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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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The empowerment of women in India, especially in the last two decades has been remarkable. Today women are not only educated but are also independent both socially and financially. They have made themselves so capable that they are now leading their families, organizations, and society. This is a grand feat for us as a society. However, for every woman, savings has been a key priority. As they succeed more and more, the options for new finance and investment avenues are expanding for them. Investing money not only enables them to be independent but also allows them to support their family and maintain a good and healthy living standard.
There are dedicated investment plans for women in the finance market that are designed specifically to cater to their financial goals and needs. However, to find the best investment options for females, it is important to understand how to find them. Moreover, they should also know what factors to look for to identify the best investment options for women. In this article today, we will discuss what are the best investment options for women and also put some light on the best investment options for housewives in India.
Considered as the best and the safest option that women can opt for to build a good savings balance. PPF is a popular investment plan that is available in all post offices and banks. When you invest in PPF, compared to other similar long-term saving schemes you get a decent interest rate.
PPF provides an interest rate ranging as high as 7.1% to 8% in a tenure of 15 years. In addition to this, PPF is government-backed and risk-free making it the safest investment option for women. The features that make PPFs more lucrative are the range of deposit amount and the facility of withdrawal after 5 years.
PPFs allow women to invest an amount as small as ₹500 to as high as ₹1.5 lacs per year. Moreover, it allows women to withdraw as much as 50% of the total deposit after 5 years. This enables women to have access to liquidity and at the same time save a large amount. The benefits linked to PPF make it one of the best investment options for housewives in India too.
Just like the PPF, EPF is as good, as they allow the working females to allocate a dedicated sum as soon as the income is credited and have a tax-free saving with a decent interest rate. The interest rates on the EPF are generally regularized by the government depending on various economic factors but generally are in the higher range only (above 6%).
In addition to this, working females only have to contribute 8% of their basic income to EPF funds for the first 3 years. The private sector female employees can invest a maximum amount of up to ₹2.5 lacs, while the female employees working in the government sector can invest as much as ₹5 lacs in the EPF scheme.
Kindly note that other than the mandatory government rules of EPF deduction, you can further invest more money into EPF, but you will only get EPF interest as per the rate per annum in the additional sum invested.
A ULIP policy serves as both insurance and an investment tool. They allow an individual to explore the capital market for investment opportunities while also providing essential life insurance. Unfortunately, choosing both a life insurance plan and significant investments can be a time-consuming and financially exhausting prospect for many women. ULIPs can be extremely useful and wise in this situation. In addition, ULIP tax benefits under Section 80C and Section 10(10D) of the Income Tax Act propose that income invested, interest earned, and the maturity amount be tax-free, making ULIPs more appealing to those seeking low-cost investment options.
This option is one of the highly opted investment options among women. NSC offers a high-interest rate of up to 8%. Additionally, there is no cap on the sum/money invested. Also, it is a disciplined investment tool that comes with certain restrictions preventing you from withdrawing an amount before maturity for optimum investment output at the time of maturity. These are some of the factors that make NSC one of the best investment options for females.
Although it may sound a little out of the league, it is not what you may think. KVPs are certificates issued by the post offices across India offering an annual interest rate of as much as 7.6%. Moreover, KVPs are considered as one of the best short-term investment options for females and have no maximum contribution cap, allowing them to invest large amounts at once. There are many more advantages of investing in KVPs.
Sukanya Samriddhi Yojana is one of the most popular initiatives for girl child in India. It is government-led initiative launched as a part of ‘Beti Bachao, Beti Padhao’ campaign. The idea is to help parents and guardians secure girl child future. This one is particularly for girl’s aged below 10 years of age.
The tenure for SSY is 21 years. You can open an account at Indian posts and banks. Currently, you can earn an interest of 7.6% per annum on your investments.
There are a few more best investment options for women that may fit their investment goal such as National Savings Certificate (NSC), Post Office Monthly Income Scheme, Fixed Deposit (FD), Gold, Mutual Funds, etc. Real Estate. Further, there are other good options available in the market as well.
It is advisable to read the documents of any financial plan carefully before investing in them!
- A Consumer Education Initiative series by Kotak Life
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