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, says an article published in The Economic Times in February 2016. 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 is the right time 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 investin 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 ridersfor 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 thetype 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 them.
- 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.