Manage Your Goals Like a Pro with These 5 Investment Options

Most of us have a decent idea of what we truly want in life. Along these lines, we work concurrently for many life goals, whether its planning for a dream holiday or preparing a corpus for your child’s education or building a retirement corpus. These goals give us purpose and help us to guide our lives.

But truth be told, these modern goals come with a big price tag. Therefore, to be able to achieve your financial goals, it is essential for you to save and invest in prudent investment options. 

Here are some investments to help you ride that wave of financial security and watch yourself accomplish your life goals over the years.

1. Term Insurance

As a breadwinner of your family, you strive to provide your loved ones with the best of everything. You also have goals for their future. But while your family is dependent on you financially, what about the times when you are no longer present to support them? In the absence of your income, will they be able to achieve the goals that you have planned for them?

Yes. Term insurance can help secure your family’s financial future in your absence, ensuring that if something happens to you, then your family’s well-being does not go for a toss. 

A term plan with adequate coverage will provide your loved ones with a sum assured if you pass away during the policy tenure. The coverage amount can not only be utilized by your spouse to meet monthly expenditure but also for your children’s higher education, their marriage, and other goals. The best part is that term plans are extremely affordable and can be taken for a longer duration.

2. Savings Plans

You may have different life goals, ranging from having a destination wedding in Goa to celebrating your anniversary on a private yacht or buying the house of your dreams.

The only thing that remains unchanged to achieve these goals is a well-thought-out investment plan. Meaning, to achieve these goals, you need to invest in a good savings or wealth creation plan as per your risk appetite and time horizon to achieve each goal. 

For this purpose, there are ULIP-based investment plans that allow you to build wealth, and they also come with an in-built life cover to help secure your family in your absence. Most importantly, these plans help you build a corpus to address all your life goals while providing you complete flexibility to invest in funds of your choice. Also, you can transfer your funds from equity to debt as many times as you want, depending on the market movements.

In addition, life insurers like Max Life Insurance offer online savings plan for wealth creation that comes with ‘Zero Allocation Charge’ and ‘Zero Administration Charge’, i.e., not a single rupee is charged for fund allocation and administration. 

3. Child Plans

Another significant goal that you may be working towards fulfilling is securing the future of your child. After all, the best blessing that you can ever give your kid is a bright future. And good education plays an essential role in this. However, if you wish your child to secure admission in a reputed university, you need to plan for this from your child’s early age. 

With education cost spiraling, it is vital that you invest in a child plan. A child plan offers sufficient funds to meet the costs at key milestones in your child’s life, while offering comprehensive benefits of life cover along with maturity benefits. 

Furthermore, these plans allow partial withdrawals to enhance your child’s talent, like singing, dancing, acting, etc. Also, to ensure that the burden of premium payment does not fall on your spouse after your demise, certain child plans waive off all the premiums to be paid during the policy tenure. 

4. Retirement Plans

Retirement is all about enjoying a relaxed life, traveling to new places, and pursuing your hobbies and interests. Therefore, whatever be your plans for your golden years, you must ensure that you are able to provide for your day-to-day expenses, healthcare costs, and live a life of your dreams.

Retirement plans perfectly fit the puzzle here as they help you build a corpus during your working years, in a way that the accumulated corpus provides you with financial support in your retirement. Moreover, if you invest in pension plans, you can choose the age at which you want to receive the pension benefits a per your goals. Other benefits of investing in a retirement plan are:

• Gain from compounding
• Offers a flexible investment plan along with life cover
• Safeguards the goals of your loved ones

5. Health Insurance

Recurring medical expenses are something which you may have to encounter as you age. Therefore, you must be prepared for such expenses, especially considering skyrocketing health care prices. If you aren’t well equipped with a health insurance policy, the funds that you have saved for your life goals may end up getting used, thereby, taking a great toll on your finances.

Therefore, when you have retirement goals like settling in a big house or traveling the world or something similar to that, health insurance becomes vital. Health insurance helps you to achieve these goals without any concerns as it takes care of your health care cost. Not only this, but comprehensive health insurance plans also take care of the treatment cost of critical illnesses by providing you with a lump sum amount upon diagnosis.

The bottom line is that, whether you are investing in short-term investment plans or long-term investment plans, make sure that your investment plans are always in line with your personal profile and financial objectives. For instance, if you’re aiming for goals like house purchase or retirement, equity-based ULIPs can be a smart choice as they are well-known for long-term wealth creation. All in all, it is vital that you create a solid investment strategy to manage your goals and deliver the results you expect.