Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
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 Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
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.
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Finances play a critical role throughout our lives. When you are employed, you can rely on your monthly pay cheques for your expenses. But once you retire, you end up losing this stable source of monthly income. So, running out of money during retirement is a reasonable concern as you only depend on your savings and investments for all the post-retirement expenses.
But if you are smart with your retirement planning, you can comfortably ignore this fear and prepare yourself for a joyful and rewarding retirement. Here are four tips that can help you avoid this crisis-
If you haven’t already, the first thing you should do is calculate the approximate retirement corpus. Consider factors such as average monthly expenses, inflation, and years to retire for finding an approximate amount. This is the amount you should have to retire comfortably.
Once you know the retirement corpus, try to set up a monthly budget and stick to it so that you can contribute more towards your retirement fund. Even if there is no way to earn more, budgeting will at least help you save more money from whatever your current income is.
You can now find various investment options in India. If you are young and new to investing, start with understanding the basics of different investment assets. If you are in your 20s or 30s, you can have a more aggressive investment approach and prefer options like equity, mutual funds, and gold.
In your 40s or 50s, stick to safer investments like FDs, liquid mutual funds, real estate, and government schemes. Rather than investing what is left after all the monthly expenses, try to invest first and then manage your expenses with the amount you are left with.
The lack of stable income is one of the primary reasons why people worry about running out of money in retirement. So, why not create a source of post-retirement income? It is not necessary for the income to only come from employment. Various investment products can generate a stable income before and after retirement.
For instance, you can consider investing in an insurance-cum-pension fund. These plans combine life insurance with a post-retirement pension. They require you to invest throughout your working life and receive a regular pension after retirement while being secured under a life insurance policy.
An emergency fund with at least 3-6 months of average expenses is an absolute must pre and post-retirement. Before retirement, this fund could protect you against unexpected expenses, job loss, etc. The importance of this emergency fund only increases after retirement.
Post-retirement, when you’ll have limited resources, you can rely on this fund for emergency expenses. This will ensure that you don’t have to withdraw your investments that are generating income. You should also replenish this fund as soon as possible after using it.
Living a comfortable and dignified life after retirement depends on how well you plan for this life-changing event. Rather than relying on your family members for financial assistance, you can take multiple measures throughout your working life to ensure financial stability even after retirement.
If you are confused about where to begin, you can also consider professional assistance to help you plan your retirement in a practical and feasible manner.
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Kotak Assured Return Employee Benefit Plan is an insurance plan designed for Employers /Trusts, Employer – Employee groups who wants experts to mana...Know more