Not everyone is born with a golden spoon in their mouths. A majority of the population has to strive hard to accumulate funds in order to turn their dreams or goals into reality. With the help of a Unit Linked Insurance Plan [ULIP], an investor can easily save a humongous cash fund and fulfill his life goals with ease. So if you’re wondering how to utilize your ULIPs savings in order to meet your long term goals, go through these few productive ways of optimizing your ULIP corpus at its best. Take a look
Nine life goals to fulfill with the help of a ULIP Investment
Secure your family needs
Since a ULIP Policy is dual in nature, it is a perfect blend of investment and insurance under a single plan. These dual ULIP benefits allow the investors to financially support his family in times of emergencies. At the time of death of the policyholder, the nominees receive the sum assured amount from the insurance companies.
Participate in equity markets
With the help of a ULIP Policy, the investors can effortlessly participate in the equity markets. Moreover, investment in the equity funds of the ULIP Policy promises higher returns. After the market bounces back, an investor makes profits from these returns on investment.
Generate wealth for the long run
A ULIP Policy guarantees a lock-in period up to a maximum number of 5 years. During the course of the tenure, the invested money grows and generates into a larger corpus. The longer your period of investment, the longer is the creation of your wealth.
Enhance the value of life coverage
As you grow old, the risk of unwanted diseases is typically high. However, opting for a ULIP Policy at a later phase of life comes with a high price. Hence, invest in a ULIP Policy at an early stage in order to avail lower payment of premiums.
Invest in a retirement plan
At the time of your retirement, every individual requires a steady flow of income. In order to ensure that you are financially secured during your retirement phase, invest in a ULIP Policy. With the help of high returns and tax benefits, you’ll not only be earning more but also saving more money which is important to survive the crucial phase of your life.
Pay off the debts
Due to lack of resources, an investor ends up taking up either a home loan or a personal loan in order to meet his goals. However, you won’t have to do so when you invest in a ULIP Policy for yourself. In order to pay off the un-cleared debts, utilize the ULIP corpus which has been accumulated in the past few years.
Buy your dream car
No matter how much you’ve paid for the repairs of your previous car, the old car stops functioning due to optimum usage. In case your car has undergone several repairs, make use of the ULIP savings in order to buy an extravagant car in order to suit the needs of your entire family.
Make a real estate investment
Another effective way of putting your ULIP savings to use is by investing in real estate. An investor can use this money as a down payment in order to purchase the assets. Since an investment in real estate increases the value, you are liable to receive a bigger corpus, at the time of liquidation.
Opt for the renovation of your homes
In order to prevent the wear and tear of your house, timely maintenance and renovations is a must. Typically, a facelift in the form of fresh painting or upgraded fittings can enhance the value of your house. In order to renovate your house, use the investment ULIP amount to do so.
Now that you know these nine life goals you can fulfill with the help of a ULIP Plan, what are you waiting for? Before purchasing a ULIP Policy, understand what is ULIP thoroughly. Additionally, make use of a ULIP return calculator in order to compare multiple features and benefits, premiums of different policies. If you invest in a ULIP Policy wisely today, only then you’ll be able to save up more for the future.