Given the unpredictable nature of life and the rapid rise of inflation, setting up a savings plan to build an emergency fund that will secure your future is essential. A savings plan provides a combined benefit of a secured financial future while also offering insurance coverage in the present. The saving investment plans are customised based on the financial requirements and goals of the policyholder. One can choose the tenure and maturity amount based on the wants and needs of the investor.
The best saving plan is essentially life insurance combined with financial security for the future. Savings plans promise a lump sum maturity payout, while insurance policies provide financial assistance in case of emergency or unexpected circumstances. You can choose between receiving a lump sum payment or monthly installments as your payment option. The best saving plans are insurance policies that offer flexibility, option to include additional riders and are customizable toward your financial goals and requirements. Following are the top features of best saving plans:
Guaranteed Returns: Saving plans are linked to low-risk investments, offering steady returns on investments. These schemes guarantee high returns and offer immediate maturity benefits, making investing in savings schemes financially beneficial.
Flexible Tenure: Savings plans are designed to meet the specific needs of individual investors and can be adjusted over time. Based on your financial goals and needs, there are multiple options, such as long-term or short-term policies. Longer investment tenure in your policy ensures better returns on your investment.
Rider Options: The life insurance policies also offer additional riders that provide financial coverage and enhanced security. The savings plan includes provisions for payouts in case of accidental death or unfortunate incidents. The inclusion of riders provides coverage regardless of the cause of death, accident, or disability.
Guaranteed Income Policy: Regular payment of premium ensures that in the event of no income to meet the family’s needs or the investor’s death, the maturity amount will be distributed to the investor or his nominee respectively. Investing in such policies will ensure financial security for your family.
Tax Benefits: Investors must pay premiums to maintain life insurance policies covered in savings plans, with a deduction of up to Rs 1.5 lakh annually under Section 80C. Any maturity proceeds received are exempt under Section 10(10D).
Key Things to Note Before Choosing the Best Saving Plan:
The best saving plan will provide the most favourable benefits of a life insurance policy along with a tax-saving high-yield investment plan. It is essential to select the appropriate plan as per your requirements and goals to ensure financial security in the present and future for you and your family.
