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
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!
You might have been planning and working towards your dream retirement since your 20s or 30s. But the decisions you make when you are close to your retirement age significantly impact how you live your life after leaving employment.
While retirement is the time to relax and indulge in things you like, the smallest mistakes, especially close to the retirement age, can have severe consequences. If you are about to retire soon, here are six expert tips to help you live the retirement of your dreams.
A retirement pension plan is an excellent way to ensure that you continue receiving regular income even after you retire. However, if you’ve missed purchasing a pension plan in your 30s and 40s, you can still consider purchasing an immediate annuity plan even if you are close to retiring.
With immediate annuity plans, you make a lump sum investment and start receiving annuity immediately after investment.
For a stable financial future, it is generally recommended that you repay all the loans, like home loans, education loans, personal loans, etc., before they retire. Without a regular source of income, it can get challenging to continue repaying the loan after retirement.
Rather than extinguishing your savings after retirement, you should make every possible effort to close off your loans before you retire.
There is no stopping the medical inflation in the country. As healthcare expenses are only expected to rise in the future, it’d be wise to also invest in a health insurance plan if you haven’t already. Some insurance plans in the now offer health plans to individuals up to 55-60 years.
Similarly, also consider purchasing life insurance to ensure the financial safety of your spouse and other family members in case of your unfortunate demise.
Income from various sources, such as equity investments, mutual funds, fixed deposits, pension income, etc., are taxed differently.
While seniors are offered preferential tax treatment in most cases, it’d still be wise to know how income from these various sources will be taxed and what are the different ways you can claim deductions and exemptions. You can consult a tax advisor for the same.
When you are close to retirement, it is wise to switch to safer and more stable investment forms, such as fixed deposits, liquid or debt mutual funds, etc. Even if you have equity investments, consider only holding solid blue-chip stocks.
As you are no longer working, relying on investments that deliver risk-free or stable returns with minimal risk is better.
You should never invest all your money, especially in your retirement years. It is generally recommended that you should have at least 1-2 years’ worth of expenses in a savings bank account to ensure that you can access the same as and when needed.
Investments like mutual funds and equity are market dependent. In case if the market falls, you’d not want to withdraw your investments at a loss. The safety cushion will ensure that you always have liquid money for short-term expenses.
Finances will play a critical role in helping you live the retirement of your dreams. Keep these tips in mind if you are close to your retirement age, as they can save you from expensive mistakes that could have severe long-term consequences.
Ref. No. KLI/22-23/E-BB/492
