You firefight work pressure and burn the midnight oil, almost every other day to build a platform that is sturdy enough to withstand the strains that you or your family might face.But all the good work can turn to dust in case of your sudden demise, leaving your family in the lurch. Therefore, to have peace of mind that your family will be financially safeguarded even when you are no more, it's prudent to get a ‘Term Insurance Cover’.

A term insurance plan will make sure that your loved ones are financially blanketed from life’s uncertainties. Moreover, it will make sure that:

• Your spouse is able to replace your lost income
• Your children’s education expenses are taken care of
• Long-term financial goals of your family are met
• Your outstanding debts are repaid

Furthermore, it is recommended that you opt for a critical illness cover along with your term plan. This will take care of the “exorbitant treatment cost” in case you are diagnosed with a critical illnesses.

Several things can shake your financial boat-sickness, house maintenance, job loss, car repairs, and so forth. If you are totally underprepared for such emergencies, you could find yourself walking straight into a debt trap.

You can free yourself from such financial impediments, by parking at least six months expenses in an emergency fund -fixed deposit or a liquid fund-which can be easily redeemed.

When you owe money, it's difficult to make a case for being financially independent. Therefore, this independence day, pledge to get out of debt as soon as possible.

For each type of debt, you can set different time horizons for getting out of debt. For instance:

• You can commit to eliminating the credit card debt in a year or two
• You can repayyour student loan in 5 years
• You can eliminate your house mortgage in 10 to 15 years.

Although it’s not an overnight solution, however,it can very well direct you towards the right path.

You may have different dreams which you aim to fulfill in the long run:

• As a parent, you may wish to fulfill your child’s dream of education in a prestigious university
• You may be planning to buy your dream home or a car
• You may wish to be that globetrotter who travels the world in retirement

Whatever be your goal, truth be told, once you make up your mind, there is no turning back. You will find that these goals constantly flash in front of your eyes anytime, anywhere - before going to bed or when you are lost in your thoughts while standing in a crowded train.

Therefore, to fulfill such goals and take the worry off your mind, you need to invest in prudent wealth plans to create wealth in the long term.There are plenty of ULIP-based wealth plans that you can invest in to help you smooth your path to financial independence along with an insurance cover to protect your family from uncertainities of life.

Regular investment in such wealth plans can not only provide exceptional returns over the long run but also offer coverage against life’s eventualities. Moreover, ULIPs allow you to invest as per your risk-appetite, meaning, you can invest in debt, equity, or balanced funds as per your choice. Additionally, features like switching facility, top-up facility, partial withdrawals, and tax saving act as the cherry on the cake.

There is no denying the fact that financial independence is necessary to live a comfortable life, even after retirement. After all, money shouldn’t be the concern to decide how you wish to spend your golden days.

Along these lines, retiring without having to depend on others and with enough resources, should be your focus in your working years. Meaning, you must save and invest towards your retirement as soon as you start drawing a salary as opposed to holding up till you enter your 40s or 50s. For this purpose, you can invest in retirement plans or pension plans that offer stable income after retirement and help you lead an anxiety-free retired life.

Also, since retirement is a long-term goal, you can invest in equity-based wealth plans like ULIPs.

All in all, knowing where you stand with respect to yourfinancial goals and getting a grip on your finances can help you gain freedom from financial worries this Independence Day, and in turn, achieve your version of happiness.