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Investment Plans for 2016

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There was a time when everyone wanted a government job and there were reasons behind it. The first and foremost reason was the financial security and perks. Once, a person gets a government job, his financial situation used to be secured.

But, today, there are hardly any government jobs in the market. Consequently, most people go for private sector jobs. These jobs pay well and generally, the salaries are much higher than the government jobs.

At the same time, there is no security. Private sector jobs are said to be tumultuous ones. Private companies hire people with a condition that their services can be terminated any time. The notice period is also quite short – in the range between one week and 3 months.

So, that is the kind of insecurity private sector jobs bring. If the financial condition goes wrong, companies go for mass lay-offs. Plus, there is no provision for pension, in the private sector.

You have to save for your future by your own means, and there is no way out but to adopt financial discipline.

Are you living a financially in-insecure life?

If you are also working in a private sector company and feel insecure, then you have to act now. There are solutions available, but they work, only when you take a proactive approach and practice financial discipline.

The insurance industry in India provides for solutions. Guaranteed income plans are one of them. By investing in these plans for a certain period of time, you can expect a guaranteed income which can support you in case you lose your job for any reason.

 

How to start?

Taking the first step is important. It is said that a journey of a thousand miles starts from one single step. So, the early you begin, the faster you will be able to amass financial resources.

The first step is to research and shortlist a few well-performing guaranteed income plans.

You the list of major features in an easy-to-understand manner.What is the age limit? Well, you can start investing in a Guaranteed Income Plan from the age of 18 years. The maximum age limit is 60 years.

Considering that hardly a youngster of 18-20 years has patience and wisdom for investing in such plans, let's assume that you start at the age of 30 years. By this time, you are well-aware of the financial uncertainties of your job, and can act smart.

The policy term of Guaranteed Income Plans start from 10 years and usually go up to 30 years.It depends on your present age. For instance, if you are 40 years old, you can go for a policy term of 20 years. The period can vary, if you wish to retire early or want to start getting stable income after a certain age.

Are there any additional benefits?

Many people think that investing in Fixed Deposit offered by banks is a viable option. They offer guaranteed returns. But the returns are quite low. They may not even match inflation rates.At the other end, Guaranteed Income Plans are a type of insurance plans, which offer several additional benefits which banking instruments do not offer.

For instance, you get a life cover under these plans. If in case you lose life during the policy term, your nominee gets a fixed corpus, which can support their basic needs. Further, there is a provision of accidental death coverage also.

Moreover, you can claim tax deductions of up to Rs 1.50 lakh every year. Section 80C of the Income Tax Act has provisions under which you can deduct you taxable income by up to Rs 1.50 lakh for investing in life insurance plans.

Bank deposits, at the other end, are taxable. The income from interest generated from bank fixed deposits is taxable, after a limit of Rs 1 lakh. This income adds to your taxable income, and can wipe out a substantial amount of your annual income in the form of tax.

Thus, it is advisable to invest in Guaranteed Income Plans and avail the aforementioned features, for a financially secured and prosperous life.

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8. Reliance Tax Saver (ELSS) Fund

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