Like many young earners, Anamika knew the importance of saving from the very beginning. The 30-year-old working mother chose to keep her savings in her bank account and bought insurance policies for herself and her husband to secure their finances.
But she knew about the potential that investing could offer her and so she wanted to explore the option. A conversation with a friend led her to consult- Pradeep, a financial planner, to figure out where to start with investing. But what started as a simple consultation, turned into an all-round financial planning and advisory session involving her finances as well as professional and personal life.
The first thing Pradeep addressed was the fact that Anamika was paying a hefty amount as insurance premiums.
In lieu of them, Pradeep suggested buying a term plan.
Another factor that had to be taken into account was the fact that currently, they were a double-income household but they didn’t have much savings to deal with a loss of income if one of them had to quit their job due to any uncertainty. Pradeep advised her to build an emergency corpus as quickly as possible so that even if one of them lose their job, they would not have to compromise on the general well-being of the family. For Anamika, it was a relief to be able to talk to Pradeep about her financial life at such a stressful time.
The primary for financial goal Anamika was her child’s education, but Pradeep asked her to also consider her long-term goals. He suggested her to start investing in a ULIPs which will not only give her an investment option but also act like a child plan in case of any uncertainty.
Edelweiss Tokio Life Wealth Plus is a unit-linked insurance plan (ULIP) that helps to create wealth along with providing financial support to the family.
Here are the key features of this plan:
1) It has zero allocation and policy administration charges.
2) Additional allocation where a certain amount will be added every year based on the policy tenure. E.g. 1% would be added for 1-5 years, 3% would be added for 6-10 years etc.
3) There are 2 investment strategies i.e. Company managed and another one is self-managed. Depending on your convenience you can choose the strategy.
4) You get unlimited free switches. So based on your life stage, risk appetite and market’s performance you can optimise your investment.
5) You can opt for Rising Star benefit to secure your child’s future even in your absence.
Anamika found that Edelweiss Tokio Life – Wealth Plus is perfect for her child’s future and he thanked Pradeep for being more than a financial planner. For her, what started out as seeking financial planning advice turned into a wholesome exercise in planning and organising major aspects of her life and she feels she has made the right choice at the right time.