Best Investment Plan: With the new year, most people plan to use their earnings and savings more effectively. Often, people save money, but due to a lack of proper investment, they don’t receive a regular monthly income. Financial advisors say that if you make a slight change to traditional investment methods, you can earn a fixed income every month from the same savings. For this, FD laddering, Post Office schemes, and LIC pension plans are considered quite effective.
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Create a regular cash flow with FD Laddering
Fixed deposits have always been considered a safe investment option, but investing all your money in a single FD is not always beneficial. FD laddering means dividing your total amount into FDs of different durations. For example, if you have Rs. 5 lakh, you can invest it in five parts of Rs. 1 lakh each in FDs ranging from one to five years. This way, one FD will mature every year, and you will receive money continuously. Also, you will get the opportunity to reinvest the matured amount at the prevailing better interest rate.
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Earn every month with the Post Office Monthly Income Scheme
If you want a fixed income every month without any risk, the Post Office Monthly Income Scheme can be a good option. This is a government scheme where the investment is completely safe. You can invest up to Rs. 9 lakh through a single account and up to Rs. 15 lakh in a joint account. The scheme has a duration of 5 years, and currently, it offers an annual interest rate of 7.4 percent. Investing Rs. 15 lakh in a joint account yields approximately Rs. 9,250 every month as interest, which is directly credited to your bank account.
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Lifetime pension with LIC Jeevan Akshay
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For a lifetime pension after retirement, LIC’s Jeevan Akshay plan is considered reliable. After depositing the amount once, the pension starts from the very next month. This scheme allows individuals up to the age of 85 to invest and choose between a single or joint pension option. For example, if a 60-year-old invests ₹10 lakh, they will receive a monthly pension of approximately ₹5,124 for life. The pension amount is fixed, and the plan also includes life insurance coverage.