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Realise Your Life's Dreams with Goal-Based Financial Planning

Realise Your Life’s Dreams with Goal-Based Financial Planning
February 20, 2023


In this policy, the investment risks in the investment portfolio is borne by the policyholder

Each and every one of us has some dreams we’d like to achieve. You may want to secure your golden years, while your friend may hope to purchase a home in a fast-paced city like Mumbai. Whatever your dreams, you can use goal-based financial planning to realise every single one. Let’s learn how.

How to Start Goal-Based Financial Planning?

  • Identify Your Objectives

    Start by listing all your goals or objectives. Some common ones include retirement planning and leaving a legacy for your loved ones. Your goals could be any or all of the following:

    • Purchasing a home or car
    • Securing your child’s education and marriage
    • Planning an early or regular retirement
    • One-time or recurring international vacations
    • Purchasing luxury items or planning home renovations
    • Starting a business
    • Establishing an emergency fund
  • Prioritise Your Goals

    Once you know what you’d like to achieve, you need to prioritise your goals based on what’s most important to you. For example, most people prioritise their child’s education over international vacations. Identify what’s a top priority and what’s an aspirational wish. Then, consider the interconnections between all your goals.

Steps for Goal-Based Financial Planning

  • Create a Budget

    As soon as you have clarity on your objectives, you must create a budget. Budgeting helps you save for the future while considering your monthly costs, assets, and liabilities. Well-defined financial goals can help you answer the following questions:

    • How much do you need to invest for this today?
    • What will be the cost of achieving the goal in the future?
    • How much time is still available to save for the objective?
    • How much must you contribute (regularly or once) to reach the goal?
  • Understand Your Risk

    Evaluate the level of risk you can undertake based on your age, finances, stage of life, and income.

  • Identify Ideal Investment Avenues

    Once you know how much you can invest and what risks you’re willing to take, you can identify goal-based investment options. If you want to save money for retirement, consider opting for a retirement plan. Similarly, compare child plans to help secure your child’s future. You can consider opting for a Unit-Linked Insurance Plan (ULIP) for long-term goals. These policies allow you to choose investment avenues while providing life insurance coverage.

  • Start Small

    Do not feel deterred by an initial lack of finances. You can identify investment options that allow you to start small and increase your investment amount over time. ULIPs offer a top-up option, allowing you to invest extra funds whenever available.

  • Secure Your Family’s Future

    Once you start investing, consider purchasing a life insurance policy to protect your family’s financial future. Should anything happen to you, the payout will enable your family to keep your investments in place and achieve the goals you set.

    Lots of people make the mistake of investing without a defined aim. You should always set your targets before creating a plan to achieve them. Focus on achieving smaller goals first and gradually move towards larger ones.


The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns

ARN - ED/02/23/32235

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HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.

Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.

For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.

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