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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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Retirement planning is one of the most important things that we do as younger versions of ourselves. During our work-life’s peak days of activity, our goal is to achieve financial security and stability. Retirement is a very important part of this futuristic financial planning. Retirement is about living your life with dignity and having enough monthly income to maintain a smooth lifestyle easily.
There are many plans in the market for retirement savings; however, the goal of most individuals is to save maximum for their retirement years. Also, since it’s about retirement, dependency on high-risk investments is hardly a choice.
Guaranteed Savings Plans are the best life insurance plans with guaranteed returns for those looking for a retirement policy. In addition, the features of the Guaranteed Savings Plan make it an excellent long-term investment option, alongside making it quite popular among people looking for such investment.
The best Guaranteed Savings Plan or GSP available in the market can also serve as the best long-term savings tool. Investment in Guaranteed Savings Plan can be planned for meeting retirement expenses in addition to the basic pension. Along with it, you can also plan it for supporting the cost of higher education or as a personal investment for other futuristic purposes.
Let’s understand what a Guaranteed Savings Plan is and why are GSPs considered good for long-term investment.
A Guaranteed Savings Plan or GSP is a non-participating policy that helps individuals achieve their long-term goals by offering an assured return on their savings coupled with a secured insurance cover against uncertainties of life. These plans offer you life insurance with guaranteed returns and are traditional. They do not involve the policyholder directly in investment activities like ULIPs. You are eligible for a lump sum amount or a regular payment as a monthly or annual income over a given time at the time of maturity and other benefits. These are guaranteed payments that the insurer has to pay you.
In addition to this, they serve as tax saver plans. The premiums paid up to ₹1.5 lacs per annum are exempt under 80C of the IT Act, 1961. However, it is important to read all the policy-related documents before opting for life insurance plans with guaranteed returns like the GSP.
When you talk about Guaranteed Savings Plan, it’s understood that it is an endowment plan with guaranteed returns. Now, why is this life insurance with guaranteed returns considered a good option for long-term investment?
Total Maturity Benefits = Basic Sum Assured (BSA) + Guaranteed Addition (GA) +
loyalty addition (LA)
A very straightforward answer is that the longer you stay invested in GSP, the better returns you get. If you look at the policy terms and guidelines of most of the insurance providers, you get the option to opt for a policy term of 14,15,16, or 20 years, with different premium payment terms.
Now, if you do the math on all of these policy terms and the time you have invested in GSPs, you will get enough idea of the long-term benefits of GSP compared to a shorter tenure. This makes it one of the best investments for people planning to invest for long-term financial goals like retirement.
- A Consumer Education Initiative series by Kotak Life
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