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March 11, 2019

Makar Sankranti is one of the most traditionally celebrated festivals in the Indian subcontinent. This festival has also known by some other names as Uttarayan, Pongal and Poush, Bihu, Til-Gul. This festival is celebrated as the end of the winters and starting of the new harvesting season. Basically this festival is celebrated by farmers for the thanking of the end of the drastic winter and copious harvest.The day of makar sankranti the sun shifts its course from tropic of Cancer to tropic of Capricon.

On this day observed that there is change in wind direction in many parts of the country therefore people celebrate this directional change by flying kites.The tradition of kite flying on this festival is makes colourful of the sky and we expose ourselves to the rays of the sun.There are different traditions uses of makar sankranti in the states.

As the providential day of makar sankranti we bring you some financial lessons that can be taken from the kite flying festival.

  1. Be Prepared:

    In this festival there is a long tradition of flying kites in the sky. But on this day for making wonderful, a suitable preparation is needed to approach the day with your accessories of kites. So in the same manner you should be quite prepared yourself, before investment.

  2. Goal Selection and tracking the investment:

    It is very important for you to keep a track of your investments at all times. You must have a diverse portfolio for investment, which means that there must be a clear tracking of the funds that you have tied up in different vehicles. Also, it is very important that your investments must match your specific financial goals and there must be no error of judgement. Make your investment decisions based on the specified targets that you have in sight. This will ensure that there is a credible financial back up by the time of actual requirement.

  3. Flexibility:

    This is again very important. Having a flexibility-factor at the back of your mind when selecting the investment options ensures that there is a corpus that matches your specific needs. The factor of flexibility is as important as the main sum assured involved in a particular scheme. The chosen plan must offer significant flexibility that ensures sufficient liquidity and takes inflation into account. This make you enjoy the benefits of a stable fund growth together with offering coverage in case of any sudden or emergency requirement.

  4. Tax benefits:

    In India, various investment schemes offer varied tax benefits under Sections 80C and 10D of the Income Tax Act, 1961. As an informed consumer, you must be aware of these schemes and the relevant tax benefits that they offer. You must keep in mind that no amount of financial coverage will be enough if you are getting over-taxed. To avoid this, you must plan on saving taxes wherever applicable.

HDFC Life presents various saving and investment plans that offer diverse benefits to help you make your money work for you. For more details, please click on the mentioned link:https://www.hdfclife.com/savings-plans

 

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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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