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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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With hyperinflation and the living costs rising, it is more important than ever to save more and invest over time to live a financially comfortable retired life. To guarantee that you can continue your lifestyle after retirement, you must plan ahead of time and begin saving for the second innings of life 25-30 years before that time comes. This will enable you to build a big corpus by the time you retire.
Time and perseverance are required for this and you must carefully invest in reliable long-term instruments. If you understand this right compounding will work for you to help you attain the objective of building a sizeable retirement fund for a comfortable post-retirement life. In this article, we shall look into five popular investment tools that can help you establish a substantial corpus.
You could look at conservative funds that include an investment portfolio of 85-90% debt and 5-10% equity. These are majorly focused on capital preservation. Low-risk investors can receive greater returns than what they invested in a pure debt fund since they are exposed to high-quality equities. Furthermore, these funds are appropriate for individuals who want consistent returns and have long-term financial objectives with a low-risk tolerance.
The Public Provident Fund, or PPF, is known for providing one of the best returns among government-supported investing options. The interest rate on a PPF can change from every single quarter and is set by a commission reflecting changes in government bond costs. The current PPF rate of interest is 7.1% for the quarter that ended on March 31, 2021. While it is a good choice because it is guaranteed by the government, there is no liquidity.
Equity investments are long-term growth tools. In short to medium term, equity values fluctuate as a result of both company and market variables. In the long run, they have the capability to provide big returns and help you develop a substantial portfolio. In your twenties or early thirties, you probably have minimal responsibilities with a long-term investment view. Both of these features indicate that you have a larger tolerance for risk than the average person. As a result, a reasonable equity exposure may be considered.
A mutual fund systematic investing strategy is one of the best ways to save for retirement and develop a corpus (SIP). Depending on your financial needs and risk level, you can invest in a mutual fund plan of your choice via SIP, through the auto-debit option from your savings account. SIPs are a disciplined way to invest since they require you to keep track of your spending on a regular basis. SIPs in equities mutual fund schemes aggregate the cost of your purchase by taking advantage of stock market volatility (Rupee Cost Averaging). However, they also carry potential risks dependent on market forces.
It’s a voluntary contribution retirement plan that’s connected to the market. You can develop a retirement corpus and get a pension amount throughout your retirement years by investing in NPS, and any Indian national between the ages of 18 and 65 can participate. Because it is a retirement plan, an investor cannot withdraw funds until they reach the age of 60. A long-term lock-in period guarantees that the funds are only spent after retirement. Alongside, investments under the National Pension System can be claimed for Section 80C deduction of the Income Tax Act, 1961.
To summarize, investing is a time-consuming process that demands dedication from the beginning of your work life. Further, it is advisable that you do comprehensive research and invest in any of the five instruments described above or whatever others you can find, to get the most out of your money!
- A Consumer Education Initiative series by Kotak Life