Once a person touches the age of 30, a thought encircles his mind that when his age would be doubled he would be retiring from his services, if he is a serviceman & similarly if he is a businessman, his age might fall at the age of 60, making it difficult for him to work for the upliftment of his business at this age.
Investment Ideas for those in their 30s
1. Take a decent life insurance cover
As in their 30s, the majority of Indian population gets married and hence to secure the life of their husbands/wife, one should go to Life Insurance Corporation investment. If the LIC’s Principal Applicant is the husband, then generally his wife is the nominee and vice versa. When going for LIC investment, investment is made for a certain sum known as Sum Assured. One has to pay premiums on these sums assured which may be quarterly, half-yearly and annually.
2. Ensure adequate medicalim policy
In their 30s, both the husband and wife are prone to certain general diseases or there arises some chance of major diseases in them and hence a Mediclaim Policy is required. In this policy, any of them among the husband or wife has to pay a certain quarterly, half yearly or annual premium, and thus the policy will cover the principal applicant’s and nominee’s medical expenses.
These expenses can be borne by the insurance company on a cashless basis or a reimbursement claim basis as the conditions are specified. One can, however, get the benefits from certainly specified hospitals as mentioned in the Mediclaim policy. The diseases to be covered under this policy are also specified under this Medi-claim policy.
3. Retirement benefit schemes
As the majority of companies, that includes the chunk of Public Sector Undertakings (PSUs) are not disbursing pension facilities to their retired employees anymore, hence, the persons in their 30s are looking for ways to invest in retirement benefits. Thus, several Retirement Guaranteed Savings Schemes are opted by the applicants.
Let us consider an example. An applicant pays 60000/- annually for 7 years. So he pays Rs 420000/-. The next 8 years his money is blocked. Suppose the applicant started this premium payment at the age of 31 years. Thus he pays 420000/- until the age of 38 years.
At 46 years considering a discounting factor of say 12% compounded annually, he would receive a total of 12,00,000/- at the age of 46. But he has an option. He can go in for pension scheme of 8000/- per month for the whole of his life. After his death, his wife will receive the benefit. This policy of ICICI PruGuaranteed Savings Scheme is the popular Retirement Income Solution of the ICICI Prudential Life Insurance.
4. Public Provident Fund
Public Provident Fund (PPF) is another popular investment, a guy can make in the 30s. He can deposit a minimum of 1500/- and a maximum of 200000/- in a year. The rate of Interest is presently 7.5% per annum, compounded annually.
The Public Provident Fund matures in 15 years. PPF Account can be opened in all post offices in India and the State Banks of India. It is a very easy type of investment with both the rich and poor can invest in it without any fuss.
5. Other volatile instruments
Guys at their 30s can also look out for stupendous profits at a short span of time. To get that, they can invest in cryptocurrency trading via cryptocurrency exchange. The exchange acts as a mediating exchange between the cryptocurrency users. Buyers in the exchanges buy bitcoins by means of dollars at a lower price and sell the bitcoins at a higher price. Thus, this investment can also help an individual in his 30s to garner superlative profits.
We come to the conclusion on the basis of the above-discussed matters, that investment opportunities are plenty to grab over there for the persons in their 30s and they should not miss that. Majority of the guys in their 30s are a family man and they are in heavy need of future security. Hence, a proper sensible investment policy is a must for them.