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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While the modern generation of the young Indian workforce is highly ambitious about their careers, they are also more inclined to live life to its fullest. They want to retire early to experience all the good things in life rather than working till they reach 60.
A significant number of young people are more serious than ever to plan an early way out of their respective jobs to follow their dreams, hobbies, or passion. The annuity plans almost always feature prominently in any retirement planning options. Let’s find out whether they are good enough for early retirement.
In simple terms, annuity plans are insurance products that provide guaranteed regular income after retirement to the insured. The payment period can be either for life or a stipulated period.
Annuity plans do not provide life insurance cover. However, they do have an option to fully repay the principal amount to the nominee in case of the insured person’s death.
You can invest in an annuity plan either through a one-time lump sum amount or through regular monthly, quarterly, or annual investments over a period
Not just good, annuities can be great for early retirement. Here is how
Mutual funds and ULIPs help build a substantial retirement corpus and beat inflation by providing a potentially higher rate of returns than the traditional deposit options like bank FDs or post-office schemes.
However, they are subjected to market risks. While there are chances of getting valuable returns on your investments, you also bear the risk of volatile exposure to stock market crashes as well.
On the contrary, annuities provide you with risk-free returns unaffected by stock market crashes or possibilities of manipulations.
Diversifying your investments across various investment vehicles can be an excellent way to plan your retirements. A good retirement portfolio should have a fair mix of investment, savings, and insurance products to give you complete protection in your golden years
Although an insurance product, annuities give you the benefit of insurance and savings. They can act as a fail-safe option in case any other investment goes wrong or underperforms. So make sure it is a significant part of your retirement planning. At the same time, don’t forget about other vehicles, such as life insurance ,health insurance, mutual funds, and other investments.
It feels great to get regular payment even when you are not working. Annuities can be a great way to achieve this goal. Therefore, consider including annuities into your basket of investments enroute to your retirement.
- A Consumer Education Initiative series by Kotak Life
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