Uncertainties are a part of life, and you can never plan for all the ups and downs of life no matter how hard you try. However, the least you can do is to make sure that you have enough funds to meet those emergencies that your family faces or fulfill those dreams that they have. When the goal is to secure the needs of your family, here’s how a Guaranteed Savings Plan can help.
- The lucrative tax advantages
The fact is that when you invest in Kotak Guaranteed Savings Plan, it gets you major tax exemptions to help you save more for your family in the long run. Let’s explain this further. Under Section 80C of the Income Tax Act, 1961, your investment in ULIPs gets tax exemptions up to ₹1.5 lakh. Moreover, the returns you earn also get tax deductions under Section 10 (10D). So, a Guaranteed Savings Plan can ensure major savings in the form of taxes.
- A plan to meet your future goals
Securing your family’s needs also pertains to making their dreams come true and giving them a comfortable and worry-free life. So, when you get regular payouts from the Guaranteed Savings Plan, you can easily pay for your home loan EMI or your kid’s school fees. Simply because you saved up on time through your investment in the plan, you can give your kids better education or get a bigger home for your family.
- A way to replace your earnings
You can invest in Kotak Guaranteed Savings Plan and use it to replace your earnings. After retirement, it helps to have a steady source of income so that your dependents can continue to live comfortably. So, you can set monthly payouts from your Guaranteed Savings Plan, which will act as your source of income during retirement. You will not have to think of changing your plans because of a lack of funds to meet your needs.
- Assured risk-free returns
A Guaranteed Savings Plan also works because it is a risk-free way to save your money. You are assured of the maturity benefits regardless of the market conditions. As long as you keep up with the monthly premiums, you can be assured of getting a good amount upon retirement. Given the current rate of inflation and considering the volatility of the market, the assurance of a guaranteed payout means a lot when it comes to securing your family’s future.
- Budgeting the funds properly
With policies like a Guaranteed Savings Plan, you have a way to budget your funds better. If you save up a sufficient amount for your future goals as per your monthly budget, then you can be assured of meeting your future expenses better. You will not have to face budget constraints for paying an EMI or your child’s school fees.
All in all, getting a Guaranteed Savings Plan is a good idea when you want to keep your family financially secure. So, did you apply for the plan yet?
Visit here to know more about Kotak Guaranteed Savings Plan: https://www.kotaklife.com/online-plans/savings-plan