7 Ways to Become a Crorepati

Bangalore: What are your financial goals? Is it saving huge sum of money for buying a car, a house or for building a retirement nest? You can achieve all your financial goals if you follow a disciplined pattern of saving money. You can easily save 1 crore in 15 years by opting for any one of the saving or investment cum saving instrument mentioned below. And how much you need to put away every month will depend on the option you choose, as reported by Babar Zaidi, ET Bureau.

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1. Life Insurance Policies

Monthly savings required: 34,386

Returns: 6 Percent

Advantage: At the time of your policy maturity, when you receive the sum assured, the amount will not be taxed. It is reasonably a safe investment option. You also get tax deduction besides getting a life risk cover.

Disadvantage: It offers a very low return compared to other options. Returns could be higher if you opt for a longer tenure.

Keep in Mind: you won't get any tax benefit, if your policy does not provide you a cover of 10 times the annual premium.

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