A widespread misperception regarding life insurance is that it can be used as an investment or a retirement planning tool. This misunderstanding is largely attributable to the fact that some insurance brokers prefer to market costlier policies in order to earn hefty profits. When compared to other financial possibilities, life insurance simply does not make sense as an investment. Equity is the ideal wealth development asset if you are a youthful investor with a lengthy time horizon. With the same investment, a 20-year investment in equity funds through SIP will result in a corpus that is at least three or four times the maturity value of a 20-year term life insurance plan.
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Life insurance should always be viewed as a means of providing financial security to your family in the case of an unexpected demise. Investment should be seen as a distinct concern. Even while insurance firms market Unit Linked Insurance Plans as appealing investment packages, you should separate the insurance and investment components for your own evaluation and pay close attention to how much of your premium is allocated to investments. Only a small portion of a ULIP policy's initial investment is used to purchase units.
For years, agents have persuaded their clients to purchase insurance plans in order to save money on taxes under Section 80C of the Internal Revenue Code. Insurance is undoubtedly the worst tax-saving investment available to investors. Insurance plans yield 5 to 6 percent returns, whereas Public Provident Funds, another 80C investment, yields close to 9% risk-free and tax-free returns. Another 80C investment, Equity Linked Savings Schemes, provides significantly higher tax-free gains over time. Furthermore, insurance plan returns may not be completely tax-free. If the premiums exceed 20% of the total insured, the maturity proceeds are taxable to that degree. The most important thing to remember about life insurance is that its primary goal is to provide life insurance, not to maximize investment returns.
This is a severe blunder that jeopardizes your family's financial security in the event of an accident. Life insurance should not be touched until the insured person passes away. Some policyholders surrender their policies to address an immediate financial need, with the intention of replacing them once their financial condition improves. Two things should be kept in mind by such policyholders. To begin with, no one has power over their own mortality. It is for this reason that we purchase life insurance in the first place. Second, as the insurance buyer grows older, life insurance becomes prohibitively expensive. In the event of financial trouble, your financial plan should include contingency funds to cover any unanticipated urgent expenses or offer liquidity for a period of time.
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