Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing throughout your life and in your absence throughout your spouse's lifetime!
Planning is an important aspect of achieving your goals. Life is uncertain and you never know what emergency might strike you. As an urban woman, it is important to have a well-defined financial plan to secure your future and handle emergencies. Financial planning for women is much different as compared to planning the finances for men.
1. Define the objective of planning
When you start financial planning, you need to have a clear objective. When it comes to women and financial planning, the more technical knowledge you have, the better it is for you. You need to set an objective and define the amount of money you need within a certain tenure. This is the first step to-wards financial planning and you need to set clear-cut objectives.
2. Prepare a plan
You need to create a well-structured plan to achieve your financial goals. You must consider your cur-rent income and expenses. Secondly, you must keep the projected income and expenses in mind. This will help you decide on the amount of money you can save now and in the future. Various factors such as risk appetite, investment tenure, and type of investment avenues play a role during the planning process. You should also have a contingency plan to ensure that your investments continue even during emergencies.
After you have identified the amount of funds you need and the emergency corpus amount you want to build, you need to implement the plan, keeping these objectives in mind. You will have to look for investment options like term insurance online if you are the sole breadwinner with many dependents in the family. Alternatively, you can hire a financial consultant to guide you with other investment options. Define the amount of money you want to invest and the risks you can bear. You will be able to find a number of products that fit your needs and are suitable for your portfolio.
4. Review your portfolio
Do not forget to assess your financial portfolio after you make the investments. You need to review your portfolio regularly and make necessary changes when required. You need to review the performance of your investments and make the essential changes to your portfolio. Make it a habit to review the portfolio time and again.
5. Redeem investments
You are saving for a certain life goal. As your objective nears, you need to redeem the investment. You can make a redemption online or submit the necessary documents to the service provider and follow-up for the maturity payments. At this stage, you will also have to sit down with your consultant and consider the impact of taxes on the maturity amount earned from your investments.
These five steps will help you handle your finances well and will ensure that you achieve your long-term financial goals. It is important to maintain financial discipline at every stage of financial planning.