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3 Reasons Why You Must Focus More on Savings in Early 30s

Saving money to secure your future is a basic financial practice. It is the best way to organize your income in the early 30s. When you really don't know what exactly you need to do with money, a savings plan can be an option that will anyways benefit you someday! As a moral obligation, if you are an earning member of the family, you must purchase savings insurance for ensuring your family's financial protection.


Let us go ahead and understand why you need to focus on such savings objectives in the early 30s in a little detail.
 

  1. Lack of exposure on investing
     

    When you are in your early 30s, you must have just started your career, and there are not many financial commitments. In the urge of making more money, you tend to orient towards investing. The interest in experimenting with various financial instruments is certainly high. And with the idea of making more returns, you tend to take very high risks by investing more money.  It is not a bad notion. Investing has a lot of benefits on growing your wealth.


    However, you lack exposure to the investing platform. It is a wide market arena with many players having their distinct positions witnessing challenges every day. As a beginner in the early 30s, if you get into the practice of investing, you might get into financial distress. Without clarity on the stake of money you have invested, you cannot proceed with investing more. A savings insurance plan will be an ideal choice in this case. You can safely pack your money reserve for your future needs and financial protection.


    You can start investing gradually by learning the different concepts. With expert guidance and support, you can diversify your portfolio and try various strategies to find the right way to progress. Also, by setting a risk tolerance level, you can limit your exposure. However, the returns are not always guaranteed1. And, as the quantum of money is slightly high in the early 30s, prioritize to focus on a savings plan so that it is safe and available.


  2. Importance of Guaranteed1 Income Plan


    If you have decided to save money and are confused about how to do it, a guaranteed1 income plan is the best option. It is a money-saving plan introduced by insurance companies for providing insurance and savings benefits. There are flexible features that help you customize the plan as per your needs.


    Like in any other life insurance plan, you will be paying a premium amount regularly. It will provide a sum assured to your nominee in case of your sudden demise and, additionally, guaranteed1 returns. The returns are provided as a maturity benefit. There are different payout options to receive the maturity benefits. You can receive it as a lump sum amount or as a regular monthly income. TATA AIA pay premium provides the flexibility to choose the premium paying payment mode and frequency. If you have decided on the monthly savings plan, you can choose the income period as well.


    If you are the sole earning member in your family in your early 30s or your family depends on your earnings for a certain proportion, you have to ensure it at different stages in their life, even in your absence. The plan provides a life cover with add on rider# benefits. For example, there is the critical illness and the terminal illness benefit rider#, total and permanent disability rider#, waiver of premium rider# etc.,


    As the returns are guaranteed1, you can plan for a long-term financial commitment such as children education and marriage. The longer you stay into with this insurance savings plan, the better are the benefits. Also, as the plan offers regular monthly income, it is a good retirement planning option. If you feel the extent of financial commitments will keep increasing in your family, start with such a savings plan in your early 30s to guarantee a good proportion of money.


  3. Need for calculated risks



    In your early 30s, you will have different passions or a dream that you wanted to pursue. For example, starting a new business. A new venture with an innovative idea will definitely become a huge success. However, uncertainties in life can delay it or require more investments to handle the operations. A sufficient fund to start the business, invest in expansion and recover from losses is certainly essential.


    Starting a business based on your income or from the returns associated with your investments will not work. It will not ensure the required fund when it is necessary. A savings plan with guaranteed1 returns can help you manage such scenarios and take up a calculated risk.


    It will serve as a strong backup and urge you to explore new opportunities. By saving regularly and over a long period of time, you accumulate a lump sum amount. It will lead to working on your desires and becoming financially independent in the future. Choose a savings plan that will be comfortable based on your income.


Conclusion


The early 30s is the right age to start saving money in your life. We have seen the importance of saving early for the future. It will provide financial protection and restrict investing where the returns are not guaranteed1 and make way for a calculated risk. Now, it is high time you make a decision.


The proportion of money you want to save depends on your current financial position, financial commitments, and steady flow of income. Focus on savings insurance for comprehensive benefits and stay invested for maximum protection and benefits!


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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

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Disclaimer

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry.
  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.