My First Salary!! What Next?

The contentment achieved on receiving the first salary is unrivaled and damn hard to express. After completing years of education and hard-work, you finally have a job which offers you the ripe fruit in return of the seeds you had been sowing in form of your dedication for past 20 years. Boosting your self-confidence and opening gates of development, your first job sounds like the best thing that happened in your life. Heading to a better lifestyle it is obvious and justified that exhilarating feelings will be following your path.

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You surely stand on cloud nine when you receive your first salary cheque irrespective of the amount. And, with this amazing beginning comes the responsibility to build a prosperous life. Palaces are not constructed in a day but with a regular addition of bricks you can construct any great structure. Now you need to analyze various parameters and decide on how to go about with the utilization of money you received after working so hard.

Financial Planning – Now that you have entered the world of self-dependents, it is time to stay prepared for facing numerous situations like getting locked in debt trap or loss of huge funds. The delight of having money in your hand will surely splurge you in some unplanned shopping which might sound exciting now, but worthless in the long run. The time requires you to monitor your expenses for smart savings and progressive future. You need to set some target and follow them religiously to have a happening today and a secured tomorrow.

Combating Contingency- Emergencies can knock at your door without sending any prior notification, thus it is necessary to have a secured lifestyle for which it is advised to purchase term plan and health insurance policy, irrespective of the fact that your employer might have just offered you such a policy. Accidental death benefit and critical illness plans are few riders which you should opt for in order to provide your dependents a feeling of independency in your absences. Investing at a young age can keep you away from financial burden because the premium paid at this age is quite low.  

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Time to Invest – At this age you should go for different kinds of investment options as risk taking easily gets a place in your priority list. It might be sounding too early, but planning for your retirement funds can turn out to be a great step towards investment later on.EPF, SIP,ULIPs are few of the great avenues of investment and multiply your money into a giant money house.

Without having a second thought towards financial nirvana, most of us might have spent our salary thinking the amount is too less or it’s too early to start-up with anything. We must never get deviated from the real goal of our life to experience a happy tomorrow.  

Note: Know what is term life policy first and then buy a term plan for your loved ones.

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

Note: Check out the best term insurance policy in India and choose one that suits your requirements.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.

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