Kotak Life
Close

Buy a Life Insurance Plan in a few clicks

Close

Now you can buy life insurance plan online.

Kotak e-Term Plan

Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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. Know more

Kotak E-Invest

Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs. Know more

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. Know more

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! Know more

How to Fulfil Your Financial Goals in the Next 10 Years?

How to Fulfil Your Financial Goals in the Next 10 Years?
  • 26th Apr 2022 |
  • 2,543

The famous 10-year goal planning method has also motivated you to take control of your lives and live on your terms. This regular reinforcement puts many things into perspective; for example, some people’s 10-year goal may involve completing their education, landing their dream job, getting married, and having a family. The list of these 10-year goal plan examples goes on and on, but they all have one thing in common: the necessity to secure your financial objectives as a foundation for attaining the rest.

We’ll walk you through creating a foolproof 10-year financial planning agenda that will help you achieve all of your financial and personal ambitions.

  • Set Goals that are Realistic and Achievable.

You must evaluate your income and costs while creating your goals to ensure practical, feasible and achievable for the 10-year goal plan. Your financial objectives are one-of-a-kind. They’re an extension of your core beliefs, which matter most to you. Some objectives may be easier to fulfil than others. Perhaps you are more driven to save money than splurging. Setting financial objectives should be guided by your vision for the future.

  • Budget is the Key.

As regular paychecks begin to flow in, our wants and desires tend to dominate our ability to make decisions. Don’t allow these events to deter you from sticking to your financial planning! Make a budget for yourself that covers all of your requirements, wants, and miscellaneous expenses without jeopardizing your finances.

You can prepare a budget the old-fashioned way by reading through your financial records and invoices from the previous few months and classifying each cost with a calculator or paper. You can also use a budgeting tool to simplify the process.

  • Have an Emergency Fund at Your Disposal?

Good 10-year plan examples are incomplete without mentioning an emergency fund. A decent emergency fund should have at least three months’ income. It is even better to have one for six months or more. In a job market in flux, having emergency funds is essential. Unexpected vehicle repairs, hospital stays, mortgage payments, and various other bills are typically covered by emergency funds in case of loss of income.

  • Make the Right Investment Choices

This is likely the most crucial aspect, and still most people make mistakes without a plan and research. We adore fixed income products as a country; thus, no matter our aim or how far away it is, we invest in fixed income products like FDs, RDs, and other similar instruments. We are not saying that these are bad investment products, but these are good for secure income. You can use these products to build your emergency funds where you don’t have to disturb the account.

However, to achieve significant returns on your 10-year goal plan, investing in insurance policies, equities mutual funds, ULIPs, and other financial instruments makes sense since they offer protection, long-term ROI and of course, a discipline to invest periodically.

  • Revisit Your Goals.

To keep track of your progress, relook at the end of each month for a realistic approach towards your 10-year goal planning. First, examine whether your objectives still match where you wish to go at this time. Then, after each year, go further into your goal evaluation. You may wish to adopt a more aggressive strategy based on the findings or rethink how you can reach your current objectives.

To sum up, the importance of a 10-year goal plan is immense. Thus, to stay in sync with your vision, follow the aforementioned tips and witness yourself achieving the 10-year financial goal planning with sheer ease.

Kotak e-Term Plan

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Different Types of Protection Plans

Why Should You Buy Term Insurance in 2022?

Insuring Against Accidents with an Accidental Death Insurance Rider

How to Compare Term Insurance Online

Term Insurance: What Happens When You Don’t Pay Your Premiums?

Key IRDAI Regulations That Changed Face Of Term Insurance Industry In 2020

Online vs Offline Term Insurance: Which Is The Better Option To Buy

Can You Increase Your Term Insurance Cover?

What Should You opt for - Limited or Premium Pay?

Term Vs. Whole Life Insurance: Which One You Should Buy in India?

Is term Insurance Needed for People With No Dependents?

Term Insurance With Riders In India

What is Form 16, Form 16 part A, Form 16 part B, Information Required and FAQs

How Much Term Insurance Do I Need

What All Documents Required For Term Insurance In India?

What Should Be The Duration Of Your Term Plan in India?

How To Change The Nominee in Term Insurance?

Can I Get Term Insurance on Behalf of My Spouse?

9 Most Frequently Asked Questions on Term Insurance

Why Buy Term Insurance Even at Rising Rates?

Should Youngsters, Working Couples Buy Term Insurance Plans?

Cost of Term Insurance Likely to Increase Soon

Tax Benefits of Term Insurance in India

How To Calculate The Amount Of Term Life Insurance You Need?

What Is a Passive Income? Why Should You Use It to Buy a Term Plan?

What is the Right Term Period For Term Insurance Policy? Here's How You Should Choose!

All you need to Know about Term Insurance Plans for Housewives

Can Non-Resident Indians (NRIs) Buy Term Insurance In India?

When is the Right Time to Buy Term Life Insurance Policy for Yourself?

5 Things To Consider While Buying Term Insurance Plan

Ensure Protection Against Death, Disease & Disability With Life Insurance

Calculating Term Insurance Premium

Buying A Term Insurance? Don't Ignore the Claims Settlement Ratio

Why 1 Cr Term Plan Is Necessary For Family?

Why Married People Should Buy Term Insurance Under MWP Act?

Can I Extend the Tenure of My Term Insurance Plan?

Why Premium Amount for Term Insurance is So Low?

Term Plans are Definitely Cheaper than You Think!

Individual Life Insurance vs. Group Term Life Insurance

टर्म इंश्योरेंस क्या है? टर्म इंश्योरेंस का मतलब

Term Insurance: Most Common Term Insurance Myths Explained | Kotak Life

Term Plan with Spouse Cover

What is Term Insurance - A Complete Guide

9 Ways to Help Family Members in Financial Trouble

How Not To Get Your Term Insurance Claim Rejected

Insuring Against Disability With Disability Insurance Rider

How Much Term Life Insurance Cover Do I Need in India?

Should You Buy a Term Plan After 40?

Understanding Term Insurance Riders

Term Life Insurance Plan for Smokers vs Non-Smokers

Term Insurance Calculator - Everythng You Need To Know

What Are the Best Term Insurance Plans for Planning Retirement?

Advantages of Buying Term Insurance in Your 50s

Reasons You Need Term Insurance Plan as a Self-Employed Person

Why Buying a Term Plan Is Smarter Than Traditional Life Insurance Products

Ideal Features of a Suitable Term Plan - Act Now for a Stress-free Future

Does Your Term Insurance Plan Cover Death Due to COVID-19?

Why should single women purchase term life insurance?

Insuring yourself against Ill Health with a Critical Illness Rider

What are the Documents Required for Term Insurance Plan?

Can I Make Changes to My Term Insurance Policy Post Purchase?

Is Group Term Life Insurance Provided By Employer Sufficient?

Term Insurance Plans and Policies for Smokers

Do You Need Term Insurance Cover After Retirement?

Different Types of Premium in Term Insurance

Busting Myths and Facts About Term Insurance Policies

10-Year Term Life Insurance Policy - Explained in Detail

What Happens if you Hide Facts in your Term Insurance?

Why Term Plan Should Be The First Step To Securing Your Future?

Why does every working woman need life insurance?

Make Your Online Term Plan Your Family's Monthly Pay Cheque

Best Investment Plans for Children - Secure Your Child's Future

Why Buy Term Insurance Plan With a High Cover?

Term Insurance: Smokers vs Non-Smokers

How To Choose the Right Sum Assured Under a Term Plan?

Which Death Type Does Your Term Plan Not Cover?

Why Should You Add a Rider to a Term Insurance Plan?

8 Factors to consider before choosing a Critical Illness Insurance

How Does A Term Life Insurance Work in India?

Do I Need to Give a Medical Test for Term Insurance in India?

What Are Insurance Riders and How to Choose Them in a Term Plan?

Tips to Choose the Right Term Period for Term Insurance Plan

How Much Cover Should I Take In A Term Plan?

How to Ensure That Your Term Insurance Claims Are Never Rejected?

What Is a Renewable Term Insurance Policy?

Comparing Term Plans – What Should You Look Out For

Difference between Term Insurance and Life Insurance

What Types of Deaths Are Covered in a Term Insurance Plan?

What is a Joint Term Insurance Plan? Key Benefits of Joint Term Plan

5 Benefits of Early Retirement Planning

8 Benefits of Term Insurance You Should Know

Why Surrendering Your Term Plan Policy In The Final Phase Maybe A Bad Idea?

What Happens to Term Insurance Plan With No Beneficiary - Kotak Life

Why is it important to buy term insurance plan?

Is Life Insurance Investment Worthy Enough

How Does Term Life Insurance Work? Learn the Benefits

8 Things To Do After Buying Term Insurance

Choosing Riders for Insurance Plans

What is Critical Illness Policy

Can Senior Citizens Avail Term Insurance?

While Buying Term Insurance Compare Features, Not Just Premiums

What is Insurance Premium - A Detailed Guide

Steps on How to Buy Term Insurance Online

Term Insurance Age Limit – Term Plan for All Age Groups

4 Things To Expect From Your Term Insurance Plan in India

Is It Good To Buy A Term Insurance Plan In 2022?

All About Term Insurance Inbuilt Coverage

What Is the Correct Age to Buy Term Insurance?

What are incremental term insurance plans?

Does Term Insurance Cover Accidental Death?

Is ₹1 Crore Term Insurance Good Enough Cover?

5 Reasons to Buy Term Insurance When You are in Your 30s

Term Insurance – Why You Must Include In Your Financial Planning?

Is it a Good Time to Buy Term Insurance During the COVID-19 Pandemic?

Should You Have Multiple Term Life Insurance Policies?

4 Reasons Why You Need Critical Illness Cover

Planning For Children's Future

Eligibility Criteria for Buying Term Insurance in India

Is There Any Tax Benefit on Term Insurance?

6 Types of Death not covered in Term Insurance Plan

Planning For Son or Daughter's Wedding

5 Term Insurance Benefits for Single Women

How To Choose the Right Term Insurance Plan?

4 Methods to Calculate How Much Term Insurance You Need

Know How to Invest at Every Age for Larger Returns

Which Term Insurance to Choose: Lump Sum or Staggered Pay-out Plan?

How to Buy 1 Crore Life Insurance Policy Without Medical Test

Endowment Plans vs Term Plans: Understanding the difference

Make Your Online Term Plan Your Familys Monthly Payout

Term Insurance with Critical Illness

6 Reasons That Make Term Insurance a Must Buy

Buying A Term Insurance Plan? Take These Factors into Account

Do Beneficiaries Pay Taxes on Term Insurance?

Are The Add-ons and Optional Features of Term Insurance Plans Actually Beneficial?

Gift Your Father A Term Insurance Plan This Father's Day

Why Term Insurance Is Better Than ULIP?

Term Insurance Basics You Should Know

Why Should You Not Take A Term Plan Without Medical Test in India?

Why Term Insurance Is Important in times of COVID-19?

How to Surrender Term Life Insurance When you have No Liabilities

Top 3 Reasons Why You Should Buy A Term Plan Now

Everything About Claim Settlement Ratio for Term Insurance

Can Term Insurance Plans Be Purchased As A Gift?

Key Differences Between Term Insurance, ULIPs, And Health Insurance

What is a short term insurance policy?

Why Should New Parents Buy Term Life Insurance?

Protection for your family

Can I Buy Term Insurance for a COVID-19 Patient?

Can A Housewife Buy a Term Insurance Plan - All You Need to Know

Insurance Policy for Housewife In India

Increasing Term Insurance and Riders

Insuring Protection Against Death With Death Insurance Rider

Is Term Life Insurance Plan an Investment or Expense?

Advantages & Disadvantages of Term Insurance in India

Importance of Term Insurance at Every Stage of Your Life

Is a Term Insurance Policy Portable?

How to Identify Term Insurance According to Your Needs?