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HDFC Life Click2Invest offers a ULIP that allows you to invest in a choice of eight funds with flexible premium options. Photo: Shutterstock
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HDFC Life Click2Invest offers a ULIP that allows you to invest in a choice of eight funds with flexible premium options. Photo: Shutterstock

India is celebrating the spirit of entrepreneurship like never before. People, especially the youth, are setting up their own companies fuelled by the desire to stand out from the rest. The rapid evolution of technology, coupled with a stable business environment and key initiatives like Start-up India, Make in India, and Digital India, have scripted many a success story in the start-up landscape. According to a survey conducted by the World Bank, India registered 36,859 new businesses in 2004, a number which shot up to 98,029 in 2014.

In addition, the number of youngsters who are willing to forgo conventionally safe career paths for the sake of professional fulfillment is also growing. Whether they’re choosing to establish startups, work in one, or forgo all semblance of a 9-to-5 through fast-paced freelance careers, the younger generation today is all about taking risks and chasing dreams.

Starting a new business or choosing an alternative profession, however, isn’t easy. It involves sound financial planning. Chintan Ruparel, co-founder, Terribly Tiny Tales, an online storytelling platform, realised this early on in his career. When Ruparel quit his job in advertising to venture into the start-up ecosystem with his friend, Anuj Gosalia, people termed his decision ‘reckless’. But Ruparel was sure of tasting success, thanks to some timely investments.

This video not only provides a glimpse into his world; but also holds the key to inspire several youngsters wishing to take a similar plunge. Your ‘reckless’ idea can gain wings once you have a few basic investments and financial plans in place.

A great way to begin is through unit-linked insurance plans (ULIPs). If you are also looking to set up your own firm, or take on a career that has a traditionally ‘unstable’ future, investing in sound plans like ULIPs are your best bet.

ULIP has a two-fold advantage: it provides risk cover for the policy holder as well as the option to invest in both equity and debt as per one’s risk appetite. The premiums you pay are invested in the funds chosen by you; here, the value of each unit of a fund is determined by dividing the total value of the fund’s investments by the total number of units. ULIPs are ideal for those looking for flexibility to switch their capital between funds with different risk-return profiles as well as for those who want to stay invested for a long period. Here’s how opting for a ULIP would benefit you:

■Market-linked returns: ULIPs allow you to earn market-linked returns as part of the premiums invested in market instruments like debt and equity.

■Future safeguarded: Worried about loved ones’ future in case of any uncertainty with you? Investing in ULIPs will provide you life cover.

■Flexibility: ULIPs allow you to switch between investment funds depending on your needs, partially withdraw your funds, and invest additional sums of money (over and above the regular premium).

■Tax benefit: ULIP provides you the opportunity to claim income tax benefits, by way of both deduction and exemption. This follows from the income tax provision that ‘any sum paid to keep in force’ a life insurance policy can be claimed as deduction.

HDFC Life Click2Invest offers a ULIP that covers all these benefits. It allows you to invest in a choice of eight funds with flexible premium options. For higher returns, there are aggressive equity funds, such as Equity Plus, Diversified Equity Fund, Blue Chip Fund, and Opportunities Fund. These can be balanced out with low-risk options such as Conservative Fund, Bond Fund, and Income Fund, to create a personalized investment bouquet as per your risk tolerance. Click here to know more.

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