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Securing Your Finances While Building a Company

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Securing Your Finances While Building a Company
September 26, 2022

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

India has a robust start-up culture. We have the third largest start-up ecosystem in the world. Becoming an entrepreneur requires a lot of courage and significant financial planning. Start-ups require a few years to turn a profit, during which time you need to secure your finances. Let’s look at how you can do that:

How to Secure Your Finances While Building a Company

  • Build Your Savings

    If you’d like to start a business soon, you need enough capital to get you going. You can begin your journey with a savings plan like HDFC Life Sanchay Plus. The guaranteed return plan allows you to choose how and when you want to receive the maturity amount. You can opt for a lump-sum payout and use the amount to help fund your company. Your financial goals will dictate how long you should remain invested. A short-term savings plan might be enough to build capital for your company within the next few years. Additionally, these savings plans provide life insurance coverage, ensuring your family remains financially secure even if something happens to you.

  • Separate Your Finances

    As an entrepreneur, you must keep your personal and business finances separate. Give yourself a salary or stipend and use the profits to grow your company. Since businesses go through cycles, you should have a retirement plan, even when things are going well. Put money away into a pension or annuity plan regularly to help secure your golden years. Remember, you cannot rely only on your business once you decide to take a step back from working full-time. If things slow down, you might have to make difficult adjustments in your 60s.

  • Invest in Your Goals

    Once you get your company up and running, take a moment to think about your future. Do you have other financial goals you want to achieve? Your business could start turning a profit quickly, but sustaining that growth single-handedly can be tough. Initially, you may not earn enough to help you save up to purchase a home or a space for a bigger office. Instead of waiting for your business to meet your needs, you can take your finances into your own hands. Choose to invest in Unit-Linked Insurance Plans (ULIPs) like HDFC Life Click 2 Wealth. These policies offer both investment opportunities and an insurance component. They enable you to build a corpus to meet future financial goals. With a ULIP, you can choose how and where your money gets invested. A professional manages the fund for you, helping you meet your financial goals.

    Starting a business requires hard work and dedication. You must make intelligent decisions to safeguard your finances and your family’s future!

ARN: ED/08/22/28594

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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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Author Profile Written By:
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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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Disclaimer

The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year.

HDFC Life Click 2 Wealth (UIN: 101L133V03) is a Unit Linked Non-Participating Individual Life Insurance Plan

Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked 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 Life Insurance Company and HDFC Life Click 2 Wealth is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale. The various funds offered under this contact are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

HDFC Life Sanchay Plus (UIN:101N134V14) is a non-participating, non-linked savings insurance plan. This version of the product brochure invalidates all previous printed versions for this particular plan. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.

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