What happens to your SIP if you don’t have a TIP

Just a few days back, Sapna had forwarded an interesting article to her husband Gaurav that talked about how to be a crorepati by starting out with just Rs 5,000 monthly systematic investment plan (SIP) in mutual funds. It is that easy to get Rs 1 crore, Sapna concluded as she quickly dreamt up a world of riches. Gaurav, the more sensible among the two, was not too convinced. Being a smart individual, he quickly realized that a plan about investing Rs 5,000 per month for 20 years requires a 20-year old continuous working life and similar savings trend. "What if one of us dies earlier," Gaurav asked. Yes, without regular savings, it will be impossible to reach the magical Rs 1-crore figure. That's the day when Gaurav researched online, looked at advice from top financial experts who told him the before making any investment, you must take a TIP or Term Insurance Plan. As you can see, a TIP made their financial plan actually death-proof, and allowed them to do SIPs for wealth creation.

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