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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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Today people are more conscious than ever about financially securing their future. The covid-19 and the subsequent job losses have made a deep impact on people’s psyche regarding job security, the uncertainties in life and the importance of retirement planning.
While the awareness regarding retirement planning has increased, people often find the whole process quite overwhelming. However, anyone can start retirement planning by following some basic tips.
You may consider 40 as the right retirement age, or you may think 60 is the correct age for retirement. You are right in both cases. The point is to have a clear vision of the date of your retirement and plan accordingly.
Setting up a retirement date helps you in creating an imaginary deadline to achieve your target and prioritize your finances accordingly.
You may be unable to set a realistic financial goal without understanding your spending habits. Therefore, organizing your spending habits is imperative. You can begin by writing down your monthly expenditure first and then dividing them under different sub-headings like necessary spending, avoidable spending, impulsive spending, etc.
Tracking your spending can give you an idea about your spending habits and how to curtail unnecessary expenditure, if any.
Once you get a clearer picture of your finances, start your investment journey right away. You should ideally start investing as soon as you get the first paycheck.
People tend to invest after budgeting their expenses, but ideally, it should be the other way around. Starting your investment journey has the following benefits.
You need to walk the tight rope of wealth creation and the safety of your retirement corpus. While too much risk can hamper your investment returns, going overboard with risk-free investments may result in a retirement corpus that can fall short of beating inflation in the long run.
Therefore, it is advisable to create a diversified portfolio containing proportional weightage to different investment instruments.
For example, you may consider building a portfolio comprising lifetime pension funds, life insurances with moneyback options and ULIPs.
The rising cost of medicines and hospitalization has made health insurance more important than ever. Therefore, consider buying health insurance that can adequately cover you and your spouse in the wake of any medical emergency during your retirement.
It is true that no one can control what happens in future, but you can certainly be better prepared to face any challenges or circumstances if your retirement is financially secured. Therefore, start laying a strong foundation in the form of a robust retirement plan for a secured and happy financial future.
- A Consumer Education Initiative series by Kotak Life
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