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With more than 30 lakh crores invested into Mutual Funds as on date, ( Dec 2020 ) and more than 5,500 crores being added each month through SIP’s (Systematic Investment Plans), it’s an undisputed fact that “Mutual Funds Sahi Hai!! In fact, there’s a Mutual Fund for every need. Whether you want to save systematically for two decades for your retirement, park your money for just a couple of weeks to earn better returns, benefit from the growth potential of a particular sector, or invest your newly received bonus with moderate risk to achieve inflation-beating returns, you can be sure that there’s a Mutual Fund available for your needs!
But which one is “Sahi” for you?
ELSS ( Equity Linked Savings Schemes )
ELSS funds score over their traditional counterparts in terms of the superior tax efficiency of their returns, their comparatively shorter lock-in period, and their better odds of helping you create long-term wealth. Any profits that are booked when you redeem your ELSS fund units will be counted as long-term capital gains from equity funds, and will therefore not be taxed.
SIP ( Systematic Investment Planning )
A Mutual Fund SIP or “Systematic Investment Plan” is a simple and efficient way to create wealth for your future financial goals by making affordable, regular investments. Under the SIP mechanism, a fixed amount of money is deducted from your bank account on a specific date on regular interval, and automatically invested into a mutual fund scheme of your choice. Mutual Fund SIP’s are highly flexible, as they allow you to increase, decrease, or regularly step up your investment amount as per your objectives and convenience. With close to 6 lakh new SIP’s being added each month, they have become the undisputed savings tool of choice for smart savers across India!
In recent years, Education expenses in India have been inflating at a higher than average rate. The average 5-year annualized inflation for the tuition fees for an MBA course stands at 10%, Engineering courses at 9%, and MBBS at 12%. And what’s more, tuition fees are not the only expenses one needs to save for – there’s also rent for hostel or PG accommodation, books, study materials and what not!
To make matters worse, most of us are clueless about the right way to save for our children’s education. We continue to blindly put away money into “Child Plans” that are essentially Life Insurance policies. Many of these plans provide poor returns that do not even outpace inflation!
Retirement Planning involves the disciplined accumulation of a planned amount of money, by a specific target date. This money must be sufficient to provide you with an inflation-proof income that will comfortably outlast you, as well as your dependent partner. In addition, this fund must be sufficient to take care of medical emergencies, allow you to travel, as well as enjoy the free time you’ll have at hand once you hang up your work boots for good!
Most of us in India do not adopt a planned approach to our retirement planning, and this often leads to much strife in our twilight years.
What are LIQUID FUNDS?
Liquid Funds are a type of debt oriented mutual fund. Because they do not invest into the stock markets, they are very safe. Even within debt instruments, liquid funds invest into securities that are about to mature in a very short span of time – typically in the next two months. As a result, the NAV’s of these funds are usually not impacted by movements on interest rates or other economic factors.
Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.
What Is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.