Best Monthly Income Scheme
If you are looking for the best monthly income scheme in chennai, you would have to consult different insurance companies and agents before choosing a particular scheme. This is because all of them have different options which they offer and thus it becomes difficult to choose a perfect plan. This is especially so if you do not know the different types of plans and their options. Different insurance cover requires you to pay different amounts as premiums, and hence you should also be aware of this aspect.
If you are searching for the better income scheme that pays a regular monthly amount, then one option you can look into is the regular savings accounts. A regular savings account can help you accumulate larger sums of money over a longer period without much pressure. You can opt for the more traditional ones or even those which are new on the market.
Regular Savings Account
Many insurance companies offer regular savings accounts. Amongst those, the insurance companies offer the best-suited plans and options, such as theistic prudential regular savings, theistic reliance hybrid bond, the IRS dependency hybrid bond, the icici prudential standard reliance hybrid bond.
Irrespective of your age, you can opt for this scheme to get a monthly income that is guaranteed for a longer period. The long-term benefits that you can derive from this plan are that you would be able to save a lot of money every month and build a nest egg for your later days. This can help in building up your credit score as well.
Another option that is very similar to the income scheme discussed above is the hybrid. Hybrid plans offer the best monthly income schemes offered by several reputed insurance companies. One of the main differences between the normal hybrid plan and the hybrid scheme offered by insurance companies is that the former offers a much flexible option to the customer, who can choose to invest in both the IRAs and the fund options.
Hybrid Plan by Insurance Companies
The hybrid plan offered by insurance companies generally offers you two investment options. One option is using money market funds, and the other option is using foreign exchange funds. The money market option is useful for a person who wants to make a large sum of money every month without using any particular investment option. This can help the investor earn a higher return than can help him save a good amount of money every month.
Mutual Fund Benefits
A mutual fund option can be used as an alternative to the fixed deposit plan. When you opt for mutual funds, you are provided with a fixed deposit option. The fixed deposit option can prove to be useful to investors looking forward to making a monthly income plan through the use of mutual funds. A fixed deposit option can also prove useful when one wants to invest in a risky business.
Another mutual fund option that is also available to the investor is investing in gold and silver. Gold and silver investment provides the investor with a higher rate of returns. Other monthly income plans offered by various financial institutions include the use of stocks and bonds. Can purchase these stocks and bonds from a company registered with SEBI or the Securities Exchange Commission of India.
The growth of the stock market and the real estate sector has also led to a significant rise in the demand for the mutual fund option. These investments are also known to provide a high rate of returns. However, some of these investments may involve some risks. Therefore, before you decide on investing in any of these schemes or fixed deposit in chennai, you need to check out the benefits and disadvantages associated with such a decision.