The monetary goals of the investor should determine what type of scheme he should buy. These goals may include marriage, buying a house or a car, providing for children's education and marriage or building a corpus amount. In fact, even small-term goals such as foreign trips can be financed by ULIPs. If an investor has just started with his/her career or have a small family, then s/he can definitely opt for the best saving scheme such as a ULIP to fund his/her short-term goals. On the other hand, if the investor is in his/her 40s or even 50s, then endowment plans are better as best saving schemes in combination with ULIPs or other options like a mutual fund. The monetary goals of the investor will help him/her to determine the best investment plans options for him/her to make an investment.
In order to meet the financial goals the amount an investor spends or saves has a larger role to play. With less saving and more expenses, it is unlikely that s/he can define large short-term goals that can be met by coverage plans. In such a scenario, if the investor lives at home with his/her parents and has no major outgo like rent, and s/he is likely to save money every month then it is best to buy an adequate life cover with return benefits and get their two-in-one benefit.
The amount saved for the future will also determine what kind of scheme works as the best for the investor. If the investor has fewer expenses now because the children are young, s/he can plan for the major expenses that will come his/her way in a few years like the children's college education or marriage. Therefore, s/he can choose an option that charges a premium for a few years and then pays out enough that it can itself pay for any premium from the annuity or other regular benefits. Moreover, the investor investing a higher amount would now mean that a good profit plan will grow to a larger capital base in 20-30 years when s/he needs it for his/her monetary goals or basic expenses. Planning his/her expenses is a good way to filter the ones to invest on.
The best investment plans with coverage cum investments and lock-in period help to save money that can be used to fulfill financial management. Whether the investors want to buy their first house in seven years and/or save enough to buy a second home in the next five, their saving plan feature can help accomplish their goals.
The insurance cover of the best investment plans saving scheme should be adequate to take care of the investor and his/her family in case s/he is unable to work anymore or in the unfortunate event of him/her being no more. The cover provided by the product should be able to pay for him/her or his/her family's expenses in the years to come until his/her children can take care of him/her and his/her spouse in addition to themselves. To understand how much the investor needs, s/her must make an estimate of his/her current and future expenses vis-a-vis what a scheme offers. If the investor’s cover is less than what is required, then opting for ULIPs or endowments as best saving schemes are a better way to ensure s/he increases his/her money while protecting him/her and his/her family at the same time.
The number of dependents should also determine the assured sum the investor needs to invest in the best options. If the investor has only a wife and child as dependents then his/her needs would be lesser in comparison to when s/he may be taking care of his/her siblings, parents, parents-in-law, grandparents, nephews, nieces, etc. The investor’s monetary insurance product should not only be able to cover for all the necessary expenses but also help him/her build a financial corpus for all the major goals of his/her family and himself/herself. Moreover, the age of the younger dependents matters while choosing the best investment plans saving scheme. If s/he has teenage children, then it is likely s/he needs a good plan to save up for their college education or marriage. ULIPs investment plans are better for such cases than endowment plans.