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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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As an individual, when you reach your mid-twenties and are now stepping into the professional world and a systematic 9-5 routine, you start taking multiple responsibilities. This is the time when you start becoming independent and self-reliant. However, as you dwell on a more serious life, you realize the importance of dealing with finance and investment. Therefore, you start taking your expenses and bills more seriously and cutting on them wherever possible. Unfortunately, however, most young adults don’t get paid handsomely enough to live a lavish life in the starting years. Thus, all the seriousness leads to worry, increasing the importance of saving and creating wealth.
Now, once as a young adult you start saving, you need to think about maximizing your savings. And the best way to do it is to invest in the best investment options for young adults. In addition to this, when you are young, you must be cautious of wrong moves and understand your financial needs, both short-term and long-term. Once you understand your financial needs, you smartly decide which are the best investment options for young adults in India.
In this article, while sharing a list of the best investment options for youngsters, we will also briefly describe why the below-mentioned financial schemes are the best investment options for young adults in India.
Trust is a critical factor when you are planning to invest. And as a young adult, the top priority is to have secured investment. Thus, the Post Office Savings Scheme is a trusted organization to park your money. Moreover, as the organization is completely government-backed, they offer absolute capital protection on various schemes and a competitive interest rate.
PPF is a long-term saving scheme devised by the central government of India. Apart from offering a high-interest rate, they are a great way to make tax-free savings. At maturity, the capital, Interest, and proceeds are all tax-free. This is why the PPF scheme is called an EEE benefit scheme. You can invest between ₹500 to ₹1.5 lacs in one year. However, it is advised to invest the maximum amount at the beginning of the year to reap the maximum benefit of the PPF scheme.
It is important to possess some emergency funds in your hands for immediate needs as a young adult. Recurring Deposits ensure that you have such funds for any emergency. Having an RD of 6 months or 1 year makes sure that you have disposable liquidity readily available and within reach. The thing that makes RDs one of the best investment options for young adults in India is that they offer a good interest rate of 6% to 7%, depending on the banks.
ULIPs are a great pick if you are looking for long-term investment options for young adults. Being an investment plan that also offers insurance coverage, Unit-linked insurance plans are those flexible modes of investment that allow young adults to invest as per their financial needs and risk tolerance capacity. From equity funds to debt funds or hybrid funds that are a combination of both, ULIPs help investors to earn a good return while offering protection against uncertainties through life insurance cover.
The best part of SIPs is that they offer you a wide range of investment options and the ability to grow in sync with the market. While equity funds are popularly known for their high return potential but at the same time, many believe that it requires a large spare amount to be invested. However, SIPs are made for investing the smallest possible amount to larger sums according to your convenience.
This list of best investment options is not exhaustive; however, the schemes mentioned above are amongst the most commonly opted plans for you as young adults. Remember, a prudently planned investment can not only help you use your hard-earned money wisely but also enable you to create more wealth for financial stability.
- A Consumer Education Initiative series by Kotak Life
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