. You also need to prioritise them as per there importance, identify the frequency if any of them are recurring events.

Time at hand to reach goals Goals are generally time bound. When you identify the purpose of investment, time you need to fulfill that automatically comes into picture. There would be events that you need to take care of in next five years for others you may still have time of 15 to 20 years. There might be financial requirements that might be recurring and you may need money at regular intervals. It is important to know the time you have to grow your investment to your required corpus. The amount you invest and the product you may invest vary as per that.

How much to invest How much you invest depends upon two factors, time you have and the amount you need. To reach the same corpus if you have more time, you can invest smaller amounts regularly and the time is less you may have to invest more. Besides this, also consider your regular expenditures and how you can fit in the investment amount in it. Most investment products will allow various payment options like monthly, quarterly, half yearly and annually.

Investments insurance plans and their features Investment insurance plans allow you the benefit of investments as well as insurance. So, if you survive the insurance term you get the maturity amount and if something happens to you during the term, your dependents are secure and will get the sum assured as per the policy guidelines.

Depending upon the requirement, time you have and risk profile, you can choose from various investment insurance plans available. You can choose between traditional plans like endowment plans and money back plans or you can choose to go for ULIPS. Each has features suitable for various requirements.

Risk Factor - Traditional plans allow you the all-round safety. Whatever you invest is safe and any risk that there might be is borne by the insurance company. Amount you get on maturity or on death is all guaranteed. While in case of ULIPS the risk lies with the investor. If the market is doing well and you have invested in a good fund, returns on your investment may be better than on traditional plans. If the market is low or your fund is not doing too well, your investment is at risk.

Flexibility - Traditional plans are fixed in more ways than one. You cannot stop the policy in the middle. You will have to carry it on to the end to be able to get the maximum benefit. With ULIPS there is a fixed minimum time for which you have to pay. You can make partial withdrawals in between. Investment plans are great for life stage planning. Insurance factor makes it possible for your dependents to live your dream if you are not around. Planning your investment keeping in mind the features of all types of plans available is the key.

Source: EzineArticles
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