Financial Planning कैसे करें ? Simple Financial Planning for Everyone

pranjal kamra
24 Feb 202009:22

Summary

TLDRThis video highlights the essentials of financial planning, emphasizing the importance of a simple and effective approach. It outlines four critical steps: securing life and health insurance for family protection, utilizing the National Pension System (NPS) for retirement savings, and investing in Equity-Linked Savings Schemes (ELSS) for tax benefits and returns. The speaker, Pranjal Kamra, advocates for a balanced financial plan that ensures good returns, tax savings, and adequate insurance coverage, all facilitated through a user-friendly app, ET Money, for hassle-free management.

Takeaways

  • 😀 Simplified financial planning requires a straightforward approach that is easy to execute and understand.
  • 📝 Avoid financial instruments that are complicated to purchase or come with excessive paperwork.
  • 💡 A balanced financial plan should include good returns, effective tax savings, and adequate insurance coverage for emergencies.
  • 💼 Life insurance is essential for earning members of the family to protect dependents in case of unexpected events.
  • 🏥 Health insurance should cover all family members, as medical expenses can arise unexpectedly.
  • 📊 The recommended life insurance coverage is 20 times your annual income, ensuring financial security for dependents.
  • 👵 The National Pension System (NPS) is a beneficial retirement planning tool with higher returns compared to other retirement products.
  • 🔒 NPS funds cannot be accessed until retirement age, promoting disciplined savings over time.
  • 💰 Investing in tax-saving instruments like ELSS (Equity Linked Savings Scheme) provides returns without compromising on benefits.
  • 📲 The ET Money app allows users to manage life insurance, health insurance, NPS, and mutual funds conveniently and paperlessly.

Q & A

  • What are the two essential qualities of a simple financial plan?

    -A simple financial plan should be easy to plan and execute, with fewer instruments that are easy to buy.

  • Why is life insurance important for earning members with dependents?

    -Life insurance is crucial for earning members because it ensures that dependents are financially secure in case of the breadwinner's untimely demise.

  • How much life insurance coverage is recommended based on annual income?

    -It is recommended to have life insurance coverage equal to 20 times your annual income. For example, if you earn ₹5 lakh per year, you should aim for a ₹1 crore policy.

  • What should a health insurance plan cover?

    -A health insurance plan should cover all family members to safeguard against medical expenses, ideally providing at least ₹2 lakh coverage per person.

  • What are the benefits of the National Pension Scheme (NPS)?

    -The NPS offers higher returns compared to traditional retirement products, allows you to withdraw 60% of the fund upon reaching 60 years of age, and provides tax benefits under both old and new tax regimes.

  • What is the tax benefit limit for investments in NPS and ELSS?

    -You can receive tax benefits up to ₹1.5 lakh for investments in NPS and ELSS under Section 80C, plus an additional ₹50,000 for NPS.

  • How can financial planning become more convenient?

    -Using financial apps like the ET Money app can make financial planning more convenient by allowing users to manage health insurance, life insurance, NPS, and mutual funds in a paperless manner.

  • What is the difference between life insurance and health insurance in terms of coverage?

    -Life insurance covers the financial security of dependents in case of the policyholder's death, while health insurance covers medical expenses for the entire family.

  • Why should you purchase life insurance at a younger age?

    -Purchasing life insurance at a younger age typically results in lower premiums, which remain fixed for the lifetime of the policy, making it more economical.

  • What is the lock-in period for investments in ELSS funds?

    -ELSS funds have a mandatory lock-in period of three years, during which you cannot redeem your investment.

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Etiquetas Relacionadas
Financial PlanningInsurance TipsRetirement PlanningTax SavingsEmergency FundHealth InsuranceLife InsuranceInvestment StrategiesWealth CreationPaperless Solutions
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