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Types of Investment Plans for Monthly Income
Table of Content
Being aware of the best investment options for steady income is fundamental to choosing an investment plan for monthly income. Here are some options that you can consider depending on your expectations:
Fixed Deposits
Fixed deposits are a popular investment plan for monthly income among risk-averse investors. Many banks and financial institutions offer this product with a monthly payout option. The interest earned on these deposits is credited to your savings account.
The interest rates are competitive, and the tenures are flexible. It is an ideal plan for a guaranteed monthly income. With flexibility in tenure from 6 months to 10 years, fixed deposit suits a short term investment as well as a long-term investment plan.
- Post Office Monthly Income Scheme
The post office offers this savings scheme with a monthly income option. It is a government-backed scheme with guaranteed returns. The interest rates and the returns are fixed and not influenced by market fluctuations.
This is an ideal monthly return investment plan for those seeking capital protection. The maximum investment permitted in a single account is Rs. 9.00 lakhs, and in a joint account, it is Rs. 15.00 lakhs.
Government Bonds
Government bonds are among the top investment plans for monthly returns. They are debt instruments issued by the Central Government or State Government. This is the best investment plan for monthly income for investors to diversify their portfolios.
Investors prefer this bond because besides providing a stable monthly income, it is risk-free, can be easily traded in the secondary market, does not have a lock-in period, and carries the highest degree of safety.
Corporate Deposits
A Corporate deposit is issued by corporate companies and NBFCs at predetermined interest rates and is the best investment plan for monthly income. With fixed returns irrespective of the market situation, this is among the most suitable investment plans with regular payout options. The investors can choose either monthly or quarterly payouts depending on the frequency of their fund's requirements.
Though these deposits offer higher as well as steady returns, considering the risk they carry, investors should assess the credit rating and the historical performance and projections of the company before investing.
Monthly Income Plan
This is a monthly income investment plan designed for those who expect a steady income on their returns either to supplement their primary income or for retirees looking for a stable income for their post-retirement requirements.
Some of the best monthly income-producing investments are Annuity Plans, Senior Citizen Savings Scheme, etc. Insurance companies, banks, and mutual funds offer this monthly return investment plan.
Senior Citizen Savings Scheme
This is a long term investment plan backed by the government and considered the safest option, suitable for investors with low risk appetite. The scheme is designed for retirees and individuals aged 60 years and for those aged 55 years who opted for VRS (Voluntary Retirement).
This is one of the best fixed-income investments with a quarterly payout option. It is suitable for retirees seeking financial security for a financially secure retirement life.
Senior citizens can invest their retirement benefits in the scheme to a maximum extent of Rs. 15.00 lakhs for 5 years. This is one of the best steady income investment options that helps senior citizens maintain their lifestyle even after their regular income ceases.
Mutual Funds
Mutual funds, especially Systematic Investment Plans, i.e., the best SIP plans for monthly returns are the best monthly income generating assets. The fund creates a diverse portfolio encompassing debts and equity instruments depending on the investor's risk appetite and time horizon.
With regular income payouts, this is a monthly income best investment plan with higher returns than traditional options. By allotting funds to various assets, mutual funds ensure consistent income growth and are suitable for long-term objectives.
Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana is a government-backed scheme launched especially for senior citizens looking for avenues to invest with monthly returns. It is one of the safest monthly income schemes, providing regular pensions for 10 years.
Managed by LIC, this scheme allows a maximum investment of 15 lakhs. With regular monthly, quarterly, half-yearly, or yearly payout options, this scheme is considered one of the best fixed income monthly plans.
Factors to Consider When Choosing the Investment Plans for Monthly Income
To develop investment strategies for monthly cash flow it is crucial to consider factors that affect the investment plans. The following are some of the factors to be considered to ensure a stable income:
Risk Level
Evaluating the risk level while choosing a monthly income best investment plan is critical. Individuals with a low risk appetite, i.e., those who seek capital protection, should opt for guaranteed fixed income monthly plans like Senior Citizen Saving Scheme, Post Office Monthly Income Scheme, Pradhan Mantri Vaya Vandana Yojana, Fixed Deposits, etc. Though the returns are much lesser compared to high-return monthly income plans like stocks, mutual funds, corporate deposits, etc., they are not affected by market fluctuations and provide fixed returns.
The strategy to be adopted for the best investments for passive income is creating a diverse portfolio to balance the risks and rewards for a regular monthly income without compromising financial security.
Return on Investment
Return on investment is a yardstick that helps measure the profitability generated from an investment. It helps in identifying long-term monthly income investment plans that provide stable income.
When choosing the best investment plan for monthly income, comparing the performance of different investments is pivotal. Balancing the risks and rewards by combining investments providing stable returns with capital protection and risk-associated high-return investments like mutual funds, equity, corporate deposits, etc.
Tax Implications
Exploring the tax implications while choosing the best investment plan for monthly income is important as it affects the net returns. The interest received on schemes like fixed and corporate deposits is added to your income, while tax at source is collected for dividends from mutual funds.
You can derive the benefit of tax deduction from schemes like the Senior Citizen Saving Scheme, NPS, PPF, etc. Aim to enhance net returns by investing in tax-efficient investment plans.
Flexibility
Flexibility in changing the portfolio depending on market fluctuations and changing goals is the most important factor to look for while investing in the best investment plan for monthly income. Easy accessibility to funds is another significant aspect to consider while choosing a plan. Mutual funds and ULIPs allow portfolio change and partial withdrawal of funds.
Flexibility provides the advantage of modifying your investment portfolio to maximise returns, meet emergencies, and reallocate funds depending on market trends. This way, it takes care of financial stability and growth.
Conclusion
Several investment plans for generating monthly income are available, catering to the risk appetite and goals of the investors. Choosing the best investment plan for monthly income from a wide range, including life insurance with savings plans, can be overwhelming. However, developing investment strategies to get the best out of the investment considering the risk level, return on investment, tax implications, and flexibility is crucial. Life insurance with savings plans offer an added advantage of protection along with investment returns, making them a valuable addition to income-generating portfolios. To maximise returns, create a diverse portfolio to balance the risks and rewards. Consult financial advisors for efficient investment plans if you are a novice in the field.
FAQs About Best Investment Plan For Monthly Income
Q. What is the best investment to get monthly income?
The best investment to get monthly income depends on the risk tolerance level. Individuals who seek capital protection with stable returns can opt for fixed deposits, corporate deposits, Senior Citizen Savings Scheme, NPS, PPF, etc. For risk-associated high-return investments, you can consider mutual funds, stocks, ULIPs, etc.
Q. Which types of investment plans provide monthly returns?
The various investment plans that provide monthly returns are fixed deposits, senior citizen savings schemes, NPS, Mutual Funds, Post Office Savings Schemes, Stocks, Corporate Deposits, etc. Before choosing the best investment plan for monthly income, you should consider your financial goals, the time horizon you prefer, flexibility, payout options, etc.
Q. How do mutual funds provide monthly income to investors?
Mutual funds extend two options to investors to earn monthly income. One is the dividend option, wherein you receive a portion of the fund’s profit periodically. The other is the systematic withdrawal, wherein you can withdraw a fixed amount from your investment periodically.
Q. How do I calculate monthly returns from my investment plan?
The formula to calculate your monthly returns from an investment plan is ROI=net profit/cost of investment/*100. For investors, return on investments depicts the profit from investments, and for those who have invested in mutual funds, ROI shows the gain from mutual fund schemes.
Q. What factors should I consider when choosing the best monthly income investment plan?
The factors you should consider when choosing the best investment plan for monthly income are risk level, return on investment, tax implications, and flexibility.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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HDFC Life
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This material has been prepared for information purposes only, should not be relied on for financial advice. You should consult your own financial consultant for any financial matters.
18. Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
** The past 5 year fund performance of HDFC Life Discovery Fund (SFIN: ULIF06618/01/18DiscvryFnd101) as on 30th November 2024. The benchmark taken into consideration here is is Nifty Mid Cap 100 which as a return of 26.77% as on 30th November 2024. HDFC Life Discovery Fund is available with HDFC Life ULIPs which comes with a life cover. Please note past fund performance is not indicative of future performance.
ARN - MC/11/24/18657
