In today’s time of rising inflation and ever-changing economic conditions, every individual wants to safeguard their future. That is why people choose to invest in long-term saving plans that can provide them with financial stability in the future while they are still earning in the present.
But the question is, what are those good investment options? Do not worry; in this article, you will learn about some of the best investment options, but before that, let us understand what long-term investments are.
Long-term investment plans are assets that an individual or entity holds for a longer duration, say, more than 12 months. These investment options can include bonds, shares, saving and investing retirement plans, and real estate investments. < /p>
Also read more to know about Long-term saving plans
Public provident fund, or PPF, is the traditional long-term investment option chosen by most working professionals. It is an ideal plan for people who want to create a corpus for their post-retirement life. The plan comes with a lock-in period of 15 years, and after that, you can withdraw your funds. Salaried employees choose this plan because it not only helps them save money for their retirement plans in the future but also provides them with tax benefits in the present. The contribution towards PPF is subject to tax benefits of up to ₹1.5 lakhs under Section 80C of Income Tax.
Fixed deposits are another good investment plan for long-term savings with fixed interest rates. The maximum lock-in period of a fixed deposit is 10 years, during which the principal amount accumulates a reasonable rate of interest and is kept safe for the future.
Mutual funds are a long-term investment plan that invests in financial instruments like stocks and debts. They are usually managed by a fund manager who invests in multiple types of investments according to the investor’s risk appetite and financial goals. Investors can invest in lump-sum, where an amount is invested at once, or through systematic investment plans (SIP), where the investment amount is invested at regular intervals. Mutual funds are an excellent option for investors who have risk tolerance and want to generate wealth by investing in marketable securities.
United Links Investment Plan, or ULIP, is a good investment plan with two benefits. This plan provides investment benefits and life insurance coverage to investors. The investment portion of your ULIP can be invested in various fund options, such as equity and debt. By investing in a ULIP plan, investors can secure their money for 5 years, which is its minimum lock-in period. Moreover, investors can get tax benefits under Section 80C.
POMIS is the best monthly investment plan approved by the government. Under this plan, the investor can open their POMIS account with the post office, deposit monthly premiums, and get monthly income in return as interest on deposits. The plan has a lock-in period of 5 years, after which you can either withdraw your money or extend the policy further. Being backed up by the government, it is considered one of the safest long-term saving options and guarantees fixed monthly payments until the maturity period.
The Senior Citizen Savings Scheme (SCSS) is another government-backed investment plan specifically designed for senior citizens ages 55 to 60. Under this scheme, senior citizens can get regular income on their lump-sum investment along with tax benefits. It has a lock-in period of 5 years, which can be extended for up to another 3 years. The best part of this scheme is that its minimum investment amount starts at ₹ 1000, and the maximum amount is ₹30 lakhs.
Choosing the right investment can seem troublesome; however, if you have a list of hand-picked good investment options, the decision becomes easier. The mentioned long-term investment options are some of the best plans and suit the individual needs of different investors. PNB MetLife also offers some of the best long-term investment plans. Browse now to find the right plan for your needs.
Some of the best short-term investment saving plans include liquid mutual funds, corporate deposits, equity mutual funds, and stocks.
In comparison to short-term investment plans, long-term investment plans tend to outperform and yield higher returns in the future.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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