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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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Most earning individuals are always on the lookout for an investment option that suits their budget and expectations.Long term savings plans that also offer tax benefits are preferred as they aid in reducing tax liability. But it also depends on your risk appetite which usually guides the investment decision. So, here is a list of savings and investment options available in India.
1. Public Provident Fund
Public Provident Fund is a government investment scheme that has a lock-in period of15 years. The interest earned on the invested money gets compounded every year,givinghandsome returns after maturity. The maximum amount that you can invest per financial year is INR 1,50,000 with a minimum of INR 500. You can choose to invest a lump sum or opt for a monthly method. Partial withdrawals are allowed after completion of five years from the date of first investment. By investing in PPF, you can claim income tax deductions under Section 80C which has a maximum cap of INR 1,50,000 per financial year.
2. Real Estate
Real estate has always been the go-to investment option for many people. And even today, the rates are growing, making real estate a lucrative option. Most alsofind it a safer option when compared to investing in other financial instruments.
3. Senior Citizen Savings Scheme (SCSS)
Senior Citizen Savings Scheme is one of the fruitful investment plans for senior citizens. You can only opt for it if you are above the age of 60 years which is the retirement period for most. But if you have taken a Voluntary Retirement Scheme (VRS), you can start investing in SCSS at the age of 55. The interestrates and returns of SCSS are lucrative and also give you tax benefits under Section 80C.
4. National Pension Scheme (NPS)
NPS is an investment plan for employees that do not have a pension system in place. Private organizations do not have a pension option whereas in government organization you are eligible for one. Hence, with the National Pension Scheme, you are able to set up something similar for your retirement period. The corpus stays in a lock-in till you retire, giving good returns in the future. You arealso able to avail tax benefits on the contributions made every year under Section 80C.
5. Unit-Linked Insurance Plans (ULIP)
ULIP is an insurance plan with a part investment component. So, you are able to secure a life cover and also invest according to your risk appetite in Unit-Linked Insurance Plans. It has a lock-in period of five years and gives you the option to switch between investment funds for a fixed number of times. Income tax deductions under Section 80C can be claimed for the amountcontributed towards ULIPs.
6. Fixed Deposits (FD)
Bank fixed deposits are low-risk investment options which are the most popular in India. The returns are fixed giving you flexible investment tenures. Though the interest rates are lower when compared to the returns of other investments, many prefer it. The interest payable of the FD can be set to monthly, yearly,weekly, etc.
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