max new york life insurance growth plans

Mr. Parekh, has just got married, and is looking to set some long term goals that he can benefit from in the future. On a recent visit to the bank, he sat with his relationship manager who was advising him on what he can do to give his money the chance to multiply. Life insurance was one practical avenue his relationship manager advised him to consider. Out came a well structured presentation to show Mr. Parekh how he can make all his future dreams come true.

I'm no longer worried about the future, at least not now when I have a solid long term savings and protection plan.

Savings discipline

By putting aside a part of Mr. Parekh's savings into a life insurance policy, not only will it build the habit of disciplined savings, but it will also allow him to protect himself and his family. Putting a little every month in a life insurance premiumA regular payment made to the insurance company to keep the policy in force. will help him accumulate funds which his family can benefit from in the future.

No compromise on short term goals either

Saving a little every month still leaves Mr. Parekh enough to enjoy himself in the present. What is even better is that this little he sets aside every month just keeps growing. So years from now he will have enough accumulated wealth to fulfil his bigger, long term needs. This is brilliant! He can have his cake and eat it too.

Terminate the scare of Inflation

Inflation in India is at an average of 8% per year. If Mr. Parekh keeps enough of his income to counter his monthly expenses and a little bit is contributed to a long term savings plan, then he can see his money grow. Let inflation try and strike him but it won't succeed, because his long term savings will multiply and help him counter the growing rate of inflation. His worries about the future seems so much more under control now. There is now a formula to tackle inflation.

A place to run to in case of emergencies,

The advantage of saving in just the right life insurance plan is that now Mr. Parekh has the ability to dip into his accumulating benefits to meet his life stage needs like loan payments and car and house EMI payments, etc. If he needs help with emergencies, his life insurance policy is there for him. If he doesn't, well, it will just continue to grow so that it can protect him in the future.

Switch, and redirect!

Switching is changing the proportion in which the premiumA regular payment made to the insurance company to keep the policy in force. has been invested. This can be clearly understood in Unit Linked Insurance Plans. Usually premiums are divided in various funds depending on the risk appetite of an individual. Switching involves changing this proportion by investing more in certain funds and less in certain others. Well, Mr. Parekh has the flexibility to change the proportion of his savings in certain funds, depending on his risk appetite and the market environment from time to time.
Redirection is changing the entire fund allocation for future savings. This means putting future premiums / top-ups in completely different funds, again offering him the flexibility to change based on his needs. Even if he redirects his funds for future premiums, his past premiums still remain the same. Isn't that just tailor-made investing?
source - http://www.maxnewyorklife.com