Fifty plus and restless: How older Indians are working on unfulfilled dreams

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Fifty plus and restless: How older Indians are working on unfulfilled dreams

Changing perception about turning fifty

 

Fifty seems to be the new thirty. Not very long ago, hitting the big ‘five-oh’ was considered a time to slow down in life; a time to take things easy and relax. That’s no longer the norm. With advances in medical care and growing self-awareness, perceptions are changing. People turning 50 are starting to invest in themselves and have no intention of applying the brakes; their goal is to #LiveNonstop.

The new generation of people turning 50 is all about staying active in a way that doesn’t just keep them busy, but also energized and strong. From taking up new languages, travelling to exotic destinations, taking up dance and yoga to hitting the gym or prepping for a marathon, its go, go go! Age, after all, is just a number and this concept seems truer now, more than ever before.

It seems like it’s a great time to hit 50 and I was extremely curious to know just how some of my friends, who are in their fifties have made changes to their lifestyle. So, I asked around and here’s what I found out –

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Wealth Ultima – A New Age ULIP

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Wealth Ultima – A New Age ULIP

 By Somali K Chakrabarti

In life, as in chess, forethought wins. ~ Charles Buxton

The birth of a healthy daughter was a happy occasion for Rakesh Prasad and his wife Ravina.  Along with the couple, their respective parents were also ecstatic with joy at the arrival of the little one. By the time the child was barely 3 days old, the grandparents were already talking about what the little girl would be when she grows up. Rakesh’s parents wanted their granddaughter to be a doctor, Ravina’s father wanted her to be a lawyer, while her mother wanted the child to be a fashion designer.

Rakesh was getting a little weary of all these discussions. Several thoughts began to play in his mind. In a time span of 20 years, his daughter will be ready for college. They would need to plan adequately for her future. He shared his thoughts with his wife, who was already thinking of putting aside some money into fixed deposits. Rakesh was more inclined towards mutual funds. Like any other well-settled young man, he wanted to gain from the uptrend in the market. Though he was financially savvy, the couple had a busy life, which left them very little time or interest to manage their investments.

At 32 years of age, Rakesh was working as a mid-level manager in one of the Indian companies. His wife was a teacher in school. The family’s income was sufficient to support their lifestyle. Nonetheless, he would need to plan ahead to provide for their child’s future aspirations, while also planning for any contingency. The question that arose before them was what would be an appropriate solution to address their financial needs in the long future, say after 20 – 25 years.

With a steady income in hand, Rakesh can afford to invest regularly, and though he wants his money to grow, but he does not have the time to track or move his investments on a regular basis. He plans to stay invested for a long term (say 20 years or more). Keeping in view, his needs and his long term investment, Rakesh deliberated over some plans and finally decided to go for Edelweiss Tokio Life – Wealth Ultima.

Let’s look briefly at the product, and then understand his reasons for selecting the plan over other instruments.

Edelweiss Tokio Life – Wealth Ultima

Edelweiss Tokio Life – Wealth Ultima is a New-age ULIP designed to help people accumulate, preserve and utilise their wealth as per their needs. It is a systematic ULIP plan that enables people to protect themselves against the uncertainties of life and create long-term wealth.

In the case of unfortunate demise of the Policyholder, the beneficiary receives a lump sum amount. On survival of life insured, fund value is payable at the end of policy term. The policyholder can receive the maturity proceeds in a lump sum or in instalments. Please note that the investment return is linked to market performance.

Why should I invest in a ULIP?

Investment discipline

A Systematic Monthly Investment plan not only safeguards from erratic market movements but also induces investment discipline. Though Mutual funds also offer Systematic Investment Plan (SIP) that require you to habitually invest at regular intervals, but if you do not pay there are no penalties involved. Rakesh knew that in order to avoid the policy from getting lapsed, he would have to pay the premium by the due date.

Flexibility with Systematic transfer and systematic withdrawal option

By transferring the money from equity to debt, Wealth Ultima allows for preserving the gains. Rakesh could also opt for systematic withdrawal that would allow him to receive a certain amount each month to take care of regular expenses at a later stage.    

Tax savings on returns

Though the Unit Linked Insurance Product has a lock-in period of 5 years in which he would not be able to withdraw, the final amount at maturity is tax-free, which would be a big saving for him as well as for the nominee. On the other hand, for Long term/ short term capital gain taxes are applicable for mutual funds.

Cost and transparency

The cost in Wealth Ultima is lesser than most other leading investment avenues. For a policy term of 20 years, the total cost (including mortality charges and service tax) works out to be 1.07%, assuming an annual premium is Rs 1L for a person aged 35 years.  

Besides, the plan has Loyalty, Booster and Guaranteed additions, which reward the insurer for continuously paying premiums, staying invested, enhance the fund value and reduce the total cost.

All the charges, options and benefits are clearly mentioned on the site https://www.edelweisstokio.in/product/planned-future/wealth-ultima.

 

Higher Returns in the Long Term

In the long term (around 20 years or more), ULIPs have the potential to outdo Mutual funds in terms of return. So, for a person like Rakesh, with a long-term horizon, ULIP may be more suited as compared to mutual funds.

Life is like a game of chess. To win you have to make a move. Knowing which move to make comes with insight and knowledge. ~ Allan Rufus

 

This post is written in collaboration with Edelweiss Tokio Life and Blogmint.


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Turkish Mosaic Lamps in Mumbai

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Turkish Mosaic Lamps in Mumbai

A new lamp, a piece of art can transform a room. ~ Madonna

This is exactly why I love to collect decoration pieces and wall hangings. Recently, I had been to a furniture exhibition at NSE Ground in Goregaon in Mumbai. Just at the entrance of the exhibition was a stall that had mosaic lamps hanging from the ceiling, with patterns and colours so attractive that it caught the attention of all visitors coming to the exhibition. Beautiful mementoes, figures, ceramics bowls and table trays with floral designs occupied a table, and coloured discs adorned one of the walls.

As I looked at the displays, the arabesque lamps reminded me of Aladdin’s lamp. Those exotic looking multicoloured lamps had deep jewel toned colours. The lamp globes were made of many finely cut, tiny pieces of coloured glass held by brass frames. Soft light emanating from the lamps along with the shadows cast by the lamps created an ambience of romantic intrigue. It almost felt like a genie would appear anytime around the corner! My husband pointed out that the mosaic lamps were Turkish lamps.

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Savor fine dining experience at these five places

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Savor fine dining experience at these five places

Fine dining is an occasional treat for most people. ~ Rene Redzepi

Having great food in an exceptional restaurant in the company of our loved ones is an experience that most of us cherish. Last month, I had met up with my college classmates for our silver jubilee alumni meet. It was an out and out fun experience sitting out in sunshine and dining with old classmates at a club resort in Delhi, while recalling the memories of our college days.

 

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We decided to meet up once each year thereafter in a different city, and so we zeroed in on a few of the finest dining places. Friends, who are now settled in different places suggested their local favourites. So, the list that emerged included some of the finest restaurants in different parts of the world. The top 5 names that came up are as follows.

Woodpecker at Aamby Valley in Maharashtra : Being from Mumbai, I had put forth the name of this stylishly designed world cuisine restaurant, which overlooks a water body, and serves breakfast, lunch, dinner and weekend brunch.

Cloud 9, at Grand Hyatt, Shanghai: This was suggested by a batch mate who had flown in all the way from Shanghai for the alumni meet. The restaurant, located on the 87th floor of the magnificent Jinmao Tower in Shanghai offers a great collection of champagnes and sparkling wines, sweet and savory snacks, and a 360 degree view of the city.

The third name that came up was Aqua Shard, near Tower Bridge in central London. While dining you can enjoy the view of London’s riverside cityscape stretching from Tower Bridge to the London Eye.

The other two in the list included Tresind at Dubai,  famous for its “chaat” platter and “dhokla”,  and Pan Asian at ITC Grand Chola in Chennai , known for its spread of Asian, Chinese, Japanese, Korean, and  Thai delicacies

Sometimes such indulgences may seem redundant, particularly at times when one is financially stretched. But there’s no reason to constrain yourself if you manage your finances well in a way that allows you for such fine experiences.

One such smart investment method is to opt for a SIP investment plan, which requires you to invest a certain sum of money every month in a mutual fund over a period of time, thus inducing a disciplined approach to investment. Furthermore, if you increase your SIP amount by 5% – 10 % every year, you can amass a substantially higher corpus after 10 years.  Needless to say that one should look at some of the top SIP plans to choose from. Sabse Important Plan by Birla Sun Life is one such SIP mutual fund which can be counted among the best mutual funds for SIP.

By investing regularly, not only do you keep up with the rising inflation, but you also do not have to compromise on your choice of lifestyle and can celebrate happy occasions in the best of the places, with your loved ones.

Dreaming after all is a form of planning.” Gloria Steinem

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