Savings plans are a way to ensure a secure financial future. However, not every saving plan is suitable for everyone. In fact, it is hard to find a plan that can suit different income groups in India. However, a guaranteed savings plan is a good choice for a majority of income groups in the country. With that being said, here’s outlining how it can help different income groups.
#1 Easy online availability of the plan
You might have a full-time job or a growing startup. Your busy schedule hardly leaves you enough time to actually visit an office or branch to find a savings plan and invest your money. When you can buy everything online nowadays, why should savings plans not be one of them?
So, regardless of the income group that you belong to, you need a savings plan that is available online. It should let you invest, withdraw, and manage your savings online without any hassle.
#2 Guaranteed returns from the plan
Market-linked plans might not be a good bet in every case. For someone who has just started working or has just opened their business, the uncertainty of a market-linked plan might not be too appealing. Especially when you invest in a long-term plan, you need something that is reliable and offers assured returns.
This is the reason why you need a guaranteed savings plan. The sum assured is your guaranteed return from this plan. In addition to that, you are entitled to a bonus and interest additions.
#3 Tax-saving status of the investment
According to Section 80C, all the premiums you pay for the Guaranteed Savings Plan receive tax exemptions up to ₹1.5 Lakh. The maturity and death benefits under the plan also receive tax deductions under Section 10 (10D).
Regardless of the income group that you belong to, you need a tax-saving plan if you truly want to save money on a long-term basis. Therefore, a Guaranteed Savings Plan is a great choice for you.
#4 Flexible terms of investment
The terms of investment make the savings plan highly useful for you irrespective of the income frequency. Apart from saving up for a long-term basis, you might also look for a way to save for your short-term goals. Thus, you need a savings avenue that offers adequate flexibility for both your short-term and long-term goals.
You can get a guaranteed savings plan for a shorter duration as well. It can help you pay off your EMIs or meet the cost of higher education for your children.
#5 Protecting the financial goals
Now, just about any fixed income investment can be helpful in letting you achieve your financial goals as long as you are alive and keep investing. But what happens to your debts or your children’s education in your absence? These are the things that you do not want to take any risk with.
Visit here to invest in Kotak Guaranteed Savings Plan.
This is where a guaranteed savings plan comes into the picture. Apart from the savings component, it has an insurance component. You can be assured that none of your family’s goals or your debts will remain unmet even if you are not around.
So, getting a Guaranteed Savings Plan would be a good idea for you as well. Talk to your bank and invest right away.
Click here to know more about Kotak Guaranteed Savings Plan: https://www.kotaklife.com/online-plans/savings-plan