Working hard for a long time tends to wake the traveler in us. The freedom of the open road and the excitement of visiting new and exotic places is what makes travelling one of the most favorite activities of humans. Although almost every living being tends to migrate from one place to another to search for food and protection, human beings are the only ones that travel for leisure.
Traveling to strange lands and discovering the contrasting cultures and geography of wonderful places feels satisfying, refreshing, and is one of the best and the most memorable experiences for a traveler.
We all realize that traveling, although fun, is also expensive, especially if you wish to travel abroad for your dream destination. Simply using your conventional savings methods might not be enough for you to accumulate funds to visit your dream destination, or you may not get to stay for a sufficient amount of time at your dream destination.
These were exactly Rahul’s thoughts when he was in a typical 9-5 job. However, a smart investment move changed his life where he found out about Unit Linked Insurance Plans that might help in getting his travel goals done.
How did Rahul get his travel goals done? Through a prudent ULIP investment.
Standing on the summit of Monte Rosta Mountain in Switzerland Rahul felt an exhilarating feeling coursing through him. Looking all around at the breath-taking vista left him feeling with a sense of satisfaction he had not felt since the time he had climbed Mount Chandrashila in the Himalayan ranges back home in India. It had been over four years since he conquered the huge mountain in India and felt extremely good having the feeling of immense satisfaction and thrill return once more..
Rahul was able to travel and enjoy a much-wanted vacation to Europe thanks to the smart move he made at the beginning of his career when he was single and had a high risk appetite. He had been working as a software engineer for almost 20 years now since graduation. Although he was mostly confined to his desk at work, his passion for travel was always present and he finally began to plan his dream trip to Europe. Rahul had always been fascinated by the towering mountains and vast snow-covered valleys of Switzerland and other Northern European countries.
Rahul’s salary was normal but the regular expenses tended to make his savings grow slow and sluggishly. Living in Mumbai and away from home, Rahul first began taking interest in systematically investing when he came across an online ad for ULIP investment. After reading about the plan in detail he realized that this was the one of the preferred investment plans to help him get his travel goals done. Additionally, it would also give him a life cover. It offered tax benefits as well.
A thorough research gave him the insights of the several flexible options offered by ULIP investment. One of the criteria which made this investment preferred for Rahul was the flexibility for premium payments which are either monthly (every 30 days), quarterly (every 3 months), bi-annually (every 6 months) or annually (once a year) depending on the choice that he would want to make. Rahul knew that as a salaried individual, he can opt for a monthly plan. Alternatively, if he earns the quarterly-incentives, he may even finalize the quarterly plan.
Apart from this, the life cover option and the low ULIP charges were also among the reasons why Rahul chose to make a ULIP investment. Minimum premium allocation charges differ depending on the ULIP product opted. He was also entitled to avail tax benefits under section 80C and section 10 (10D) under the Income Tax Act 1961*
*Tax benefits are as per the prevailing Income Tax Laws subject to change from time to time. Please consult your tax consultant for eligibility.
Having studied and researched about the flexibility and benefits of a ULIP investment, Rahul took his first step towards making an investment in a new-age ULIP to get his life goals done.
Rahul was entitled to receive benefits as the policy matured. This was more than sufficient for Rahul to not only plan his travel to a few European countries, but he was also able to climb Monte Rosa Mountain too which was his ultimate goal.
So, like Rahul, if you too have plans to save enough and be able to travel to your dream location, then a ULIP investment will suit you best.
It is very important to ensure that you choose the Insurer and the ULIP Plans offered by them carefully. Study the Insurer’s historic fund performance and reputation before choosing to make investments in ULIP plans to achieve your Life Goals.
If you want to read more, know why you should invest in ULIP now.