The share of term policies to total business doubled to about 5-7% in 2015, mainly
due to the increasing popularity of online policy sales. If you are planning to
buy a term plan, you must use the term insurance premium calculator available online
in order to determine the most affordable premium amount.
On the other hand, if you are yet to start investing and are wondering when would the right
time be to do so, read on. You should start investing as soon as you start earning,
whether it is a full time job or you are freelancing with studies. As you move ahead
in life, financial responsibilities are only going to getting bigger. Therefore,
the earlier you start, the better off you are!
3 Must Have Financial Instruments in Your Investment Portfolio
Once you have decided to invest your money, the next question is where to invest?
Given below are a few instruments that you can consider:
Life Insurance: One of the first financial products that you must invest
in is a life insurance policy. It ensures the financial security of the people who
depend on you. You can consider the Birla Sun Life Protector Plus Plan which is
a term plan offering increasing and level cover options. It is a pure product and
offers a high cover at a low cost. You can also buy riders for additional protection.
Some of the riders that you can consider are accidental death and disability, critical
illness, hospital care and surgical care. You can also use the term plan premium
calculator available online to determine the amount of premium you must pay each
month for a certain sum assured and term.
Mutual Funds: You can consider parking your surplus money in mutual funds
to earn higher returns. There are various types of funds depending on the type of
security they invest in and the risk involved. Unlike stock market investments that
require your continuous time and attention, mutual funds are professionally managed
by experienced fund managers and most of your investment decisions are taken by
Retirement Plan: The earlier you start saving, the earlier you can build
a sufficient corpus to retire peacefully. You can go for one of the custom retirement plans offered by life insurance companies.
Now that you aware of the when and how of investment, you can start immediately
by buying a life insurance policy. You can buy one online within minutes. All you
have to do is to calculate your premium with the help of a premium calculator, upload
your KYC documents, pay the price and you are done.