CALCULATE YOUR LIFE GOAL
Are you ready, India? Find out and improve your Life Goal Preparedness Score
India is a young country with rising incomes and soaring aspirations. Most of us have life goals which require careful financial planning and investments. These goals may be related to entrepreneurship, travel, retirement, home-ownership or child education, among others, for which you need to build a substantial corpus over mid-to-long term. At the same time, you also need to factor in the rising rates of inflation, competing financial priorities, limited savings, the volatility of markets when making investment plans. It is possible that you may be already saving towards the fulfilment of your life goals, but most of us are unaware whether we will be able to reach our goals in a given time-frame. According to the Bajaj Allianz Life-KANTAR IMRB India’s Life Goals Preparedness Survey 2019, Indians are unsure about achieving 38% of their life goals. In order to rectify this information-disparity regarding our ability to achieve our life goals, we are launching a Life Goal Preparedness Score Calculator to help you find where you currently stand and to enable you to take steps required to reach meet your financial targets.
What is the Life Goal Preparedness Score Calculator?
The Life Goal Preparedness Score Calculator helps you find your readiness to achieve your life goals depending upon a range of factors including your income, financial requirements, investment horizon, and risk appetite amongst other factors. To find out your score all you need to do is choose your life goals, and then answer a few follow-up questions. Knowing your score helps you get a holistic view of your investment options and enables you to explore changes that may help you become better prepared. You can also compare your life goal preparedness at different stages of life and see how other factors impact that. Your score will also depend upon whether you have saved enough and your investments are protected from emergencies. Knowing your current standing also helps you prevent the pitfalls of under-investment - of not making adequate allocations to ensure that each life goal is fulfilled and sufficiently protected.
What is the Life Goals Preparedness Index?
Using similar methodologies used to create this calculator, we have also created a Life Goals Preparedness Index for Indians, which is collective indicator of confidence, knowledge, and the action taken towards financial planning for their life goals. India on an average has a Life Goals Preparedness Index of 53, which indicates that there is a lot of room for improvement. So how does one go about improving their chances to fulfil their life ambitions? Nearly half of Indians feel that they have not done sufficient financial planning or lack the financial awareness to do so. Therefore, there is a need to make oneself financially literate and proactive so that you can take informed decisions. You also need to create a proper financial plan with well-defined financial milestones and investment time-frames. You should focus on minimising your debt obligations and budgeting your expenses so that you can build your corpus at an accelerated speed. Moreover, it is necessary to start saving for your life goals as early as possible and maintain an investment discipline. You can take advantage of various online investment options to automate your savings on a monthly basis.
How can I achieve my life goals?
You must constantly review and analyse your investment plan to ensure that you are on track to achieving your life goals. One of the biggest mistakes you can make is not monitoring your investment options and your preparedness. Investment and financial planning require time and attention and it is very critical to review your plan on a regular basis to take into account changing market conditions, risk profiles and priorities.
How do I select the right investment plan?
Furthermore, you also need to find the right investment plans which can give you the best possible returns, with minimum risks, for your life goals. Also, in most cases, our families and loved ones are dependent on our income to maintain their quality of life for the foreseeable future or to fulfil our collective long-term life goals. Therefore, it is no surprise that in the Life Goal Preparedness Survey, life insurance emerged as the most preferred investment option for nearly 60% of life goals. After all, life insurance is not only an investment option, but also an essential protection measure which can help families in minimizing the impact of unexpected financial vulnerabilities. Visit our website to know more about life insurance plans such as ULIP, Term Insurance, Pension Plans etc. which you can personalise according to your needs and capabilities, helping you get where you want.
How do I know where I stand in my wealth creation journey?
Whether you are a millennial at the beginning of your career, a 40-something professional, or self-employed, you will have some targets in life. But what determines how much savings is enough by a certain age, with a particular income to fulfil your life goals? When it comes to investment and financial planning, everyone seems to have an opinion about what you should be doing. However, despite all this plethora of advice, one can never be too sure where they are currently stand in their wealth creation journey. Once you know where you are, it becomes much easier to chart your course towards your destination. Thanks to the Life Goals Preparedness Index, India know where it stands. Are you ready? Find out now.
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