These saving plans can help you live the life of your dreams!
Life is full of surprises. People are dealing with emergencies, unforeseen circumstances, bad luck or just simply have no plan at all. Saving money alone won’t change your life but will give you that one less thing to worry about.
No amount of savings is small. Every bit counts and even small amounts of savings can soon become large sums of money if done regularly over time. So how do you save more money each month? Make saving a habit by committing to one or more of the following savings plans.
What Are Savings Plans?
A Savings plan offers features that help people to invest in a systematic and disciplined way to meet their long- and short-term financial needs. They offer various features that allow you to meet your specific financial needs in a way that suits your circumstances and risk tolerance.
The savings plan offers the advantages of insurance coverage and wealth accumulation. In case of death during the policy period, a death benefit is paid to the beneficiary. These plans can be found at most banks and credit unions.
Max Life Platinum Wealth Plan
Max Life Platinum Wealth Plan makes it easier to accumulate and grow your savings so that you achieve your goals more easily. This plan features market-linked returns and additional wealth boosters while protecting your family’s future.
The plan offers you a comprehensive life insurance plan that gives you coverage for 10 times the annual premium from the base policy, plus additional coverage from the Max Life Partner Care Rider for even more comprehensive security.
Pay premiums every month, quarter, or year for a short period or the entire policy term, with tenure options available from 10 years to 20 years. The Max Life Platinum Wealth Plan also gives you the freedom to choose from five funds and two fund strategies designed to reduce risks and protect investments.
Canara HSBC Oriental Bank Of Commerce Guaranteed Income4Life Plan
Canara HSBC Oriental Bank Of Commerce Guaranteed Income4Life Plan is an insurance plan that combines protection, savings, and income in one place. If you’re looking for something with guaranteed benefits, you should consider this policy.
This highly customizable life insurance plan lets you choose between monthly and yearly payments or a single lump-sum payment. You can also structure the plan to provide you with the type of protection that is right for your situation.
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Depending on your requirements, you can choose from three different plan options namely Guaranteed Income, Guaranteed Long-Term Income, and Guaranteed Life-Long Income under this policy, each with ranging features to help you personalize your insurance and investment needs.
Birla Sun Life Insurance Bachat Endowment Plan
Birla Sun Life Insurance Bachat Endowment Plan is a typical endowment-type product. It protects against inflation and offers the client higher returns than savings bank deposits. This is a 20-year plan in which the premiums are paid for the entire duration.
If the insured dies within the policy’s term, the nominee will receive the higher of either the sum assured or what they paid in monthly premiums + loyalty additions + bachat additions in form of the death benefit quoted under the policy.
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Moreover, in case you want to extend your coverage, even more, the plan also provides optional riders in return for additional premium payments. You can choose from riders like critical illness benefit, accidental death benefit, and a lot more.
SBI Life – Smart Wealth Builder
SBI Life Smart Wealth Builder is an insurance plan with a few added perks. Your nominee will get a set amount in the event of your unfortunate death, and upon maturity, you’ll receive a lump-sum payment based on the value of the fund.
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If you’re looking to keep your family financially secure, SBI Life Smart Wealth Builder is one of the best savings plans available in the market. There are three different payment plans that you can choose from.
This will depend on how long you want to pay the premiums and how much you value your payments.
PNB MetLife Money Back Plan
The PNB MetLife Money Back Plan is a non-linked money back life insurance plan. The policyholders receive a percentage of the sum assured from the fifth year onwards. Given that this is a non-linked money-back plan, policyholders receive their money back at regular intervals.
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With this policy, you get regular payments that continue until maturity. If you die before the end of the policy term, your beneficiaries will still receive a payment in the form of a death benefit. This plan also gives 10% of the sum assured as a survival benefit if the policyholder survives for 5 to 9 years and 60% of the sum assured is paid at the end of the policy term.
If you die before the end of your policy, PNB MetLife will pay your beneficiaries a predetermined amount. You can also borrow a maximum of 90% of the policy’s special surrender value at any time during the life of the policy.
The plan even offers income tax benefits under section 80C and 10(10D) of the Income Tax Act of India. As per these sections, the premiums paid are eligible for tax deductions of up to Rs. 1.5 Lakhs and the death benefits are also free from taxes.
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Saving money is something that everyone needs to do no matter how much you earn. However, if you are not careful with your finances it can be very easy to lose sight of what is important in life. Thankfully some of the best saving plans mentioned in this blog will transform your financial situation for the better without costing too much time or effort.