Need money every month? We’ve got simple options for you! First, there’s ULIP – it’s like getting insurance and investing together. Annuity Plans give you money regularly after you retire. For a safer side, try the Post Office Monthly Income Scheme (POMIS).
Check out the Senior Citizen Saving Scheme and Pradhan Mantri Vaya Vandana Yojana (PMVVY) for seniors! Like taking out money regularly? Systematic Withdrawal Plans (SWP) let you do that. Mutual Fund Monthly Income Plans (MIPs) give you money regularly from a mix of things.
If you like company stocks, Equity Share Dividends give you money from their profits. Corporate Deposits give you more interest, but they’re riskier. And if you want life coverage with savings, Life Insurance Plus Saving plans are a good choice.
Remember, each option has good and not-so-good things. It’s smart to use different ones. Let’s check out the blog now.
Choosing the Right Investment Plan for Monthly Income
Looking for a simple way to make money every month? Check out these easy options that keep things safe, flexible, and promising:
ULIP Plans: Two-in-One Magic
ULIPs (Unit Linked Insurance Plans) is a two-in-one deal, giving you both insurance and investment. Some of your money keeps you covered, while the rest goes into different funds. It’s perfect if you want safety and a chance to grow your money.
You need to lock it in for 5 years, which helps you save regularly. ULIPs are great because they perform better than other options. You can also switch between funds, and there are different types for various needs like retirement, wealth collection, children’s education, and health benefits.
Annuity Plans: Your Money’s Reliable Friend
Annuity plans are like making a friendly deal with an insurance company. You share some of your money with them, and in return, they share a fixed amount with you regularly.
It’s a fantastic arrangement, especially if you like having a steady flow of money, especially during your retirement. Imagine it as having a reliable friend who never forgets to drop by with a little something for you! Easy, right?
Post Office Monthly Income Scheme (POMIS): Simple and Secure
Picture POMIS as your cozy financial comfort blanket, a service from the Indian Postal Service. It’s simple and friendly, like a familiar face in the crowd. Just put your money in, and voila!
Like clockwork, it hands you a fixed amount every month – predictable and stress-free. This financial companion stays by your side for a comfortable 5 years, and to make it even sweeter, it comes with a 6.6% interest rate every year. It’s the kind of hassle-free arrangement that adds a delightful touch to your financial routine.
Senior Citizen Saving Scheme: Tailored for Seniors
Designed especially for those aged 60 and above, this scheme is like a personalized financial suit. Invest for 5 years and enjoy a comfortable interest rate of 7.4% each year, paid out every three months up to Rs. 15 lakhs.
Pradhan Mantri Vaya Vandana Yojana (PMVVY): Government Pension Support
This one’s a government-backed support system for seniors aged 60 and above, extending over 10 years. It generously offers an interest rate of 7.4% every year, ensuring a steady monthly income. You can invest up to Rs. 15 lakhs, and yes, it brings along some tax benefits to make your financial journey smoother. Easy, right?
Systematic Withdrawal Plans (SWP): Get Cash Regularly
SWP lets you take out a fixed amount from your mutual fund whenever you want. If you like getting money regularly, this one’s for you.
Mutual Fund Monthly Income Plans: Your Money’s Sweet Spot
Imagine MIPs as your treat dispenser, spreading your money in different places to give you a delightful treat regularly while helping your money grow – it’s like having a garden full of sweet surprises!
You’re in the driver’s seat, deciding how much money you want and how often you want those sweet treats. It’s your very own candy-filled treasure chest, offering you a delightful money journey.
Equity Share Dividends: Share in Company Profits
Companies share their profits with people who own their shares. You can get this money every quarter, six months, or every year, making it a regular thing.
Corporate Deposits: More Money, More Risk
Companies offer you a bit more interest than banks if you keep your money with them. But it’s a bit risky because the government doesn’t back it up.
Life Insurance Plus Saving: Safety and Savings Together
These insurance plans give your family money if something happens to you and also help you save. It’s like a safety net that helps you put some money aside. In simple words, every plan has its good and not-so-good parts.
Check out our article on 7 Safe Investments with High Returns in India.
Advantages of Monthly Income Investment Plans
Monthly Income Plans (MIPs) are your financial buddies, offering easy-to-understand benefits:
Regular Money Flow: MIPs provide you with a steady monthly income. Perfect if you need a reliable income to cover your living expenses or any other financial needs.
Pro Management: MIPs have expert fund managers who handle things for you. They create a smart mix of assets to lower the risks involved, making your life easier.
Money on Demand: While not as flexible as bank deposits, some MIPs let you access your money when you need it. It’s more liquid than sticking all your cash in stocks.
Mixing It Up: With MIPs, you can spread your income sources. This helps balance the risks and rewards, like having different types of ice cream at a buffet.
Retirement Ready: If you’re thinking about your golden years, MIPs, including annuities, are excellent. They give you a reliable income stream, like a monthly pension, without worrying about playing the stock market.
Conclusion:
Picking the right monthly income plan is like choosing snacks – so many choices! Each one does something different. Imagine spreading your snacks across different plates – that’s what you do with your money in these plans.
Some are super safe like cookies, and some go up and down like a seesaw. Whether you like safe stuff or exciting stuff, just pick what fits your money goals. Talking to a money expert is like having a friend who knows a lot about snacks – they help you pick the best ones for you. So, get ready to enjoy your money journey!