Thinking about which investment plan is right for you? Here is a detailed guide for your help

An investment, in basic terms, is the process of investing money or time in some sort of monetary or non-monetary benefit in return for the investment. Similarly, for all of us looking forward to a financially free life, we need to research and avail of investment plans. Investment plans are available in multiple types and formats that are based on your needs & wants apart from risk appetites. Investment plans are designed in a way to suit your needs, and wants, provide you coverage, create savings as well as help you create wealth for the longer term. Investment plans can be chosen to suit both your long and short-term needs.

Here is a detailed guide to what are the different types of investment plans & what investment plan is the right for you at what stage of your life:

Unit Linked Investment Plans (ULIPs): A multi-pronged instrument provides dual benefits of not only making investments in the capital requests but also furnishing the holder of the policy with a life cover. These plans can be varied with respect to the investment in capital requests by varying the investment to be leaning towards equity or towards debt or chancing a middle ground that is comfortable to utmost average investors. ULIPs are long-term- term investment product that offers the policyholder with capital growth over a period of further than ten times.

Endowment Plans: These are life insurance plans that combine the possibility of savings as well protected in the form of life cover, packaged into a single product. The plan is designed to give stress-free content and savings in a methodical and secure manner. The returns that you may earn on this policy are not linked to the requests, but this is a product that comes with a fixed term. Therefore, this is a policy that will give you assured returns.
Yearly Income Plans: A yearly income plan is an investment plan that offers to situate your finances into a methodical investment in the capital requests while furnishing you with a life cover. The plan provides you, the holder of the product, with an option to make journal investments into the capital requests of your choice. These investments’ frequency can depend on your appetite and capacity, and the frequency can be classified as yearly, daily, partial monthly, or monthly.

These are some of the investment plans that can help you earn yearly returns if you invest in a wise manner. Reading, probing, learning, and reaching out to professionals for help with respect to making investment choices can help a lot. In order to invest in investment plans to earn yearly returns, you can try chalking out an investment plan grounded on your inflows, charges, the thing of the investment (wealth creation or short-term focus or long-term focus or anything differently), your age, your threat appetite, etc. All these factors will help you reach a conclusion that is healthy for your fiscal strength.