Invest In Tax Saving Mutual Funds Online
Increase your term plan Insurance Cover; start building a decent corpus to fund higher education and marriage
Building a strong financial future for the family should be one of the prime responsibilities of every working individual. However, the fact is building a strong financial future is not a one night task. It's a long-term process where you have to build it brick by brick. Here you need to judge your individual financial needs that may include buying a car and a house, own wedding, vacations, having a child/children, their growing up years, education and marriage, and then having a corpus for your and your spouse's sunset years. It may look like a long process, which indeed it is, but if you are not confident enough you can always approach a good financial planner for help.
One of the important aspects of the entire exercise is to secure the financial future of your child. While planning for a good financial future for your child, you have to consider two things:
One is how to create the funds by way of smart investing for their present and future financial needs.
Second, creating a very strong risk protection plan to take care of any unfortunate event which may happen in your life.
The most crucial part of your planning, and surprisingly the part which is neglected by most of us, is planning for uncertainty.
Life is uncertain, and everyone has to plan for it. In case of an eventuality, we should make sure that the child should not fall short of funds. And that's precisely why we need a pure term life insurance plan.
Financial planners and advisors say most insurance companies have good term insurance plans to of fer, and given his or her profile, an individual should buy one so that the future of the family, and that of the child in particular, is secured in case of any eventuality.
Besides, financial planning for you child should include providing for primary and secondary education, and then building a corpus for higher education. To build a financial backup for your children, you need to start investing for them soon after they are born. This brings the power of compounding on your, helping realize dreams. So, it is important to start without thinking that how large or how small the investment could be.
Education is one thing that no parent would want to compromise on. The main aim is to make them independent and make sure they have a better future. As things stand now, completion of graduation is close to being affordable, but it is the postgraduation expenses that will most likely burn a hole in your pocket.
Opening a PPF account in the minor child's name should be at the top of one's priority list. In PPF, you are allowed to invest a maximum of Rs 1 lakh. The term of the investment is 15 years and at the end of the tenure, one has an option to extend the tenure by another five years and that too indefinitely.
At the current rate of interest (8.7% compounded annually), you can expect a corpus of approximately Rs 49 lakh at the end of 20 years. More importantly, the proceeds are tax free.
Happy Investing!!
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- ICICI Prudential Tax Plan Invest Online
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- Birla Sun Life Tax Relief '96 Invest Online
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- SBI Magnum Tax Gain Scheme 1993 Invest Online
- Sundaram Tax Saver Invest Online
- Edelweiss ELSS Invest Online
Best Performing Mutual Funds
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- Reliance Equity Opportunities Fund
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- Gold Mutual Funds Invest Online
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