Whether you are salary class or business class, or you are software engineer or accountant we all need to plan to make our future financially secure, that’s why we need know about financial products that can help achieve our objective, so what exactly does financial products mean well here is the answer for it.
Financial products refer to those instruments that help individuals to save, invest, get insurance, for tax planning etc…. These products are issued by various banks, financial institutions, stock brokerages, insurance providers, and government sponsored entities. Financial products can be classified in terms of their type or underlying asset class, volatility, risk and return. Some of the major types of financial products are –
1. Mutual funds
2. Insurance policies
The best part about financial product is that they can be modified so as to suit ones requirement according to his or her risk – return profile and hence there are thousands of financial products which are available in the market and hence there are plenty of alternatives for an individual to make his investment.