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In this policy, the investment risks in the investment portfolio is borne by the policyholder
There is a common misconception among people that in order to create wealth and grow rich, you need to earn a six-figure income. While there’s no denying that it can definitely accelerate your journey to riches if you have a high income, all is not lost for people in the early or mid stages of their careers.
Even if you are earning only a few thousand rupees each month, you can achieve your financial goal of wealth creation with the right strategies. What’s more, there’s not just one way to do this.
There's no one-size-fits-all approach to growing rich even on a low income. To achieve your long-term goal of improving your financial stability and creating wealth, you can choose from different actionable strategies. Some such strategies are outlined below.
The strategies outlined above can help you get closer to your ultimate goal of wealth creation. You need not implement them all simultaneously. You could start by creating a budget and once you diligently save up for 3 months or so, you can start investing in a ULIP at periodic intervals.
This will help you put your savings to good use and make it easier to achieve your goals, even if you are earning a comparatively lower income than your peers.
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ARN - ED/09/23/4673
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The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year.
HDFC Life Smart Protect Plan (UIN: 101L175V01) is the name of the Unit linked product. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, The name of the company, name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.