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Financial security is the basic parameter in life for a stable future. For efficient financial planning, you need to make decisions, which secure your investment, generate high returns, and provide you with adequate liquidity. This means that you need to plan your investment and build a balanced portfolio. The portfolio should be diversified and you need to make investment decisions that take you closer to your long-term financial goals.
If you plan right, half your job is done. You need to consider the short-term and long-term goals before planning your investments. To achieve a financial gain over a period, you need to plan your course of investment right now.
Here are a few ideas to help you plan your savings in 2019.
1. Start saving an amount that is proportional to your income
The first step to plan your savings is to start saving money from your income. You need to know how to save money so that you can grow it. You must build a corpus to ensure that you are financially secure. The amount of money you save should be proportionate to the income you earn. This means that you need to save a certain amount each month from your income.
2. Take out a health insurance policy
The cost of medical expense is increasing day-by-day. This can put you in financial trouble during a medical emergency. One of the most important money-saving tips is to invest your savings in a health insurance policy that will cover you against the medical costs. Consider your age and health condition before you choose a plan.
3. Invest in a savings plan
Invest in products that help grow your wealth and offer tax benefits. Choose from the available savings plan where your wealth is secure and there is a lock-in period to encourage investment discipline. Products such as Unit Linked Investment Plans offer a combination of investment and insurance along with tax benefits.
4. Plan your taxes
No investment is adequate if you spend all your money in taxes. Various investments offer tax-saving incentives under the Income Tax Act, 1961. Investing in such investments is one of the most effective ways to save money. Some of these investments include National Savings Certificate, Sukanya Samriddhi Yojana, National Pension Scheme, and Public Provident Fund. The amount invested in these instruments is deductible up to INR 1.5 lakh as per Section 80C falling under the Income Tax Act, 1961. You need to plan your savings and invest them in these investments to build your wealth and reduce your tax liability.
Follow these tips and get closer to your financial goals in 2019. It is important to maintain financial discipline and remain consistent in terms of savings and investment.
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