Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
- Guaranteed@ Income Benefit for upto 25 years
- Flexibility to choose income period
- Premium break for females on child birth or any listed specific illnesses
- Life cover for the premium payment period
- Enhance your life cover with rider offerings
ARN. No. KLI/23-24/E-BB/1201
Features
- Increasing Life Cover*
- Guaranteed^ Maturity Benefits
- Enhanced Protection Through Riders
- Tax Benefits
- Dual Benefits: Guaranteed^Maturity + Death benefits
Ref. No. KLI/22-23/E-BB/999
Plan your Daughter's Wedding With Best Monthly Savings Plan
Every parent's biggest financial stress is trying to save for their daughter's wedding, but a monthly savings plan can help ease those anxieties.
- 9,083 Views | Updated on: Dec 03, 2024
In India, weddings are among the most significant family events and arranging finance for marriage is the most difficult task. You would not want to leave anything unfilled, especially when planning for the wedding of your daughter.
The parents begin fantasising about their daughters’ magnificent weddings and saving money for her. Still, the issue remains: how can you arrange for your daughter’s grand wedding on time with enough monetary resources as a huge wedding investment is required?
A good monthly savings plan can greatly assist in accomplishing the future objective of marriage saving. Read on to learn how.
Establish a Financial Objective for the Wedding
The solution is straightforward and depends on your existing situation and your future wedding investment goals. Identifying the maximum amount you are willing to spend on your daughter’s wedding should be your primary goal. Once you’ve settled on a specific figure, you’ll need to estimate how much longer you have until your daughter is prepared to enter the next phase of her life. And accordingly, you are required to choose the most suitable and best monthly saving plan to meet the finance of your daughter’s marriage.
Best Four Monthly Savings Plans for Wedding
It is essential to choose the best monthly saving plan to help boost family savings and meet ends to fulfil the bride’s dreams. Some of the most effective saving plans are mentioned below.
Fixed Deposits
Fixed Deposits are sums of money that customers provide to financial institutions to keep the money secure. So, for example, when you put money into a fixed deposit instead of a savings account to put money away for your daughter’s wedding, you have the opportunity to earn interest on the money placed at rates that are greater than the rates that are offered on interest earned on money deposited in savings accounts. This can be considered the safest way of wedding investment.
Monthly Savings Plan
Monthly investing programs and monthly savings plans are available to the rescue and to safeguard the family’s financial future. First, however, it is critical to comprehend what they are. These debt mutual funds give consistent income and are also known as monthly income plans since they provide periodic, monthly returns on investment.
Moreover, the returns are within the portfolio’s tax savings band and outperform inflation. They offer a secure investment vehicle for the general population to develop a savings fund. Most monthly savings programs are run by post offices, although nationalized banks and certain private banks run PPF in India. Only a few public sector banks provide retirement deposit accounts.
Recurring Deposits
Recurring Deposits, also known as RDs, are an excellent option if you want to build up your savings for marriage of your daughter but don’t have access to a significant quantity of cash right now. You can make deposits of tiny, fixed sums of money at regular intervals into RDs, and those deposits will be returned to you at the end of a particular term.
ULIP
A ULIP is a life insurance policy that combines investing to help you reach your long-term financial objectives with life insurance to protect your family financially in the auspicious event of your daughter’s wedding. The premium you pay for a ULIP plan is divided into two components. One portion of your premium is used for life insurance, while the remainder is invested in market-linked products. Depending on your life goals and risk tolerance, you can invest in equities, debt, or a mix of the two.
Conclusion
While getting your daughter married is a beautiful occasion worthy of celebration, it requires huge investment and savings. Therefore, it is vital to begin your new life together on a solid financial basis. Contribute to a happily-ever-after occasion by carefully planning your budget and investing in the best monthly saving plan to enjoy your daughter’s wedding without incurring debt.
- Monthly Savings Plan
- ULIP
- Recurring Deposits
- Fixed Deposits
Key Takeaways
The four best savings plans for weddings are as follows.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
- Guaranteed@ Income Benefit for upto 25 years
- Flexibility to choose income period
- Premium break for females on child birth or any listed specific illnesses
- Life cover for the premium payment period
- Enhance your life cover with rider offerings
ARN. No. KLI/23-24/E-BB/1201
Features
- Increasing Life Cover*
- Guaranteed^ Maturity Benefits
- Enhanced Protection Through Riders
- Tax Benefits
- Dual Benefits: Guaranteed^Maturity + Death benefits
Ref. No. KLI/22-23/E-BB/999
Also read
Calculator bookmarks
- ULIP Calculator
- Compound Interest Calculator
- Retirement Calculator
- SIP Calculator
- BMI Calculator
- HRA Calculator
- FD Calculator
- RD Calculator
- Gratuity Calculator
- PPF Calculator
- DASS 21 Calculator
- Term Insurance Calculator
- Human Life Value Calculator
- SWP Calculator
- Investment Calculator
- Pension Calculator
- Annuity Calculator
Term Insurance bookmarks
- Term Insurance
- What is Term Insurance?
- 1 Crore Term Insurance
- Term Plan with Return of Premium
- Claim Settlement Ratio
- 75 Lakh Term Insurance
- 50 Lakh Term Insurance
- 20 Year Term Insurance
- Term Insurance for Smokers
- Zero Cost Term Insurance
- Whole Life Insurance
- Critical Illness Term Insurance
- Term Insurance vs Life Insurance
- Joint Term Insurance
- Term Insurance Benefits
- 1.5 Crore Term Insurance
- Income Replacement Term Plan
Investment Bookmarks
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
Start saving today and enjoy guaranteed returns with our Savings Plans!
popular searches
- SIP Calculator
- Sukanya Samriddhi Yojana
- PPF Calculator
- TDS
- Income Tax Slab
- Term Insurance
- HRA Calculator
- Life Insurance
- Compound Interest Calculator
- Types of Insurance
- 80d Deduction
- BMI Calculator
- Term Insurance Calculator
- ULIP Plans
- What is Term Insurance
- ITR 1
- Income Tax Calculator
- What is ITR
- TDS Refund
- Gratuity Calculator
- Investment Plans
- Pmjjby Certificate Download
- ULIP Calculator
- What Is Tax
- Term Insurance vs Life Insurance
- ULIP Meaning
- Endowment Plan
- Income Tax Deductions
- One Time Investment Plans
- What Is Annuity
- Life Insurance Plans
- Savings Plans
- Short Term Investment Plans
- What is HRA
- 1 Crore Term Insurance
- ULIP Vs Mutual Fund
- Fixed Deposit Calculator
- What is IRDA
- Long Term Investment Plans
- 2 Crore Term Insurance
- Importance of Portfolio Management
- Invest in ULIP
- Term Insurance for Family
- Term Insurance for Housewife
- Benefits of ULIP
- Term Insurance for NRI
- Critical Illness Term Insurance
- ULIP Returns in 10 Years
- 10 Year Investment Plan
- Recurring Deposits Calculator
- Tips to Save Money
- 10 Lakh Investment Plan
- Personal Pension Plan
- Term Insurance for Women
- Insurance Riders
- 25 Lakh Term Insurance
- ULIP Returns in 20 Years
- 5 Year Term Insurance
- ULIP Returns in 15 Years
- 5 Lakh Term Insurance
- DASS 21 Calculator
- 1.5 Crore Term Insurance
- Best Savings Plan for the Middle Class
- Retirement & Pension Plans
- ULIP for Child Education