Beginner’s Guide to Savings and Investment Plan

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It is no secret that every person has a plethora of goals in their life. And, most of them are associated with money in some way or the other.

There are specific goals in life that are brought about by circumstances. And, there are specific financial and non financial goals that you deliberately create for yourself.

While the time and supply of money are limited, you must prioritize your investment plans and goals. Investing will not only help you grow your wealth but also achieve your financial goals as well. Your wealth grows exponentially with the compounding power.

As there are a plethora of investment avenues, you have great options to choose from. As a beginner, choosing the perfect investment plan can be quite overwhelming.

So this article will give you valuable insights about investing in a savings and investment plan. Stay tuned until the end to explore remarkable aspects of the same. Let’s get going.

Popular and Beneficial Savings and Investment Options for Beginners

As a beginner, if you’re looking forward to making a reliable investment, then it is essential to review some popular investment options. This will undoubtedly help you to make a good start right from the beginning.

Some of the most popular options for investment plans include:

  • ULIPs

The Unit Linked Insurance Plan (ULIP) provides additional benefits for wealth creation. For ULIPs, the premium amount paid for the plan is partly directed toward life insurance coverage. Meanwhile, the other part is directed toward an investment fund. Here, you don’t only get to choose the type of life cover but also the type of investment you desire.

Visit here to invest in Kotak e-Invest Plan.

  • Life Insurance Plans

This plan is essentially an agreement between you and the insurance provider. If you die during the course of the policy, then your legal beneficiaries will receive the predetermined amount. For this, you are required to pay the premium amount regularly for a certain period.

It is often considered an essential investment since it safeguards the financial future of your loved ones.

  • Fixed Deposits

Since its inception, fixed deposits have remained a popular investment option. Here, you need to deposit a lump sum of money into your fixed deposit amount for a fixed period. For this deposit, the rate of interest typically remains fixed.

Moreover, this investment option provides higher interest rates when compared to savings accounts.

  • Public Provident Fund

This investment instrument is government-backed and essentially serves the purpose of accumulating long-term savings. Besides, it also provides significant tax benefits. PPF is popular because assured safety by the government accompanies it.

  • National Pension Scheme

NPS is a voluntary defined pension scheme. Even though there is a minimum annual requirement, you can choose your contribution amount. This will essentially help you save and formulate a pension amount, which you can receive upon retirement.

To Conclude

By now, you must have a better perspective and a clear idea of the most popular investment options. While you have firm knowledge about the purposes it can serve, you can make an impressive choice by considering your goals. Since some options are more versatile, you should always make wise and careful choices.

Click here to know more about Kotak Guaranteed Savings Plan: https://www.kotaklife.com/online-plans/savings-plan

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