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Reading: 5 Things You Can Do To Look After Your Family in India As An NRI
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Home – Parenting

5 Things You Can Do To Look After Your Family in India As An NRI
Parenting

5 Things You Can Do To Look After Your Family in India As An NRI

NB
NB Published July 5, 2018
Last updated: 2019/03/05 at 7:03 PM
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5 Things You Can Do To Look After Your Family in India As An NRI

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Contents
Opt for Term Insurance for Financial Security of Your Family Make Provision for Your Children’s EducationInculcate Healthy Saving HabitMake Wealth Creation an Important Aspect of Your Financial Plan Ensure Proper Retirement PlanningThe Ending Note:

As an NRI residing in the country of your choice, working on your dream job or living the entrepreneurial dream, one thought uppermost in your mind must be to ensure that your family can continue enjoying the lifestyle you have created for them no matter what the future may hold.

Also, your family and loved ones back home may be dependent on you for many financial needs. It definitely makes sense to create a robust financial plan to meet all your family’s needs and make wise investments timely. Today when the Indian growth story is attracting attention all over the world, as an NRI it is an ideal opportunity for you to invest and gain from this growth story.  

So here we suggest to you five things you can do to build a portfolio of products that can help address your important financial goals and ensure your family is secured.

 

  • Opt for Term Insurance for Financial Security of Your Family 

Term insurance for NRI is the simplest form of financial protection that can be opted to meet the financial needs of your family and ensuring that they can enjoy a good lifestyle even in your absence.  You can choose a term plan with affordable premiums and a life cover that is suitable for your family’s lifestyle and financial needs. Term Insurance for NRI is a cost-effective and flexible option with the provision of paying the policy premium only till retirement and the option to receive the payout as monthly income in addition to the lump sum amount.

What’s more, these instruments allow you the option to increase the insurance cover at major life stages and thus you can take stock of your financial needs at major life milestones and increase cover if needed.

 

  • Make Provision for Your Children’s Education

We all have great dreams and aspirations for the future of our kids. However, with higher education becoming exorbitantly expensive, it is important to plan for their education smartly. Your best bet can be to opt for a child insurance plan which is a combination of insurance and investment.

These plans provide life cover as a lumpsum payment at the end of policy term and also role out flexible payouts at important milestones of your child’s education.

 

  • Inculcate Healthy Saving Habit

A constant theme in most of our financial discussions is the importance of regular and disciplined savings, and Warren Buffet has rightly observed, that one should spend what is left after saving rather than vice versa. However, it is easier said than done and this is where saving plans come into play. Saving plans can help you build a corpus, get a stable income, and secure the future of your loved ones.

These are life insurance products which inculcate the habit of disciplined savings and ensure steady returns throughout the policy term.  You may choose to get the returns as a monthly income or lump sum depending on your need and chosen plan.

The best thing about these plans is that selecting the right plan from an established provider will ensure you can avail other benefits including tax benefits, terminal illness benefits, death benefits, and much more and also ensure that you build a healthy corpus for your family.

 

  • Make Wealth Creation an Important Aspect of Your Financial Plan

It is often said that no one got rich by saving; it is smart investments that create long-term wealth. ULIPs are the ideal wealth creation instruments that offer the benefit of life insurance along with an opportunity to invest in equity, debt or balanced funds.

What could be better than an instrument that provides the dual benefit of risk cover along with investment options to invest in various qualified investment modes?

ULIPs prove to be a flexible way of wealth creation since you can safely balance your fund with equity and debt components, and also have the option to switch as the market changes.

 

  • Ensure Proper Retirement Planning

Once you retire, you would not want your family to have to compromise with their lifestyle or stop themselves from reaching their goals due to money constraints and thus it is important to have a proper retirement plan in place.

Retirement plans are products designed to provide you with financial security once your income stops. You can choose to opt for monthly pension benefits by purchasing annuity plans. Through these plans, you can invest your earnings over the years and create a fund which you can withdraw as a whole or in parts during your retirement years.

The Ending Note:

You are also eligible for tax deductions on the premiums you pay and the money you receive from your life insurance policies as per existent Indian rules. With India signing the avoidance of Double Taxation Avoidance Agreement treaty (DTAA) with various countries including US and Canada, any tax paid on the overall income from all your financial products can be claimed as relief in the US/Canada tax returns.

Hope this guide helps you make the right decisions towards securing the future of your loved ones.

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NB July 5, 2018
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