RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Investment Planning for Self-Employed and Freelancers

down-arrow
Investment Planning for Self-Employed and Freelancers
March 27, 2020

As per recent statistics, over 1.5 crore Indians are freelancers. Working as a freelancer has numerous benefits, you may work whenever you want

to and from wherever you want to. You do not have a tight work schedule, which relieves you of physical, emotional, and mental stress. However, the fluctuating income may sometimes turn out to be a major hurdle, which in turn may affect your expenditure and savings. Additionally, you may not have access to employee benefits offered in the corporate organizations and hence it solely becomes your responsibility to secure your future.

Thus to accumulate wealth in the long run, there are numerous freelancing and self-employed investment options. You may go through your finances and determine how much of your income you wish to allocate towards investing. Based on this amount, you may choose from any of the following four options.

1. Buy a health cover

Investing in a health cover ensures the protection of your health as well as that of your family. In case of medical expenses, the insurance provider offers to cover all related expenses. Investing in a health plan is a financially wise decision due to the rising medical costs and changing lifestyles. If you are seeking to purchase a health cover, you may opt for HDFC Life Easy Health Plan. This is a health insurance plan and mediclaim policy for individuals, parents as well as family. It provides a lump sum amount in case of hospitalization or upon diagnosis of
any critical illness. By investing in this plan, you may avail of a high cover at affordable premiums.

2. Avail of a term plan

A term plan offers you life coverage for a defined period of time. In case of your demise, the death benefit is payable to your nominee. Apart from lump sum payment to the nominee on death, term plans come with other advantages such as tax benefits, low premiums, and flexibility. One of the best term investment plans in the market is the HDFC Life Click 2 Protect 3D Plus. This online term insurance plan offers security from 3Ds, namely Death, Disability, and Disease. By investing in this plan, you may enjoy comprehensive security at an affordable rate. Moreover, this policy comes with 9 plan options.

3. Plan your taxes

Self-employed and freelancers may claim deductions under expenses incurred towards travel and depreciation of assets, among others. If your annual income falls under INR 50 lakh, you may avail of benefits under Section 44ADA of the Income Tax Act 1961. Self-employed individuals may claim 50% of the total receipts as the business expense without necessarily having to maintain any books of accounts.

4. Invest in Unit Linked Investment Plans (ULIPs)

Premiums paid towards ULIPs are invested in equity, debt, and money-market instruments. Due to such diversity, the risk factor is reduced to a great extent while ensuring good returns at the same time. ULIPs offer triple benefits of high returns, life cover, as well as tax benefits with minimal risk. You may consider investing in HDFC Life Click2Invest ULIP plan. You may avail of market linked returns at a low cost, enjoy financial protection, as well as meet your investment needs. You may chose from eight fund options and select the premium payment option as per your choice. The plan also offers a high degree of flexibility by allowing you to choose your policy term from 5 to 20 years.

As a freelancer and a self-employed individual, it is important that you manage your finances well. You may consider the aforementioned self-employed investing schemes and secure your financial future.

Similar Articles:

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

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.

LinkedIn profile
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.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How rising interest rates impact your investments and ways to adapt. Stay informed to make smarter financial decisions and protect your financial future.

Preserving Your Investment: How New Tax Rules Affect Real Estate Sales Before 2024

Financial Freedom for Women Entrepreneurs: Unlocking Success with the 50-30-20 Strategy

Baby Steps to a Secure Future: Financial Planning and Wealth Management

Essential financial planning and wealth management strategies for families. Secure your future and confidently navigate parenthood with these key insights.

Baby Steps to a Secure Future: Financial Planning and Wealth Management
6 financial mistakes every parent must avoid Previous
Thriving with autism: A family guide Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

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.

Popular Search

Popular Searches