The purpose of a financial plan is to set you on a path to achieving your financial goals. There are no independent financial decisions and there is a greater ability to make wise choices when we are able to see with a long-term perspective. A well-crafted, integrated plan is a road map showing an efficient way to get to your desired destination. First step of financial planning is to appoint a financial planner who suggests you to choose best insurance schemes/cover by identifying your needs. He will also give you advice how and where to invest your finances to achieve your goals.
- Insured Big Risk (Family Security)
Sometimes in life things go wrong. If your house burns down, an earthquake strikes, your car is involved in a crash or you fall ill, you may face large costs which you can’t afford. The risk of some of these things happening may be small. But if they did happen, the impact on your finances could be huge. You can either face these risks yourself or take out insurance to cover them. You must insure yourself in case something happen to you which gives financial security to your family
- Medical Insurance(Individual & Family)
Health Insurance Plan gives you the flexibility to get cover both on an individual basis (self, spouse, parents) and as a family (including children). These are designed to offer complete protection to you and your family against sudden illness, accidents and unexpected hospitalization. - Emergency Funds
In life you should expect the unexpected, and this is why you need an emergency fund. The best you can do is to prepare for emergencies that require access to additional money and having an emergency fund is the ideal solution. Financial emergencies can come in the form of a job loss, significant medical expenses, home or auto repairs or something you’ve never dreamed of. The last thing you want to do is to rely on credit cards or a loan which could simply compound the problem.
