Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
Kotak e-Invest is a comprehensive Unit Linked Life Insurance Plan that can be customized as per your goals and needs - be it protection; investment; financial security for child or retirement planning.
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and insurance cover against any eventuality.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
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The early bird catches the worm. When we are talking about investments, this saying hits home. It is simple: the earlier you invest, the more time you have to stay invested, the higher the probability of maximizing your returns. However, most people in their early twenties do not even think about retirement. It is important to take your retirement planning into your own hands and start as early as you can.
As you grow older, your health becomes more fragile and you are more prone to falling sick. Medical expenses are steep and they can burn a hole in your savings. Diseases or ailments do not strike with a warning and, therefore, it is better to start building a corpus for the same from the time you are young and healthy. By doing this, eventually, you need not depend on someone else to pay for your health bills.
The popular folk tale of the ant and the grasshopper teaches us the importance of saving for a rainy day, early on in life. Life is unpredictable. It can throw a curve ball at you at any point in time and you need to be prepared. A secure retirement corpus or nest egg can help you move smoothly through all stages of life without having to worry too much about the future. Do you know you can also pledge your retirement fund for a short-term loan in case you are faced with a sudden emergency and need funds immediately? Early retirement planning is, therefore, useful in many instances.
If you start early, you give more time to your money to compound. By starting early, you can regularly put aside a small sum of money and still generate a good corpus over time compared to someone who starts much later, even if they end up investing more money.
If you are the only breadwinner in your family, you have every reason to start saving as soon as possible. Over the span of your career, you would want to accumulate as much wealth as possible so that both you and your family can live a good life without monetary issues. However, what happens to them in case something unfortunate happens to you? The future is uncertain and you can secure their future with the help of life insurance-based pension or a solid early retirement plan.
You can avail tax benefits of retirement plans . One of the major advantages is that they reduce the amount of income tax you will otherwise have to pay to the government during retirement. You can also ensure that your beneficiaries to the retirement corpus pay reduced tax. You can opt for tax diversification as well. This means you can diversify your money into tax-deferred, tax-free and taxable accounts. By doing this, you can withdraw your retirement corpus strategically from all three accounts, depending on the future circumstances.
These days, people are also looking at early retirement. They do not want to work until the official retirement age (as set by the government). If you are keen on an early retirement, it is vital you need to start planning for it as soon as possible.
The future is unpredictable. You never know what can go wrong and when. While you cannot always predict what may go wrong, you can always prepare in advance for you and your family to cope with unfavorable conditions. By investing time and effort in early retirement planning, you can ensure that you are financially well prepared and mentally at peace in your golden years.
- A Consumer Education Initiative series by Kotak Life
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