The new financial year is starting from 1 April 2021. In such a situation, it is important that you move towards securing your financial future in this new financial year. That is why we are giving you the information related to it.
Follow the right strategy to secure the financial future on the new financial year.
In the last one year, the corona virus has made everyone think that it is very important to protect the future financially. Difficulties become a little easier if you have sufficient capital in difficult situations. Everyone should do financial planning to secure the future. You cannot predict an epidemic, but you can prepare yourself to deal with it or reduce its impact. In view of this, today we are giving you information about some such plans, with the help of which you will be able to move towards securing your future in terms of money in the new financial year. Let’s know about them…
1. Health Insurance: Medical emergency and serious diseases can prove to be the biggest challenge for your capital. In such a situation you may miss the completion of your financial goal. Health problems will not only increase your expenses, but can also reduce your income. That is why, keep health insurance in your investment plan. With the help of health insurance policy, you can deal with your medical expenses, meet the needs of your family.
2. Term Plan and Personal A Accident: With the help of term plan, you can secure your family even after you. Also, with the help of term plan, you can also save tax under section 80C of Income Tax Act. In case of death due to any reason in the term plan, the family gets the assured amount. Whereas, with the help of personal accident insurance, coverage is provided in the event of death and permanent disability due to an accident. In an ideal situation, investing in a good term plan should be the biggest financial priority. However, if you want complete protection, then also take a personal accident cover.
3. Insurance of house or property: Just as you need to protect your health and life, you should also protect your property. In a natural disaster or man-made crisis, you will get financial security. With the help of home insurance policy, you will not be financially affected in the event of damage to your home or property.
4. Mutual Funds: This is a professionally invested option. Under this, you can invest in equity, debt to gold. You can invest in it for 1 month to 10 years. Apart from this, you have the option to invest in a large range of schemes in mutual funds. In this option you can get better returns by formulating the right strategy. Depending on your risk appetite, you can choose the investment option. In such a situation, by putting some part of your investment in mutual funds, you can move towards completing your financial goal quickly. But for this, you should take any step only by gathering the right information.
5. Public Provident Fund: PPF is among those options that financial planners recommend to keep everyone in the portfolio. This is a safe investment option where you get guaranteed returns. However, you have to see that the Central Government decides the interest rate of PPF and it is revised every quarter. Earlier data shows that PPF has a higher interest rate than fixed deposits. On PPF, you will get tax exemption under section 80C, at the time of its redemption, you can also avail tax rebate. But you have to see that PPF is a long-term plan and it has a lock-in period of 15 years. After this, if you want, you can increase it in a period of 5-5 years.
These are some of the options that everyone should choose based on their risk and financial needs. The returns and other benefits on these depends on how long you invest in it, how long you invest.
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