In today’s environment, simply making money from your principal source of income is insufficient. Many strive to earn money and dont have any savings plan, yet it wouldn’t be enough to allow them to live comfortably and fulfill their long-term plans and they get questioned by themselves . To attain your objectives, you must make your resources work for you. Money sitting idly in your bank account or locker is a missed opportunity. To gain returns on your money, you need to invest it wisely.
Here are a few reasons why you should purchase a savings plan and investment plan
- Financial Security
When you invest in a savings plan, you will gain the benefit of being financially safeguarded due to the benefits it provides. When you have an insurance cum financial plan, the beneficiaries will get the life insurance payment if the insured dies during the policy’s term. Your family will be financially secure as a result.
- Tax Benefit
All savings plan and investment plans provide tax benefits under Section 80C as well as deductions under Section 10.
- Aids in the Achievement of Life Goals
Saving and investment programs might also assist you in accomplishing your life objectives. Because these plans allow you to save for a lengthy period of time, you build a corpus that allows you to easily attain the life goals you set for yourself.
If you want to build long-term wealth, you should choose the correct investment strategy and begin your investment journey as soon as feasible. When deciding to invest, set short-term, medium-term, and long-term goals with distinct time horizons. Short-term goals can be met by investing in bank Fixed Deposits; medium-term goals can be met by investing in mutual funds; and long-term goals can be met by investing in equity, ULIPs, or guaranteed savings plan.
The following are some of the top investment schemes that will help you to answer , that investors are using to increase their profits:
Direct equity
Direct Equity investments in the stock market are not suited for everyone but they offer a great solution on ; while they may offer the finest investment returns in India, they are also one of the riskiest investment alternatives available. Direct equity is one of the most popular investment alternatives since, when compared to other investment plans, it may generate larger returns than inflation. At the same time, the risk incurred by the investor is quite great, and it might result in the loss of a large percentage of the investment.
Mutual Funds of Stocks
This type of mutual fund invests in the stock market. The rewards provided by this investment choice are heavily reliant on the fund manager’s ability to make profits. This is a slightly less hazardous alternative than direct equities and a great answer to jow to save money since it includes various investments and is managed by a specialist.
Savings Plan for Senior Citizens (SCSS)
One of the most famous savings plans is the Senior Citizens’ Savings Scheme. This plan is only available to people over the age of 65 or who are nearing retirement. This plan is available to anyone over the age of 60 who applies at a nearby post office or bank. The scheme has a five-year duration that can be extended for an additional three years upon maturity. Investors may open multiple accounts to meet their specific needs, with a maximum investment limit of Rs. 15 lakhs per account.
