5 Expert Financial Tips Explained by ICICI Prudential Life Insurance Plans

The key to financial success is savings. We normally make many plans to improve our financial position, which may be good if planned well. The basics are the simple and the same for savings. Here are 5 expert financial tips explained by the leader in the Insurance Industry, ICICI Prudential Life Insurance to manage your finances like an expert.

Plan your budget accordingly to your income :

It’s very simple, but people struggle to save which is the first and the most important basic rule. You should spend the amount which is your limits and not more than you earn. You should keep on evaluating your skills, jobs tasks to know your job worth in market place. You need to make small but significant cost cutting measures in a numerous areas and that can actually result in huge savings in the longer run. It’s not necessary to include any big sacrifices. Budgeting is very important and should be done very carefully.

Take expert advice :

It is not that difficult to save in mutual funds or any other financial schemes but it could be difficult if you don’t have much knowledge of the same. It’s better to take an honest assessment of your financial situation and the only way that can be done is by taking an expert third party advice.

Start Early :

The magic mantra for savings is to start early in life. If you should start saving plan at the age of 20, you will end up with more savings than someone who starts at the age of 35. Think about your retirement and start saving early.

Plan to invest at least 10-20% of your salary right at the start. Way before plunging into paying bills, monthly expenditure, etc. your investments should be invested.

Also, start your life insurance policy right at the beginning so that the premium is low and the policy can be issued without much hassels.

Protect your family :

The motto of saving doesn’t serve a purpose if you are not going to get there. Life insurance is generally inexpensive and gives you and your family peace of mind that all the expenses are going to be met. Don’t forget critical illness cover.
Critical illness cover pays out money on diagnosis of one of a list of serious illness, money that can be used to repay a mortgage, fund needed private medical treatment, or just tide you over during recuperation.

Keep your records clean :

If you don’t keep your records clean, you are probably not being able to make your finances tax efficient by not claiming for all the allowable tax deductions under Income Tax heads.

Clear all your loans so that you would not face any issue while claiming a loan from bank. CIBIL records should be clear.

These are few but basic steps to save and enjoy life tension free.

ICICI Prudential’s tip to a self-reality check

These 5 tips should help you attain a sound financial health. Once it is checked, opt for the best plan from the best life insurance company that suits your needs. Also, you must weigh the pros and cons and then choose the plan accordingly.

The entire plethora of insurance plans from the leader’s desk, ICICI Prudential is available for you to choose from. So, what are you waiting for?