One of my clients initiated their PPF account with a public sector bank approximately 14 years ago. Recently, when they approached the bank for guidance on the next steps, they were informed that the only option was to withdraw the amount and initiate a new PPF account with the same bank.
Upon consulting with me, I advised the client that they could actually extend their existing PPF account, allowing them to continue earning 7.
Increasing your investment periodically can expedite goal achievement. Various methods exist to accelerate investment progress, such as opting for riskier ventures. However, this approach may not be suitable for everyone due to discomfort with higher risks. This article proposes an alternative method: incrementally increasing your Systematic Investment Plan (SIP), reducing the time needed to reach your goal by two years or more.
Scenario Let us assume you have a target to reach 1 crore and you plan to contribute Rs 50,000 per month.
Money has different meaning for different people. Investopedia says money is a medium of exchange. While money is universally recognized as a medium of exchange, its significance and interpretation vary greatly among individuals. For some, money represents security and stability, providing a means to meet basic needs such as food, shelter, and healthcare. Others view money as a symbol of success and status, equating financial wealth with personal achievement and societal recognition.
Health insurance is crucial for financial protection against rising healthcare costs. It ensures access to quality healthcare, safeguarding individuals and their families during medical emergencies. With health insurance, one can avail cashless hospitalization and receive timely medical treatment without the burden of upfront payments. Additionally, it provides coverage for critical illnesses and offers tax benefits, promoting preventive care and overall well-being. There are many more benefits of health insurance which you will find it below here.
Health insurance forms an important part of your goal planning and it covers a major risk where financial resources could get depleted. With health insurance, you cover / transfer the risk. Health insurance is not an easy product to buy off the shelf and one requires a good understanding of its features and benefits before purchasing the right product including the amount of cover. Each individual is different and therefore one needs to understand the finer features of the product.
