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Make Your Wealth Inflation-Proof: The Right Investment Helps

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Make Your Wealth Inflation-Proof: The Right Investment Helps
November 28, 2023

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Introduction

In the past few years, the world has seen its fair share of turmoil and crisis. With a few major calamities occurring almost simultaneously, it is no wonder that inflation has reached a high peak, not just in the world, but in India too. Simply put, inflation is defined as the rise in prices of daily living commodities with the consequent devaluation of currency.

Basic goods like crude oil, edible oil and vegetables are almost unaffordable by several folks today. Due to circumstances out of any human control, inflation has raised its ugly head, and the only way to beat it is to invest prudently. More than ever, in this day and age, the youth must take steps to protect themselves financially, with time on their side, and fight inflation currently and in the future.

Inflation and How it Adversely Impacts Your Wealth

For young, salaried individuals who are commencing careers, just saving money isn’t enough. The world as we know it has become an unpredictable place, and both seniors and youngsters have realised this in the worst possible way. Financial planning is of the utmost importance in such an atmosphere. The future may hold medical emergencies and other unforeseen events, such as loss of employment. All this affects an individual’s finances. Therefore, wealth should not just be saved, but grown into a large enough corpus to see people through hard times.

Alarmingly high rates of inflation that we are seeing now have surpassed all the estimates generated by the Reserve Bank of India in September 2021. At that time, inflation was at 4.35%, while it rose to 6.1% in the first month of 20221. In a country like India where people depend on conventional rupee-driven investments such as fixed deposits, public provident fund and the all-powerful gold, the increasing rate of inflation poses an acute problem, one that needs a mindful financial strategy that involves deviation from the investment norm. Savings are continuously eroded by forces that humans cannot control. Your salary may go up slowly, but inflation races this faster and more furiously. Furthermore, traditional savings plans and long-term investments may be adversely affected, along with the average cost of living rising exponentially.

Plans and Financial Products to Beat Inflation for Growth of Capital

Now that you know that you have to build on your existing wealth and not just save it in conventional instruments, how do you go about doing this? If you are young and earning a salary, you can look at alternative plans for investing a part of your salary, and since you have a long period ahead, you can only benefit.

The advantage of investing while you are young also lies in the fact that you are in relatively sound health, and approval of plans like life insurance-cum-growth plans are easy to acquire. Furthermore, when you are young you have the benefit to pay low premiums2 on plans such as those offered by HDFC Life. One such plan is the HDFC Life Sanchay Plus Plan. You get great options with this plan, offering policyholders life cover and a pay-out to beneficiaries should any unforeseen event occur harming the policyholder. Moreover, this is also a long-term saving plan, giving you guaranteed pay-outs for a fixed term, based on your financial goals. There is also an option to avail return of premiums paid at the term’s maturity.

Source

1https://www.forbes.com/advisor/in/personal-finance/how-to-make-your-savings-inflation-proof/

2Not applicable for smokers.

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ARN: ED/11/22/30257

 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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