By continuing to use the site, you are accepting bank’s privacy policy. The information collected would be used to improve your web journey & to personalize your website experience.
explore all
get a call back
Open ASAP Account
Family Banking
Axis Wellness Offering
Fees and Charges
Register for E-statement
Link your Aadhar Card
Update your PAN Card
Register for SMS Alerts
Track Application
Axis eDGE Rewards
Apply Now
Locate Us
Compare All
Link Your Aadhar Card
FAQ
Doorstep Banking
explore
FAQs
Download forms
All Citizens Model
Corporate sector model
Subscribe
Authorised Branch List
Basic Savings Account
Small Basic Savings Account
Open FD
Interest Rates
Download Application Form
Download Withdrawal Form
Premature Encashment
Open RD
RD Calculator
Open Tax Saver
Calculators
Eligibility
Domestic Interest Rates
TDS Calculation
Apply Online
Latest Offers
Convert purchases into EMIs
Download Statements
Pay your Bill
Block your Card
Lounges
Loan against Credit Card
Protection Plan
Total Control
Report Loss of Card
Generate Debit PIN
Verified By Visa
EMI on Transactions
My Design Debit Card
How to use your card
Interest Rates and Charges
Home Loan Eligibility
Approved Projects
Check Loan Status
Holiday Loan
EMI Calculators
Documents Required
Loan A/C Statement
List of Loan Centres
Gold Loan Calculator
Foreign Exchange Rate
Offers
T&C
Apply via Branch
User Guide
Send Money to India
contact Us
Axis Bank Customers
Non- Axis Bank Customers
Currencies Offered
Special Offers
Appointment Calendar
Application Tracker
Tax Filing Assistance
Register for SMS Banking
Register for e-Statements
Register for Internet Banking
Update PAN
Remit Money
Check Rates
Deposit Application Form
EMI Calculator
Home Loan Application Form
Tata AIG MediPrime
Tata AIG Travel Insurance
Glossary
Type of Mutual Funds
Benefits
Enhanced Set-off facility
Features
Offering
Remit Now
Wire Transfer
Exchange House
Correspondent Bank Tie Ups
Foreign Currency Cheques/DDs
Overseas Branches
Apply online
Locate a branch
Free Monthly eStatement
Service Charges and Fees
International Master Debit Card
Banking Centers
Ancillary Services
By Banking Channel
By Categories
All Articles
Share
Some think of legacy in material terms as assets, while others think of it in intangible terms as timeless values. But we like to think of it as a launchpad for our next generation.
Working towards your family’s financial independence is the best gift you can give to your kids. Let’s touch upon some of the ways through which you can build a solid legacy.
Take stock your assets and liabilities
Over the years, you must have invested your money in multiple areas, with or without prior planning. So, the first step is to collate it all and have clear visibility of all your assets. All the investments, savings, policies, funds, jewellery and real estate or business interests constitute your financial portfolio.
Our tip: Use online portfolio tracking tools to track all your assets at one place.
Grow Debt free
Trying to invest if you already have debt is not a good idea. If there are credit card EMIs or personal debts that need to paid off, think of ways to repay it faster. Prioritise your liabilities by ranking them based on the interest rate applicable on each of them, if any. Don’t shy away from the option of liquifying certain assets or funds, so as to pay off your loans quickly.
Our tip: Pay off your debts using tools like debt snowball calculator and create a 6-month emergency fund.
Secure retirement income
If you haven’t already started investing in retirement funds, that should be your top priority. Look for pension plans with systematic investment as well as withdrawal plans. As with any planning guideline, do take into account the effects of inflation to estimate your future income post retirement.
Our tip: Use retirement calculators to figure out your monthly income after retirement based on your current investments.
Create lateral income sources
Creating multiple income sources is the most crucial step towards building a legacy. You can either choose to invest in assets for monthly income through rental or invest in long term fund schemes.
Our tip: Get in touch with financial planners with a clear idea on the investment capacity and expected returns.
Review your health insurance
As you grow old, you can never be certain about your health. It’s best to increase your insurance covers to reduce the shock of unforeseen medical bills. If you have a medical condition or some critical illness, make sure to have provisions for it in the policy. Several insurance firms offer annual health check-up plans, which can be a real money saver.
Our tip: Check out the senior citizen health insurance schemes, along with Fixed deposits and tax--free bonds..
Control risky investments
It will be a real disappointment and a rude shock if your invested amount is suddenly affected by the market upheavals. It is therefore recommended to start moving your investments from high risk options like equities and Small & mid cap mutual funds to low-risk options like debt funds.
Our tip: In order to judge the risks in MFs, check the riskometer.
Put all your financial documents in one place
The last thing you’d want is your family being unaware of your investments. Thus, it makes sense to keep all bank account details, important financial contacts (tax consultant, insurance agent, broker etc.) in a consolidated and handy manner.
Our tip: Record all your important details in one handy financial organiser and keep it somewhere safe.
Everybody needs a will
Legacy is best created with a will. You don’t need to be a millionaire to create a will. The assets that you have created and built are of a certain value and these assets should devolve on your loved ones.
Provided enough financial cushion, the kids can pursue what they want to and live up to their true potential. Few things are more satisfying than knowing the results of your hard work will live on and do good through future generations of your family.
Disclaimer: This article has been authored by Dialogbox, a Mumbai based Content Design firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & Dialogbox shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
TAKE CARE OF YOUR LOVED ONES
TAKE THIS SMALL STEP TO BUILD LEGACY FOR YOUR FAMILY.
At your request, you are being redirected to a third party site. Please read and agree with the disclaimer before proceeding further.
This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely . Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com
Save
Borrow
Insure
Invest
Your Browser is Outdated!
Please check your browser version & upgrade to one of the following browsers to continue banking with us.
Upgrade your web browser today