FINANCIAL PLANNING
To protect yourself and your family financially for future, one must plan and start saving at the earliest possible. Cover the risk of your life by going for a long term Life Insurance policy (like 20-25 years) and get a life insurance cover at a reasonable premium.
You can even club your insurace policy with ther covers available like for accidents, critical illness or long term disability.
Secondly, Open Savings & Monthly Recurring Deposit a/c. Make saving a regular habit. A fixed percentage of your earnings or income, say 10-15% must be saved to meet to meet unforeseen unplanned expenditure.
Thirdly, open a Public Provident Fund (PPF) Account, duration of which is 15years and extendable for for 5 years intervals. Premium paid towards Life Insurance Policy and subscription to PPF a/c besides resulting in savings have added advantage of benefit of reduced amount to Income Tax, as upto Rs.1lakh is allowed towards deduction from Taxable Income (TI)
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