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Investment Plans - Types
1) Retirement Plans
What is Retirement Plan (Pension Plan)?
A pension plan is a form of investing strategy that aids in long-term accumulation of resources for a stable financial future. It guarantees a consistent income stream after retirement and aids in coping with post-retirement uncertainty. A pension plan is essential even if a person has a sizable amount of savings.
Pension plans in India assist you in building a long–term financial cushion so you can guarantee a stable financial future after retirement. The insured in a retirement plan is required to make a set number of regular contributions up to retirement. The cumulative sum is periodically paid back to the insured as a pension or annuity.
The best pension plans in India assist people deal with life’s unexpected events after retirement while also securing their financial security.
Savings quickly run out and are occasionally needed for emergencies. Therefore, it is crucial to pick the finest pension plan in order to ensure that you will have enough money after retirement to cover your basic living expenses. When you consistently contribute to a pension plan, the money grows thanks to the power of compounding, which has a significant impact on your eventual savings corpus.
What is Retirement Planning?
Retirement planning is the act of determining both long– and short–term financial goals, as well as the means to reach them. Identification of various income sources, analysis of financial goals, projection of future costs, selection of a savings plan, and risk and asset management are all part of retirement planning.
Instead, retirement planning is a lifelong process. Although one can begin their retirement at any age, it is better if they consider this aspect into their financial planning at the outset. The greatest approach to guarantee a safe, secure, and enjoyable retirement is to start planning for it early in life.
Advantages of Retirement Plans in India
The relevance of retirement planning
How to Plan Your Retirement
In India, a number of retirement plans provide a worry-free and secure retirement. They are among the most widely used options while preparing for retirement. Before selecting a retirement plan, it is crucial to assess your financial demands because there are different types of pension plans available in India.
Let’s look at the top 5 retirement planning suggestions:
2) Child Care Plans
What is Child Education Plan?
Significance Of Insurance and Investment plans for Children
The need of child insurance (investment plans for children) cannot be understated, given the ambiguity of life. Children rely on parents
for a variety of things, including food and money to pay for their education. A child shouldn’t have to
suffer financially after losing a parent in order to get the most basic level of care and education. This is
why having child insurance is crucial if you’re a parent. Insurance buyers frequently look for ways to
reduce their tax obligations in addition to the death benefit and the yearly income benefit. It is
important to highlight that child insurance policies, like all other insurance plans, have tax advantages.
Sections 80C, 10(10D), and 80DD of the Income Tax Act,1961 permit policyholders to write off such
plans against their taxable income.
Key Features and Benefits of a Child Education Plan
The policyholder receives a wide range of fascinating and distinctive advantages from purchasing child insurance. It provides a comprehensive maturity benefit and life insurance to safeguard the child’s financial future.
A child education plan will also enable you to save a sizable sum for your child without having to scramble from one thing to another.
Let’s examine the advantages provided by the kid education plan.
Why Do You require an Education Plan for Children?
Costs in the education industry have significantly increased as a result of historically high inflation. The high cost of school has denied many eager children access to high–quality education, whether they are in India or elsewhere. Consequently, the importance of a child education program cannot be overstated, and all parents should make financial preparations and set aside money for their children’s education.
Here are a few key reasons why parents should make an investment in a child’s education plan.
3) Debt Mutual Funds
4) Direct Equity
5) Equity Mutual Funds
6) Unit Linked Investment Plans (ULIPs)
7) Public Provident Fund
8) Senior Citizen Savings Scheme
9) National Pension Scheme
10) Pradhan Mantri Vaya Vandan Yojana
11) Bank Fixed Deposits
12) Gold Jewelry
13) Sukanya Samriddhi Yojana
14) Savings Bonds
15) Investment Funds Security
Benefits Of Investment Plans
Checklist for Investment Plans Selection
When selecting an investment strategy, there are some things to consider.
What kind of program an investor should purchase should depend on their financial objectives. These objectives may include getting married, purchasing a home or automobile, paying for the education and marriage of children, or accumulating wealth.
Even short–term objectives like international travel can be funded through ULIPs. An investor can choose an insurance combined investment plan, such as a ULIP, to support his or her short–term goals if they have just begun their career or have a small family.
On the other hand, endowment plans work best as the best saving schemes when combined with ULIPs or other options like a mutual fund if the investor is in his or her 40s or even 50s. The investor will be able to choose the best investment options by considering their financial objectives.