Most people look for investment plans in which they can get maximum financial benefits when they get their Diwali bonus. It is important to invest in a good investment plan because it helps fulfil the financial goals of life. Keeping your money in your bank account is not sufficient for building a financial corpus in today’s time. For this, you must invest in one of the best investment plans. But finding such good investment plans is the toughest part. If you wish to invest in such a good investment plan, don’t worry, because here you will get to know some of the top investment plans available in India today.
What is an Investment Plan?
Investment plans are essential financial products that provide people with an opportunity to create wealth for the future. It helps people achieve their financial goals by systematically investing in various plans. You can maximize the savings through long-termed periodic investment and achieve your financial objective. But the first step before investing in any plan is to estimate your financial needs and choose an investment plan that suits it.
How to Choose the Best Investment Plan?
To choose the best investment plan, you must first clear the objective and estimate your financial goals. Once you have a clear vision, you can figure out which plan you can invest in easily. Here are a few recommended steps to follow while choosing an investment plan.
- Research various investment plans.
- Study the schemes which can provide high returns.
- Calculate the investment timeline and return policy.
- Go through the different charges demanded on different schemes.
- Periodically review your investment plans.
Top 5 Best Investment Plans for You Diwali Bonus
There are many investment plans available in the market in which you can invest your Diwali bonus and get high returns, sometimes within a year. And these given below are the top five investment plans which will be the best option for you.
Public Provident Fund
It is one of the best and safest investment plans. PPF is also the most popular investment scheme among the working class. The account holder can invest a minimum of INR 500 to a maximum of INR 1.5 lakh in a year. It also offers tax benefits under Section 80C of the Income Tax Act. The investor can invest in this scheme in an annual lump sum or 12 monthly instalments. However, tax laws are subject to change from time to time.
Mutual Funds
Mutual Fund is a professionally managed investment scheme that collects funds from different investors and invests them in a company’s stocks and bonds. A professional fund manager manages these funds. The fund manager buys the bonds and stocks as per investment rules. There are also various types of Mutual Funds available in the market which help you earn the highest possible return due to experienced fund managers.
Unit-Linked Insurance Plans
ULIP insurance plans are the only plans which offer both life insurance and investment return benefits. They also allow you to invest your money in different market-linked assets based on your goals. These plans also have tax relaxations under Section 80C of Income Tax Act of 1961.
Fixed Deposits
Investing in a bank’s fixed deposits is the most secure and conventional form of investment. You can invest your money for various durations, such as one year or multiple years. The longer the duration, the higher interest rates you will get. You will get back the invested money at the time of maturity with the interest amount.
Senior Citizen Savings Scheme
This scheme is solely available for senior citizens. It is available from any bank or post office for people aged 60 or above. The investment limit is INR 15 lakh, and the interest obtained is completely taxable. A major benefit of these plans is that they have the highest interest rates.
These five investment plans are the best options to use your Diwali bonus. But one of the best investment plans for one-time large sums is a one-time premium life insurance plan.
