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A good financial plan could shelter one during trying times
Published On , 26 Jul 2019 By ET Wealth
An emergency fund, a good health cover and a large retirement corpus are all part of an ideal plan
The Monsoon season could be a welcome break for a large number of people but for some these months could also mean some hardship when the use of an umbrella brings some relief.
Just how an umbrella protects a person from rains, likewise a good financial plan could protect an investor and his/her family during trying times. Such a plan could also protect one during market’s cyclical and volatile phases.
If one faces a financial emergency and is need of a large sum of money at a short notice, an emergency fund could be of immense help.According to financial planners, one could invest some amount in a Liquid Fund to build an emergency fund.
There are enough instances of retired people digging into their retirement corpus for sustenance rather than living on the interest income that the fund generates without touching the principal amount. According to financial planners, it’s crucial to build a large enough retirement corpus and one of the most useful investment avenues to build the same is to use the SIP route in mutual funds, provided such investments match with the investor’s risk profile.
People face medical emergencies. In recent years the cost of healthcare has been rising at a fast clip and a serious medical condition could set one back by several years in terms of finances. According to financial planners, having a healthcare policy has become a must for all.
To insulate one’s family financially in case of an eventuality, one needs to have an insurance cover large enough for the smooth sustenance of the family. Financial planners say that a term policy is the best option for most people.
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