How To Find The Best Investment Plan
All the investment products that we have discussed so far take different levels of risk and try to attain different rates of return. None of the investment products is an all-in-one solution to all your investing needs. To achieve your goals, you have to carefully build a portfolio of multiple investment products based on your risk profile, investment horizon, and return expectations.
However, it is never easy to figure out your risk profile, the suitable investment options, the right exit strategy, etc. You need an experts constant advice to deal with these crucial investment decisions. And this is where ET Money Genius can help you.
ET Money Genius is a membership that creates and recommends personalized investment plans suitable for all your goals. So whether you have a short-term goal, a medium-term goal, or a long-term goal, Genius will first understand you as an investor and assess your risk-taking abilities.
Geniuss intelligent way of personalization, asset allocation, and monthly rebalancing helps you earn high returns with high consistency. You also enjoy better protection during market corrections. A telling sign is that Genius portfolios have delivered 80% more than their benchmark while offering 40% better protection during worst market falls..
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Mutual Fund Investments For A Housewife
Housewives are the ones who manage the house efficiently. They plan, organise, and execute multi-ple aspects around the house, many of which need strategic or tactical money management. As a housewife, you must also conduct some investments for your dreams and goals. Here are tips on choosing the right type of mutual fund scheme which can help you realise your goals over the long haul.
How To Go About Buying Term Life Insurance For Homemakers
If you decide to go ahead with buying any of the term insurance plans detailed in the table above, its a good idea to first get a rough estimate of total premium payable on the policy. This would help you make an informed choice.
You can easily make this calculation within minutes by using the term insurance premium calculator online. It is a simple auto-generated response system that takes in some of your vital details such as Gender, Date of Birth , Lifestyle Habits and your coverage preference for your chosen plan. Once you feed in this data, the calculator will give you an estimate on the premium amount payable for term insurance.
PayBima offers the facility of a term life insurance premium calculator. Visit its website for more details and also to know the specific term insurance plans for Indian housewives.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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Best Savings Plan Help A Houewife
- Monetary coverage and routine payouts
- Encourages financial discipline
- Best saving plans for a non-working spouse
- Mutual funds through a systematic investment plan
- Post Office Monthly Income Scheme
- Investing in Recurring deposits
- Investment in Public Provident Fund
- Investment in National Savings Certificate
Post Office Time Deposit
Like banks, post offices also offer FDs. Known as Post Office Time Deposit, these investment options allow you to deposit your money for short-medium time periods. The advantage of Post Office Time Deposits is that they offer better returns than banks. And that too without any additional risk because these schemes are backed by the government of India.
Here is a table that shows returns from Post Office Time Deposits for various time periods.
| Tenure |
| 5.4% |
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Benefits Of Savings Plans
When you purchase a savings plan, you benefit from:1. Life CoverageYour savings plan offers a life insurance component. If anything were to happen to you, your family will receive the payout ensuring financial protection during a time of need.
2. Financial DisciplineYour savings plan encourages you to put money away regularly. It helps you build a financial habit that will prove useful even later in life.
3. Meeting Financial GoalsYou can use a savings plan to steadily build up a corpus for your financial goals. With a savings plan, you can save up money to purchase your dream car, take a vacation, and pay for your childs education and even plan for retirement.
4. Financial FlexibilityYou can customise your savings plan as per your unique needs and requirements. Depending on the plan you choose, you also have the ability to choose how and where your funds get invested for your future. You can pick funds as per your risk appetite and even makes changes depending on your dynamic financial situation.
5. Save TaxesSavings plans provide life insurance benefits, so they offer tax savings under section 80C of the Income Tax Act, 196113.You can avail a deduction of up to INR 1, 50,000 u/s sections 80C of the Income tax Act, 196113 per year against the money you invest in your savings plan.
Pmvvy Or Prime Minister Vaya Vandana Yojana
This investment scheme is meant for the senior citizens aged above 60 years of age. It is known to offer them the guaranteed return of around 7.4 percent per annum. The scheme offers access to pension scheme that is payable on a monthly, annually, and quarterly basis. The minimum amount that is received in the form of pension is INR 1000.
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What Are The Best Investment Plans For Housewives
In todays society, women must be able to attain a feeling of financial equality and independence. Along with seeking high-powered professions and being a vital constituent of a workforce, one must consider long-term financial stability. And, by making the appropriate investment, this idea may be expanded on. There are many investment choices and plans available in India that provide long-term advantages to female investors. However, knowing how and where to invest ones hard-earned money is essential. Since I have already caught your attention, lets have a look at the best investment plans for housewives.
Jeevan Pragati Plan Lic Plan For Women
Jeevan Pragati Plan is a non-linked profit plan with the option of protection and savings. The best thing about this policy is that the risk coverage increases after every 5 years. Theres more! You can avail loan on this policy as well.
You have the option to pay the premium annually, half-yearly, quarterly, or monthly. The death benefit lapses if the premium is not paid on time. Upon survival of the policyholder, maturity benefits along with final bonuses are paid to the policyholder. The maturity benefit includes a basic sum assured with vested simple reversionary bonuses.
The policy participates in the profit as a bonus. The bonus is paid upon claim raised due to death or maturity.
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Best Investment Plans For Medium Term
Medium-term goals are those goals that are 3-5 years away. For instance, medium-term goals can be saving for your wedding, downpayment of house, house renovation, etc.
For such medium-term financial goals, you need investment options that can beat inflation by a decent margin, and at the same time, they should not be very volatile. Here are some investment options that can fulfill your medium-term financial goals.
Best Saving Plans For A Non
As mentioned above, getting a savings plan for your non-working spouse can help secure their financial future and present. Even after your time, they can take care of the household and live their lives comfortably without any worry with the safety net provided by a saving scheme. Mentioned below are some of the best savings plans that can help the non-working spouse in the most effective way.
Mutual funds through a systematic investment plan
The most outstanding and transcendent savings plan for a non-working spouse is Mutual Funds. These work in a perfect manner for people who are willing to collect long term wealth. Any individual, whether working or not, can effortlessly invest in a mutual funds scheme. Investment in mutual funds does not require any proof of income. People can invest their funds in smaller portions through a systematic investment plan in mutual funds.
Moreover, the investors are provided with the absolute freedom to determine the ticket-size and the recurrence of a Systematic Investment Plan. There are certain mutual funds that enable people to start their investment just by investing Rs 100 for a month. Hence, it can be easily inferred that no sum is meager when investing in a mutual funds scheme, and this is the reason it is considered as one of the best saving plans for housewives or a non-working spouse.
Post Office Monthly Income Scheme
Investing in Recurring deposits
Investment in Public Provident Fund
Investment in National Savings Certificate
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With The Pandemic Taking Away Many Principal Bread Earners Many Families Are Facing Immense Financial Distress It Is Important For Homemakers To Step Up And Start Looking At Avenues To Invest And Sustain Themselves In Difficult Times
Housewives do not earn any money for household chores that they do. For many decades now, a male breadwinner has handed over a certain amount of money to his wife to take care of all household expenses. A typical homemaker cuts down on all sorts of unnecessary expenses and saves the money and deposits in a bank. In case of any emergency, she withdraws from the bank. Sometimes, the husband and children would be surprised to notice that the mother has saved a considerable amount over a period of time.
With the pandemic taking away many principal bread earners, many families are facing immense financial distress. It is important for homemakers to step up and start looking at avenues to invest and sustain themselves in difficult times.
Though many women have joined the workforce and things have changed now, there are still 160 million homemakers in India, according to a BBC report, who typically save any amount be it Rs. 100 or 1,000, a month.
According to the World Bank, women account for only 20% of the total labour force in India, in 2019. This data shows that women in large numbers are still struggling financially, and are also dependent on their husbands for all expenses.
Financial tips for housewives
Sujatha Govind, a homemaker says, After my marriage, I could work only for a couple of years and had to quit after the first kid. Since my husband works in a bank, I am able to save at least Rs. 5,000, a month, and I invest all my savings in a Recurring Deposit account.”
Best Investment Options For Housewives
Learn about 5 investment options that can help housewives build wealth for their secure future.
The work that a housewife does is often undervalued as it is not rewarded with any monetary rewards. However, housewives add immense value to the functioning of the household. They take up the huge responsibility of planning the household finances using the limited capital at their disposal and, irrespective of the amount spent during the month, even during the festive season, they manage to save some amount. Now, what if these small savings can be converted into a wealth creator for these housewives?
In this article, we will discuss some of the best investment options for housewives to help them build wealth for their secure future.
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Best Term Insurance Plans For Housewives In India
Hope the above section helps to answer the question Can we take term insurance for housewife? Now that youve assessed all the advantages of the decision and made up your mind, lets look at some of the top plans of life insurance for housewife offered by some insurance companies in India.
| Name of the Plan |
| Annual, six-monthly, quarterly and monthly |
I Am A Housewife Please Suggest Me The Best Plan For Mutual Fund Investment
I can pay Rs 10,000 annually. Do not want too much risk
Mutual Funds are ideal investment tools for people who do not have the time or the technical skills to invest money on their own, as well as for those who do not wish to seek exposure to risk and volatilty associated with the Stock Market. Though professional fund managers manage the money that you invest in mutual funds, it is very important to first identify and analyze the objective behind the said investment. It is our assumption that the purpose of your investment is to earn return commensurate with low levels of risk exposure.
Given the monetary constraint of Rs. 10,000 annually, investing in Balanced Mutual Fund seems to be the best option available. Minimum investment in this fund is Rs. 500 per month. Investment can be made for a period ranging from 1 year to 5 years. However, investing a higher amount will enable you to earn better returns. The total value of your investment of Rs. 500 per month at the historic annual return of 15.07% amounts to Rs. 6,404 at the end of one year and Rs. 44,092 at the end of five years.
Please note that historic performance is a mere indicator, not a guarantee of future performance of the fund.
You can view other portfolio options available to you here. It is advised that you first determine your investment objective and select a portfolio that best meets your objective and investment constraints.
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Senior Citizens’ Saving Scheme
Senior Citizen Saving Scheme or SCSS is an investment option designed for people who are retiring or have retired. It is a government-backed investment option where you can invest in a lump sum and return get a regular income stream post-retirement.
You can open an SCSS account in 2 ways
-Via post-office- Via Bank
SCSS is a very popular investment option for senior citizens due to its guaranteed and attractive returns. The current rate of returns is 7.4% . These rates are subject to change quarterly.
Here are some features of SCSS you should know:
a) You can invest in SCSS if you have attained the age of 60. People over the age of 55 can also apply if they have taken VRS .b) The minimum investment is Rs 1000, i.e., you have to deposit more than or equal to Rs 1000.c) The maximum investment is Rs 15 lakh. You cannot invest more than this amount.d)Interest is paid quarterly in SCSSe) The maturity term is of 5 years which can be further extended by up to 3 years more.
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Best Investment Options For Women Professionals
Theres no dearth of investment options for professionals. Lets take a look at the avenues that seem to be lucrative for working women.
Mutual Funds
In our opinion, investing through mutual funds is a great option because of how hassle-free it is. With the help of an advisor, even women who have never invested earlier can invest efficiently based on their goals and aspirations. There are a plethora of avenues within mutual funds to park your funds into. You can allocate your resources efficiently between a mix of equity, debt, and hybrid funds. Within each of these categories, there are ranges of schemes available with different return objectives which are in line with varying levels of risk tolerance and varying risk appetites. An advisor studies the investors risk tolerance, risk appetite, goals, future liquidity requirements, income, age, investment horizon, return expectations, and degree of risk aversion to arrive at a meaningful mix. If you can save a little every month or year, you may just start with a Systematic Investment Plan to build a definite corpus over your investment horizon. This process can help build such a portfolio that can address multiple needs such as tax savings , periodic on-hand returns, returns in the form of capital appreciation, and retirement planning, to name a few.
Public Provident Fund
Employees Provident Fund
Gold
Alternative Investments
The author is Founder, Tarrakki
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National Pension System: Housewives Can Earn Up To 45k A Month Post The Age Of 60
The job description of a housewife does not include her CTC. She invests herself in the house, family and kids, but her work hardly gets recognised. Since the work has no monetary value, housewives are often financially dependent on their husbands, making it difficult for them to make ends meet if or when the breadwinner of the family is not around.
However, if a housewife never retires, it is one of the best investment advice to start thinking of a pension scheme that could ensure a steady income once the husband retires.
The National Pension System, controlled by the Pension Regulatory and Development Authority of India makes it possible for housewives between the age group of 18 and 60 to earn a steady income ranging from 12% to 14% of the investment made in the scheme.
Not only will it bring dual income at home but also offers financial support to housewives in the absence of their husbands. It also facilitates women to withdraw 25% of the total accumulated fund.
Investment Plans For Housewives
It is essential for women, be it working women or homemakers to keep themselves and their family financially secure. In the olden days, women generally had a habit of keeping savings in the containers in their kitchen, but today that is not going to get our savings anywhere when confronted with ever-growing inflation. It is wise to choose to invest and wiser to choose the best investment in order to keep our family and ourselves financially secure. A good Investment gives better returns than merely saving in a bank deposit or in our piggy bank and helps us to cope up with inflationary pressures.
Women and investment? Homemakers and Investments?
Not a good combination, most people would say. Definitely not, many people think homemakers make very bad investors, as they do not have knowledge about the share markets and the technical aspects of investing. Looking from a fundamental analysis point of view, they are the ones who could be good investors as they make all purchase decisions for the entire family and they are aware which company performs better for what reason. They need not have to make decisions by looking at the balance sheet of the company they are the main consumers of most of the products around. This is a strength, which can help them analyze stocks and invest in shares and equity. They are uniquely qualified to buy and sell shares.
How does a homemaker choose appropriate investment options?
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