Investment
In Unit Linked policies, the investment risk in the investment portfolio is borne by the policyholder.

Financial Planning and its Importance

Following are five important reasons why financial planning is the need of the hour –

Income: It's guaranteed that you will manage your income much more effectively through financial planning. Managing income basically helps you to understand how much money you'll need for monthly expenditures, savings and tax payments.

Cash Flow: You can increase cash flows by sensibly monitoring your expenses and spending patterns. Cautious spending, careful budgeting and tax planning will help you in keeping more of your hard earned money.

Family Security: Providing your family with financial security is an extremely important aspect of your entire financial planning process. This includes having the proper policies and insurance coverage in place that can provide peace of mind for you and your family.

Investment: A systematic financial plan considers yourobjectives, risk tolerance and personal circumstances. It acts as a guide in assisting you to choose the accurate type of tax saving investments to fit your goals, personality, needs and also save tax!

Standard of Living: A systematic financial planning will lead to more savings and it’s always beneficial to have more funds during any kind of crisis. For example, you can be sure of the fact that there is enough insurance coverage to replace any lost income if a family member who is also the bread winner becomes unable to work.

I hope that the above pointers have triggered the notion of financial planning in your head. One of the main aspects of savings are investments, and it’s widely recommended because of the tax saving option it offers. The first step of developing a financial plan is to meet a financial advisor, he will review your current financial circumstances, anticipate any changes, consider your future goals, and churn out a customized plan.

Show Full Article
Hide Full Article
Disclaimer ^

SHARE:

Products offered by HDFC Life :

Recent Posts
Subscribe to get the latest articles directly in your inbox
Successful subscribed
Subscription Successful

You will receive the newly posted articles on your email id.

Popular Posts

HOW CAN WE HELP YOU

HELP TO BUY ONLINE
Speak to our Certified Insurance Experts

All days 9:00 AM to 9:00 PM IST

Instant Callback
Call Us

Mon-Sat 9:30 A.M to 6:30 P.M IST

Locate A Branch Near You
There has been changes in branch operation timings due to COVID 19
+91 8291 890 569   
Call Us

Mon-Sat 10 am to 7 pm IST (Local Charges Applicable.) (DO NOT prefix any country code e.g. +91 or 00.)

NRI Service

(For NRI customer only)

Call us
+91-8916694100

MON TO SAT: 10 AM to 7 PM IST (LOCAL CHARGES APPLICABLE)

MISSED CALL SERVICE
08000006609 to get details on your Fund Value
(Applicable for Unit Linked Plans only),
Premium Amount and Due Date
Stay updated with HDFC Life