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Why Investing Goals Are Important

What is a goal-based savings plan – Insurance

A goal-based savings plan is a kind of life insurance that helps you save up for your life goals. So, at the time of maturity, if the insured person survives the period, the insurance provider pays out maturity benefits ( Sum assured + bonus amounts accumulated ) to the policyholder.

The advantages of a goal-based savings plan

A goal-based savings plan comes with its own set of advantages like the ones given below.

Your child's higher education

You can time the purchase and payouts from your savings plan in such a way that they coincide with the time your child attains college-going age. The payouts can help you take care of this major milestone.

Repaying your debt

Debt repayment may be another long-term goal you’ve been chasing. Carrying a debt into your 50s or 60s can be quite cumbersome on your finances. The maturity benefits from a savings plan can help you pay off your debts either partially or totally.

Your retirement goals

If your savings plan matures right around the time you plan to retire, the lump sum payouts from your insurance plan can help you start your post-retirement life with a sizable corpus to fall back on.

We at Upllyft have designed a tool @upllyft Planner that uses the following-

  1. Current & Future family income
  2. O/S Mortgages & Loans
  3. Expenses like children’s education
  4. Future income needed by the survivors to maintain the current lifestyle
  5. Current Investments

This helps us to identify the needs of our customers & recommend the solutions as per current & future requirements. The solutions are :-

  1. Estimated life insurance covers
  2. Health Insurance covers
  3. Investments in TFSA/ RRSP/ RESPs
  4. Investment in Segregated Funds

What Is Goal-Based Investing ?

Goal-based investing is all about identifying your financial goals, setting a timeline for each one of them, and investing for them regularly to be able to reach them. So essentially, you give all your dreams and financial goals a structure.

Benefits Of Goal-Based Investing – Wealth Generation

Benefits Of Goal-Based Investing – Wealth Generation

When you do goal-based investing, you will list down the goal you want to achieve, by when you want to achieve it, and the money you will need for it. And while you do it, you will consider the current cost of achieving that goal and increase in its price.
When you know the amount you will need for a goal and know the time you have to accumulate that corpus, you can effectively build your investment strategy. You can pick from asset classes like equity, debt, gold, etc., as per your investment horizon and financial goals.
When all investments are linked to financial goals, it helps you review and rebalance your portfolio at correct intervals. And also enables you to adopt the appropriate asset allocation strategy.
If you do not clearly define your goals and not invest in them, the chances are that you will not have enough money when the time comes. In such a situation, you might be forced to take a loan. Take the goal-based investing approach and you will never need to take a loan in desperation.
Investing without goals is a less disciplined way of investing, but if you have specific goals to achieve, you are more likely to stay the course. Because you know that you will never reach your goal if you stop your investments.
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