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What does it mean? It is a type of financial product which provide opportunity to create more wealth for the future. Investment plans are of two types, Unit link Insurance Plans (ULIPS) and Endowment plans (EP).
The best investment plan offers the policyholder, life cover and an advantage of saving fund. A life insurance investment is always taken keeping a future objective in mind and is either short-term or long term. It comes in handing when one plans on buying a house, child's marriage and education or just building up a corpus for future. Benefits and Features of Investment Plans:
- Goal based planning
- Protection to loved ones
- Tax Benefit under section 80C and 10(10D)
- Build fund reservoir