Being your own boss comes with a host of perks. You can work on your own terms, decide the policies and work hours, and so on. But a successful self-employed individual is also a smart money manager who knows how to save for the future or even a rainy day. So, if you are trying to save for your future, then here are all the benefits that a Guaranteed Savings Plan can offer you.
- Mitigating the challenges of self-employment
Being self-employed comes with a major challenge – your paycheques are not regular. Finding an effective savings strategy can be difficult when you are not getting paid at a particular interval.
Now, let’s say you used a lump sum from your first profit and chose to invest in Kotak Guaranteed Savings Plan for seven years. You are assured that a part of your money is kept safe for future needs and possible emergencies. After seven years, you can use that money for your monthly expenditure or take a loan to make any major developments in your company.
- Planning for a secure and safe retirement
Since you are self-employed, you do not have a pension that you can rely on. So, it is even more necessary for you to invest in Kotak Guaranteed Savings Plan. Getting a Guaranteed Savings Plan is one of the assured ways of ensuring that you have a safe and financially secure retirement.
Of course, there is no age for retirement when you are self-employed. But you are going to take it easy and maybe think of handing over the reins of the business to someone else when you reach a certain age. The savings plan will come in handy at that point.
- Buying your own house or apartment
Having a place to call your own is a cherished dream of many. If you are one of them, then a Guaranteed Savings Plan is a great choice. Say you have a plan to buy your own place after seven to ten years. So, get a Guaranteed Savings Plan with that tenure. Use the money you get after ten years to make a twenty percent down payment on your home loan.
It will lower your EMIs and get you better interest rates. As such, if you have such a good amount saved in your account, then it will lower the capital you need to borrow to buy a home.
- Saving up for the major emergencies
Emergencies strike unannounced, and the least you can do is to be financially ready for it. When such a financial emergency strikes, you can use your savings plan as the emergency fund and take care of the expenses. Moreover, you can add riders to your Guaranteed Savings Plan, which will be even more beneficial if you meet with an emergency.
Now that you know why you need a Guaranteed Savings Plan, start considering your financial goal, suitable premium, and policy tenure. Talk to an insurance company to get further details.
Click here to know more about Kotak Guaranteed Savings Plan: https://www.kotaklife.com/online-plans/savings-plan
