Decode the Benefits of INVESTING in the right Life Insurance
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Decode the Benefits of INVESTING in the right Life Insurance
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decode-the-benefits-of-investing-in-the-right-life-insurance
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Episode Duration ( in minutes )
60
Episode No.
10
Episode Description
Be Money Smart. Be FINtastic.
As rightly suggested by Mr. Sanjiv Bajaj, Wealth Creation starts with Wealth Protection. FINtastic Talks Season 2 is back with its 10th episode on "Decode the Benefits of INVESTING in the right Life Insurance" on Tuesday 7th March at 4:30 PM
Episode Key Takeaways ( in English )
- What is AmritKaal?
The Union Budget 2023 introduced "Amrit Kaal," which states that taxes on life insurance policies with coverage over five lakh rupees per year will now be subject to taxation. Previously, India had a tax-free regime for life insurance, but this benefit has been withdrawn for high net worth individuals. This encourages policyholders to save for the long-term, which is vital in today's era of abundant inducements. - What is Rule 72?
The Rule of 72 is a simplified method to estimate the number of years required to estimate how long it takes to double an investment through compounding. Divide 72 by the annual interest rate to get the approximate number of years. It's highly recommended for comparing investment options. - Keep Your Money in multiple baskets instead of one. Why?
Expanding your investment portfolio is not only a wise decision but also a shrewd financial strategy. Rather than concentrating all of your funds in one investment, you can spread your funds across various assets, such as stocks, bonds, real estate, and commodities, to potentially maximize returns while minimizing risks. This is analogous to not putting all of your eggs in one basket, since relying on a single investment can put your entire portfolio in jeopardy if it fails. - How to get Richer or Wealthy?
Rich and Wealthy are two terms that are often mistaken for each other, but they have very different connotations. For instance, a person may be considered rich if they have 1 crore today. However, if he spends 10 lakhs every month, his wealth will dwindle, and within 10 months, he will be financially destitute, indicating that he is not wealthy. When in reality, one is truly wealthy when their resources outlast them, and they can pass on their financial stability to their heirs.Therefore, true wealth is achieved when one's financial stability outlasts their life, and their heirs can benefit from the resources accumulated over time. - What is Financial Freedom?
For many, financial freedom is the ultimate objective, yet few comprehend the full extent of what it entails. True financial independence is accomplished when your passive income surpasses your active income, and you no longer rely on your current income to sustain your desired lifestyle. As per the words of Mr. Sanjiv Bajaj, "Financial freedom is a goal that everyone should strive for, and I wish for you all to achieve it."
Retirement is a common time to achieve financial freedom as retirees can save 2-2.5 times their income and enjoy a comfortable life. However, property investments, wise financial decisions, and savings are necessary to attain financial freedom. - Buy or relook your Term Insurance
Ensuring financial security for your loved ones in the event of your untimely demise is paramount, making buying or revisiting your term insurance policy a crucial step. As you age and accumulate greater responsibilities and health risks, having an adequate sum assured can provide your family with the financial support they need to achieve their goals, even in your absence.
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Decode the benefits of
INVESTING
in the right
LIFE INSURANCE