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Different stages of life, different investment options

Different stages of life

Different stages of life, different investment options

Different stages of life call for different investment options

Everyone is unique. Different tastes and different perspectives rule our senses. This is true when it comes to investing and money as well. But still, almost all investors share some common life stages. From the first job, to marriage, to being a parent and then to retirement — life stages compel us to decide how to balance finances and prepare for the situation. If one prepares for them beforehand with the right investments and strategy, life can be quite easy and simple. Here are some major life events that most of us share and some investment decisions that can come in handy.

First job

Your first job will be special. It will mean that your money journey has started. That precious amount of money with your address will mean a world to you – Confidence, independence and much more, Yet, our first job can be a harbinger of all the good things to come if you start saving and investing early to build a cash reserve. This reserve will act as an emergency fund for you and your family.

The first job should also be a time when you start planning for your golden years. The advantage of starting to save for retirement so early is that it means you have time on your side. All other factors being common, it is time which contributes the most to building a substantial retirement corpus – through the principle of compounding. For example, if you invest Rs 5,000 every month in equity mutual funds from the age of 25 till the age of 60, you will have a corpus of Rs 1.91 crore when you retire (assuming a return of 10% p.a.). If you start at 30, the corpus amount drops to Rs 1.14 cr – a drop of 41%. Push the start date further by 5 years – a start at 35 years will leave you with a corpus of Rs 67 lakhs at retirement – a drop of 65%!

Start a retirement fund early and make regular monthly contributions. Don’t worry if they are small. Starting early means you are well-placed to win this long battle. You can opt for recurring deposits or RDs,  or make use of the Standard Chartered Online Mutual Funds platform to make regular investments through Systematic investment Plans. Retirement may seem years away, but failing to plan for it is definitely planning to fail. Check out this retirement calculator in case you need help.

Marriage bells

A marriage is a lifetime bond and a responsibility like no other. It is as much a financial joint venture as an emotional investment. You should determine your new investment contributions and allocations. This should take into account your combined income and expenses post-marriage. You can start by opening a Parivaar account to get the family flexibility. Saving for goals can also be explored by the use of trusted fixed deposits that can fetch you interest with comparatively less risk..

If your spouse and family members are financially dependent on you, now may be a great time to take a good life insurance cover. You can buy insurance online here from our insurance partners website.  Term insurance plans are the cheapest and among the most cost-effective in terms of low premium and higher coverage.  Both you and your spouse, including family members from both sides, should also take advantage of your young age and get a comprehensive health policy. Check out the health insurance offerings that Standard Chartered brings to you from partner insurance companies.

House, child

Usually, buying a house is the next target. Many buy the house even before getting married. Home costs are high today, and it may take some annual raises for you to be able to afford that dream home. Home loans allow you to get attractively priced loans. Check out our home loan solutions here. Value-conscious borrowers can check out Standard Chartered’s Home Saver loan product, which helps you save on interest money by letting you park surplus funds in your loan account and is thus lighter on your pocket. Read about Home Saver here.

While every child is born with its own destiny, a lot of the financial future can be planned by responsible parents. Start a fund for your child’s higher education by investing in online mutual funds. Take the help of our fund ideas and insightful market views to choose the right product. You can invest via Systematic Investment Plan (SIP) in mutual funds or use unit-linked wealth creation plans to build the treasure chest for your children’s wedding.

Life is simple if you do things when they ought to be done. Carefully study the options as per your life stage and decide your course of action. Discuss your alternatives with your adviser. Don’t forget to do regular reviews and reallocate your investments to achieve the goals and aspirations that you so rightly should achieve.

Dream big, and plan wisely!

Disclaimer

This document is for information and educational purposes only. It is meant only for use as a reference tool. It has not been prepared for any particular person or class of persons. The products and services may not be suitable for everyone and should not be used as a basis for making investment decisions. This document does not constitute investment advice nor is it an offer, solicitation or invitation to transact in any investment or insurance product. The value of investments and the income from them can go down as well as up, and you may not recover the amount of your original investment. Prior to transacting, you should obtain independent financial and tax advice. In the event that you choose not to seek independent professional advice, you should consider whether the product is suitable for you. You should refer to the relevant offering documents for detailed information.

Standard Chartered Bank does not provide any investment advisory services under the wealth proposition. Standard Chartered Bank in its capacity of a distributor of mutual funds or while referring any other third party financial products may offer advice which is incidental to its activity of distribution/referral.

Mutual Fund Investments are subject to market risk. Read scheme related documents carefully prior to investing. Past performance is not indicative of future returns.

The Online Mutual Funds platform is an EXECUTION-ONLY platform. If you wish to receive advice from us in relation to transacting in Mutual Funds, you should not use the Online Mutual Funds Platform but should instead contact your banker for further information. We are not acting as your investment advisor nor providing investment recommendations in respect of any transaction effected through the Online Mutual Funds platform, and you must not regard it or us as acting in that capacity. You should consult your own independent legal, tax and investment advisors before entering into any transaction via the Online Mutual Funds platform and only enter into a transaction if you have fully understood its nature, the contractual relationship into which you are entering, all relevant terms and conditions and the nature and extent of your exposure to loss.

Tax laws are subject to amendments from time to time. The user/investor needs to verify all the facts and circumstances with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.

All insurance products are underwritten by the respective insurance companies and not by Standard Chartered Bank. This document does not constitute an offer to buy or sell an insurance product, nor is it intended to provide insurance advice. You may wish to seek advice from a qualified advisor before purchasing the policy, and in the event that you choose not to seek advice, you should consider whether the policy is suitable for you.

Standard Chartered Bank, India having its corporate office at Crescenzo Building C-38/C-39 G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 is a licensed Corporate Agent of ICICI Prudential Life Insurance Company Limited for life insurance products, Royal Sundaram General Insurance Co. Limited and Bharti AXA General Insurance Company Limited for general insurance products and Max Bupa Health Insurance Company Limited (IRDAI Registration no. 145) for standalone health insurance products vide composite license number CA0028.

All figures shown here, if any are for illustrative purposes only. Actual premium calculations will vary from person to person.

Participation in any insurance scheme is purely voluntary, and is not linked to the availment of any other banking products or services from Standard Chartered Bank. The benefits/ features of the products are indicative only. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding sale. Insurance is the subject matter of solicitation.