While kick-starting your journey up the corporate ladder, you need to learn money management. Along with your career, if you have the responsibility to manage a family, knowing how to manage your capital becomes even more crucial as you have people dependent on you for their daily expenses. Let’s see some of the best savings plan for the future.
Moreover, when you start saving from a young age, you can gradually get better at managing your finances. Investing your money in saving plans will ensure that you’re capable of growing your capital and also help you achieve your financial freedom.
Talking about the saving plans, there are various investment opportunities available in India as per your varying requirements. To prevent you from getting overwhelmed with such a large number of variations, we’ve compiled a list of some of the best insurance policies available in India for savings.
Therefore, if you’re looking to invest in a savings scheme as a youngster, make sure you read this article till the end.
1. ICICI Pru Assured Savings Insurance Plan
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The Assured Savings Insurance plan is a guaranteed savings plan offered by ICICI Pru Life Insurance. It offers you a lump-sum payout at the end of your policy term, which allows you to fulfill all your aspirations that require financial help.
Once you’ve paid all the premiums and your policy has finished the maturity period, you’ll also get accrued guaranteed additions and guaranteed maturity benefits with your plan. The guaranteed maturity benefits may vary based on premium payment term, policy term, gender, age, and so on.
Moreover, the guaranteed additions will be added 9-10% every year to your policy, based on the terms of your policy. You can also choose from varying premium payment terms such as monthly, yearly, and half-yearly, as per your preferences.
2. HDFC Life Sanchay Par Advantage
The Sanchay Par Advantage plan by HDFC Life is one of the most popular savings plans that offer the protection of life cover for up to 100 years of age. Moreover, you can also choose between deferred income and immediate income pay-out options, based on your requirements.
You can also accrue the pay-outs received through survival benefits with this plan as well. The plan offers great flexibility by allowing you to choose your preferred survival benefit pay-out date according to your financial goals.
Furthermore, it is also eligible for tax benefits as per the prevailing laws stated by the Income Tax Act of India. If you choose the annual premium option in your policy, you may also receive enhanced benefits of up to Rs. 1 Lakh.
3. Canara HSBC OBC Invest 4G Plan
The Canara HSBC OBC Invest 4G is a unit-linked policy, which is also termed as one of the best life insurance policies in India because of its amazing customization features. This plan helps you achieve all your life goals by planning your investments accordingly.
It features an unparalleled collection of various portfolio management options and offers you great flexibility to help you control your insurance and savings needs on your terms. Moreover, all the profits gained are completely yours as it’s a non-participating savings plan.
With this plan, you can even enjoy systematic withdrawal timelines that allow you to create an additional source of income during the tenure of your policy. If you have a specific milestone in life such as a child’s marriage, you can set a dedicated withdrawal option for that too.
4. Max Life Savings Advantage Plan
The Max Life Savings Advantage Plan is a very flexible savings plan that allows you to choose your preferred policy and premium payment terms to make sure that they resonate and align properly with your life goals for better savings.
It offers a lump-sum amount upon the maturity of the policy, which is partially guaranteed based on your policy terms. Moreover, you can also save money on taxes with this plan as per the Income Tax Act of India, 1961.
The plan also features a life cover that allows you to protect your family’s future. The life cover assures a lump-sum amount of money to your family in the event of your unfortunate demise to help them sustain a normal lifestyle.
5. India First Life Cash Back Plan
The India First Cash Back Plan is a savings policy that ensures the proper financial security of your family’s future by offering you a risk cover that equates to ten times the assured sum or premiums paid annually, in addition to several other accumulated guaranteed add-ons.
With the help of this plan, you can easily meet both your short- and long-term financial obligations with its regular assured pay-outs feature. It also allows you to boost your investments with various guaranteed additions that can be added to your plan.
By paying only for a limited time, you can enjoy the benefits of long-term investments. The plan also offers tax benefits on the premiums you’ve paid towards the policy coverage as per the prevailing laws of the Income Tax Act of India.
It is said that the best time to plant a tree was twenty years ago, and the second-best time is right now. Likewise, making financial investments is a process that should be started as soon as you have dependents leaning upon you.
With the help of a good savings plan, you can safeguard a secure financial future for your family, and provide them with a good lifestyle. Moreover, it also allows you to achieve your own goals and aspirations in life, which require an ample amount of money.
The above list highlights some of the best insurance policies in India that provide you savings benefits to grow your wealth. By combining the shortlisted options with your requirements and research, you can easily find the one that fits the bill for you.