Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
Our representative will get in touch with you at the earliest.
Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
There are various numbers of savings plan depending upon your needs. Each savings plan has features that benefits. Read on know which savings plan fits your desire needs.
A savings plan is one of the safest options to help you save money to fulfil the financial goals of your life. Saving provides stability and peace of mind while offering a financial “backstop” for life’s unforeseen events. Savings can act as “seed money” for higher-yielding assets like stocks, bonds, and mutual funds after an appropriate emergency fund has been developed.
The kind of savings plan that you must use depends on various factors, including:
Do you wonder who should invest in a savings plan? Individuals with an income and a financial goal can use a savings plan to invest and grow their money in the long run. Let’s dig deeper to get an understanding of the savings plan.
There are four types of savings plans you can use per your preference and future needs.
An endowment plan refers to the insurance plan that offers the policyholder or the nominee a lumpsum amount on maturity or on death. It can be used to build a risk-free saving corpus and provide financial security to the family in case of sudden demise.
The money-back plan is a type of insurance plan that allows the insured to receive a regular return or a lumpsum amount during the policy interval. The returns here can be guaranteed, depending upon the investment performance, or can be a combination of both.
A Unit Linked Insurance Plan (ULIP) is an insurance plan that offers the dual benefit of investment to meet long-term goals along with a life cover to protect your family in case of an unfortunate event. A part of your premium is contributed towards the life cover, while the other part is invested in the funds of your choice.
It is a type of investment plan that helps the policyholder to accumulate part of their savings over the long-term period so that they can stay financially stable. This plan helps you to deal with post-retirement uncertainties and helps to ensure a stable flow of income after retirement.
It is a type of investment plan that helps the policyholder to accumulate part of their savings over the long-term period so that they can stay financially stable. This plan helps you to deal with post-retirement uncertainties and helps to ensure a stable flow of income after retirement.
It is beneficial for all those who wish to stay safe and financially sound in the long term. Let’s now understand the situation and which savings plan would be better for the investment - in case you are the head of your family, then you might need savings to meet the following long-term goals:
1. Higher education for children
2. Marriage goals for children
3. Home renovation work
4. Retirement savings for spouse
5. Family vacation goal
To meet these goals, you can apply for either an endowment plan, a money-back plan or a ULIP. All these investments offer a safe return.
To get the benefits of your savings plan, it is advisable to start investing as soon as you start earning. You can then choose a savings plan according to your financial need, risk appetite, and investment horizon to achieve specific financial goals and live a stress-free life.
When you have a salary but little to no cash on hand, you should start saving. Make it a point to accumulate enough cash savings to last for six months’ worth of spending. This safeguards you from unanticipated financial crises like a car accident or job loss.
Long contract terms apply to savings plans (usually one or three years). As a result, buying Savings Plans is recommended if you intend to use them consistently over an extended period of time.
1. What are the savings schemes?
2. How do I create a savings plan?
Here are the ideal steps to create the right savings plan.
3.Are savings schemes tax-free?
Tax exemption is available on the investor’s investments up to a maximum of ₹1,50,000. ELSS (Equity Linked Savings Scheme), fixed deposits, life insurance, public provident fund, a national savings scheme, and bonds are a few examples of these assets.
4.Why is the savings plan important?
One of the key components of accumulating wealth and having a stable financial future is saving money. You may escape life’s uncertainties by saving money, which also allows you the chance to live a decent life. You can avoid many difficulties and barriers in life by setting aside money in a disciplined manner.
It can help you in times of need and ensure your family has resources in case something unfavourable happens. Depending on your ability to save, you can get a car, buy a house, or save money for retirement. You can secure your future and enjoy the most that life has to offer while still leading a very satisfying life.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490