Is investing in insurance plans really helpful?

Congrats 

If you thought about this questions, most of the time people dont stop & think about it.

There is a generic perception among people to consider insurance as an investment vehicle. People expect something in return for the premium that is paid to the insurance company. Be it life, health or accident insurance, we always tend to equate and measure this with other investment products.If you are rich - let’s say if you die tomorrow and your family doesn’t need to worry about money - don’t bothering thinking about insurance. 

Primarily insurance is not for you, it’s for your FAMILY, so its basically to take care of them in case you are not there to support them monetarily - income replacement. So let us if you are sole earning member of family and if you die, how do family sustain, hence insurance. So insurance is not investment, get that right now and for rest of your life, it can never be. 

Insurance that come with investment plans give return in range of 2%-6% - that’s pathetic saving bank return, FDs give you more but it doesn’t beat inflation all the time. 

Once a Person took advice from Moneymindz on insurance_policy where he had paid Rs 15000 for last 7 years (and continue for another 22yrs). if he dies any time (between 0–30yrs) his family would get Rs10,00,000/- . Now his monthly expenses are anywhere in region of 22,000/- meaning, if he dies tomorrow his saving would help his family survive easily for another 50months/4yrs, but what after that? Nothing..? Remember his monthly expense of Rs 22, 000 we have kept constant not changed, not taken into account inflation (regular increase in price). Add to that he has 2 kid of which 1 will go to school 2 years hence, so his expense would only increase from here on. Think about college expenses, you can’t do anything. Hence instead go for term policy of Rs1cr @ premium of 10,000. At least now he doesn’t need to worry too much. 

If anybody sells your insurance because of superb returns, we suggest you immediately make 180 degree turns and run at fastest pace. It’s never possible to have good return in traditional insurance plan. Also if people try to sell you for tax purpose, term policy also provide tax benefit. 

If you want a proper advice and not get cheated in buying insurance? 

Give Us a Missed Call On 022 – 62116588

(Or) Visit: http://www.moneymindz.com/

Some useful tips for money investment and saving tricks?

Sometimes the hardest thing about saving money is just getting started. It can be difficult to figure out simple ways to save money and how to use your savings to pursue your financial goals.

Money is just a tool and depending on what your goal is, you might need a whole lot less (or more) than you think. Our goal is to be freedom.

Want to Know Earn money through investments t? Just leave a missed call on Moneymindz.com India’s Best Financial Advisor 022-62116588 or Download Financial Freedom application and post to expert your Queries . Moneymindz.com offers Free, Unbiased and on-call financial advice on Investment Assistance for insurance, Loan Assistance Retirement, Planning, Money Management Investment, Advisor, Retirement Planning, Best Health Insurance.

Saving money is supposed to get you to a point where you spend less than you earn. Once you’re in that territory, you can of course try to maximize it, but being in this position in the first place already puts you on the right track.

“Money, like emotions, is something you must control to keep your life on the right track.”

This step-by-step guide to money-saving habits can help you develop a realistic savings plan

• Always carry a water bottle with you while eating out. Subway costs you Rs 30 for a water bottle that you get outside for Rs 10. Soft drinks are usually 1.5X-2X the actual price in Dominos.

• Get a health insurance and vehicle insurance.Before investing get a Unbiased advice from India’s Best Financial Advisor.

• Do NOT use debit or credit cards while shopping as much as possible.

• Decide your monthly budget. Cut your costs accordingly. If you save some money, put it aside in a saving box. Use it for personal purpose like travelling. Such goals keep you motivated.

• Install apps for coupons. You get a lot of coupons for salons, restaurants, electrical appliances.

• For travelling, use trip planning apps. Also, before visiting a place, get tips from someone who has been there or read blogs related to the place.

• Use public transports instead of cab.

• Buy a basic surge protector for all electrical appliances to protect it during electricity fluctuations.

• Learn about the service tax, service charges and VAT in your area. 

• Pay your bills with Financial Freedom Application. (“The hardest thing in the world is to understand Tax” – Learn more about Indirect Tax with MoneyMindz)