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In today’s uncertain economic climate, it’s more important than ever to plan for the future and ensure that you have a solid financial foundation. One key aspect of this is having a good savings plan in place.
Saving money can seem difficult, especially if you’re living paycheck to paycheck or struggling to make ends meet. However, the importance of saving cannot be overstated. A solid savings plan can help you weather financial storms, such as job loss or unexpected expenses, and give you the financial freedom to pursue your goals and dreams. It can also provide a sense of security and peace of mind, knowing that you have a safety net in case of an emergency.
In this blog, we’ll be discussing savings plans, which allow you to save money at a pace that works for you. These types of plans are flexible and can be tailored to your specific financial needs and goals.
So if you’re looking to take control of your financial future and start saving for a better tomorrow, this blog is for you. Keep reading to learn more about pay as you like savings plans and how you can use them to secure your financial future.
What is the importance of savings?
Saving money is an important aspect of personal finance and financial planning. It allows individuals to set aside money for the future and prepare for unexpected expenses, emergencies, and long-term goals. There are many benefits to saving money, including:
1. Financial security
Having a savings account can provide a sense of security and peace of mind, knowing that you have a financial cushion in case of unexpected expenses or emergencies.
2. Flexibility
With a savings account, you have the flexibility to pay for unexpected expenses without going into debt or relying on credit cards.
3. Opportunity
Savings can provide the opportunity to pursue your goals and dreams, whether it’s starting a business, going back to school, or taking a once-in-a-lifetime vacation.
4. Financial independence
Building up a savings account can help you achieve financial independence and reduce your dependence on others for financial support.
5. Retirement planning
Savings are an important component of retirement planning, as they provide a source of income when you are no longer working.
5 Best Savings Plans Available in India
There are many different savings plans available in India, each with its own set of features and benefits. Some popular savings plans in India include:
1. Public Provident Fund (PPF)
The PPF is a long-term savings plan offered by the government of India. It offers tax benefits and the interest rate is determined by the government.
2. National Savings Certificate (NSC)
The NSC is another long-term savings plan offered by the government of India. It offers tax benefits and the interest rate is determined by the government.
3. Life Insurance Policies
Many life insurance policies offer a savings component, allowing policyholders to save money while also protecting their loved ones in the event of their untimely death.
4. Fixed Deposits
Fixed deposits (FDs) are a popular savings option in India, as they offer a fixed rate of interest and are considered a low-risk investment.
5. Recurring Deposits
Recurring deposits (RDs) allow individuals to save money on a regular basis, usually monthly. They offer a fixed rate of interest and are a good option for individuals who want to save money consistently.
Which is the Best Savings Plan in India?
iSelect Guaranteed Future Plan is emerging as one of the best savings plans in India, offering guaranteed benefits and flexible options to suit individual needs. It is a Non-Linked Non-Participating Individual Savings Life Insurance Plan.
The plan offers customers the flexibility to choose from different plan options, including premium amount, premium payment term, policy term, and premium payment mode, based on their saving needs. Customers can also opt for Payor Premium Protection Cover and Death Cover if required.
Canara HSBC Life Insurance iSelect Guaranteed Future Plan is a non-linked non-participating individual savings life insurance plan that offers customers the flexibility to choose from a variety of plan options, premium amounts, policy terms, and premium payment modes. The plan provides financial protection against life uncertainties by offering guaranteed benefits with a guaranteed maturity benefit. It also provides payor premium protection cover to secure the future of the customer’s family. The following are five key benefits of the iSelect Guaranteed Future Plan by Canara HSBC Life Insurance:
- Flexibility to Choose Plan Options: Customers can select their plan option from two options available under this product – iAchieve and Flexi iAchieve or iAssure and Flexi iAssure. They also have the flexibility to choose their premium amount, premium payment term, policy term and premium payment mode basis their saving needs.
- Financial Protection Against Life Uncertainties: This plan provides financial protection against life uncertainties with a guaranteed sum assured on maturity and a death benefit if the life assured passes away during the policy term.
- Guaranteed Benefits and Maturity Benefit: This plan offers guaranteed benefits with a guaranteed maturity benefit. Customers can also avail an added annual bonus depending on the insurer.
- Payor Premium Protection Cover: The plan includes a payor Premium Protection Cover which ensures that all future premiums payable after the death of the policyholder will be waived off and the policy will continue till the end of its term with all the future benefits intact.
- Tax Benefits: Customers may be able to avail tax benefits as per prevailing Tax Laws.
Wrapping It Up
A savings plan is an essential component of personal finance and financial planning. It allows individuals to set aside money for the future and prepare for unexpected expenses, emergencies, and long-term goals.
Pay as you like savings plans offer a flexible and customizable approach to saving, allowing individuals to save money at a pace that works for them. By building a strong savings plan, individuals can achieve financial security, flexibility, and independence, and be better prepared to pursue their goals and dreams.
The iSelect Guaranteed Future Plan stands out as one of the most beneficial savings plans in India for those looking for an alternate source of income to achieve their financial goals and plan for a stress-free life. The coverage provided and the assurance of a guaranteed return makes it a great option for anyone looking for a sound investment.
