According to Buddhism, the state of “Nirvana” represents the ultimate goal, i.e., when an individual finds freedom from the effects of karma and the cycle of life. Simply put, when you achieve nirvana, you neither experience any desire, sense of self or suffering.
Speaking of suffering, it can take different forms in today’s day and age. Financial distress is one such version of suffering that can negatively affect your peace of mind and your family’s wellbeing.
It is only with comprehensive financial planning that you can make sure that a lack of money does not jeopardize your or your family’s dreams. In other words, you need to manage your money judiciously, in a disciplined manner so that you can achieve financial ‘nirvana.’ Here are a few investment instruments that can help you reach a state where you would not have any financial distress.
Health Plans
The first big step is to keep your family financially secure in case of a medical emergency. After all, ‘financial nirvana’ is all about protecting your family from any emergencies that can affect them. The best way to cover your family is through adequate health insurance.
With a comprehensive health plan in place, you can protect yourself and your loved ones from the rising healthcare costs, especially in the case of medical emergencies, where you may have to opt for an expensive, yet a best possible treatment.
Term Insurance with Return of Premium
The primary purpose of online term insurance plans is to ensure a comfortable life for your loved ones in your absence. In case of your untimely demise, your family not only has to deal with your absence, but also suffer from the sudden loss of income. Thankfully, new age insurance products such as term insurance with ROP (return of premium) benefit serve as the best possible income replacement tool, by providing a significant amount of money to the bereaved family.
Online term insurance plans from reputable insurers such as Max Life Insurance provide you an opportunity to provide a large sum of money for your family with flexible payout options, i.e., you may choose for a lump sum payment of the insurance benefit to your nominee or in the form of regular payments.
Moreover, term insurance plans with ROP benefit offer to pay back the total annualized premium amount, in case you survive the policy term, meaning that you can now avail a maturity value from your term insurance investments, along with a slew of other benefits such as critical illness cover, accidental protection, and premium waiver.
Wealth Plans
Your savings lay the groundwork for your 360-degree financial planning. Therefore, you need to start as early as possible with your savings, so that you can avail maximal benefits later on. That being said, relying only on saving from your monthly salary, limits your potential to create wealth through capital appreciation.
Hence, if you start saving early in life, you must look to maximize your savings through investments opportunities such as wealth plans. With a specialized wealth creation instrument and a higher number of years at your disposal, you can leverage the power of compounding returns to grow your wealth at a faster rate. Subsequently, this wealth would help you achieve financial sustenance later in life when you no longer have a source of regular income.
Retirement Plans
For some people, retirement is the time when you relax after realizing most of your life goals. For others; however, life after retirement is all about achieving new goals and living out experiences that they didn’t know existed before. While retirement goals may be different for each of us, all of us have to face one drawback post-retirement – a source of steady income to take care of your lifestyle and medical expenses is no longer there.
Therefore, you need to maximize your life earnings through long- and short-term investment plans, so that you have enough money to live out your life goals and save enough to sustain your post-retirement life. Investment options such as ULIPs (unit linked insurance plans), mutual funds, and equities enable you to maximize your savings through wealth appreciation, as per your risk appetite and return expectations so that you have a regular flow of income throughout your golden years.
Plan Your Finances to Achieve Long-term Sustenance
The word serenity defines a state of being peaceful, calm, and untroubled. How can you achieve serenity in your financial planning? Well, if you have planned your investments and handled debts throughout your working life to make sure that you have a smooth retirement, then you would have won yourself ‘financial nirvana’, or a peaceful life.
Thus, you must form goals in life and take steps to financially prepare for those goals, so that your life is a kaleidoscope of vibrant memories and unique experiences.
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