There's a good chance you already own a Unit Linked insurance plan (ULIP). Chances are that either your parents bought one in your name or the friendly bank manager showed up in the month of March to sell this policy for tax purposes. Only later you started to hear a lot of clamour about not mixing insurance and investments. You started to get a cringing feeling of having been ripped off. You try to understand the policy but you cant. Whose help do you take? And would you really want to admit to others of having made a bad investment decision? Besides you probably have paid 2 of the 5 instalments. You'd rather pay the rest than face surrender charges. What's done is done.
Sadly, that's the story of a vast majority of investors, including yours truly. Advisers much experienced and wiser than us have already written about the pros and cons of choosing a ULIP, the product. Though to understand the problem with the product, it's much more essential to...
Things change fast in today's Digital world and even faster in the world of Finance. It was only back in 2007 when the concept of core banking was introduced and NEFT was still finding its footing as an acceptable mode of transaction. Getting insurance was a painstaking task. Mutual funds were only beginning to gain acceptance.
Fast forward 10 years and things like UPI, wallets, insurance, mutual funds all sit nicely packed in a 4G connected device in our pocket. We have an entire bank installed on our phone these days! While technology has made it easier to access and manage information - It is still confusing to keep track of the basic checklist we should all maintain for a healthy financial life. Here goes a list of things everyone must tick off in today's digital world.