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Need assistance in choosing the right insurance plan? Get a call from our Expert.

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5 Ways to Make the Most out of Your Savings Plan

Every person will have their financial priorities. Some people prefer having a conservative life fulfilling family obligations. Some others will have the ambition to explore the world or experiment on a new business while satisfying family commitments.
 

  • Make a Financial Plan

    If you want to make the best out of your plan, you should have a clear objective and a well defined financial plan. You should understand the requirements of your plan for the best benefits. Define your short term and long term financial commitments and devise a strategy to how you can accommodate it all with your income. This detail will help you understand how much funds will be required, for what purpose and when.

    With that background, you can decide on a money-saving plan. For instance, suppose you are an ambitious person with many family commitments looking for opportunities to take a break off from work and write a book. In such cases, you can invest in a savings insurance plan that provides a life cover and, additionally, a guaranteed1 return on maturity. You can utilise the returns as a source of income during the break without compromising your family commitments while pursuing your objective simultaneously. There is also the life cover that will provide the death benefit to your family in case of your unexpected demise.

  • Choose the Right Savings Plan



    While there are different types of savings plans in India, it is important that you research, analyze and find the product that will suit your needs. Only the right plan will bring the most benefits to your financial needs. You can choose from conservative savings plans, insurance savings plans, etc.

    If you have decided on a savings plan for the long term, use the flexible options to customise it for your needs. For instance, you can choose amongst two payout options with our savings policies.

    • Regular income option - With the regular income option, you will start getting the payout on maturity as a guaranteed1 regular income, either monthly or annually.

    • Regular income option with the critical illness benefit - While choosing this option, you will start getting a guaranteed1 regular income when diagnosed with a critical illness. We cover upto 40 major critical illnesses that might require huge hospitalisation and medical expenses. You can choose the income period for the regular income between 20 to 45 years based on your needs. It is a preferred option when your family has a history of getting affected due to a critical illness.

    There is also flexibility in the choice of premium payment mode. It can be a single payment, regular premium payment or a limited term premium payment. 
     
  • Enhance the Savings Plan

    There is also the choice to enhance the savings plan with additional options at an increased cost. However, the benefits are certainly worth the investment. With our savings insurance plan, you can opt for additional rider# options to enhance the risk cover.

  • Start Early

    To make the best out of your savings plan, you should also make an effort to start investing early. When you have just started your career, you can invest more as your commitments will be less. Also, you will develop the discipline to invest regularly with time, helping you to choose a longer time to invest and benefit better. And while deciding on the guaranteed1 returns from the plan on early investment, account for the inflation rate to accommodate the expenses in future.

  • Look for Tax* Benefits

    Income-tax* liability is an obligation that keeps rising with an increase in your income. To make the best out of your savings plan, choose one that qualifies for a good tax* benefit.

Conclusion
 

A savings plan for a secure future is an ultimate necessity. It helps you tackle emergencies, plan for your money goals, accomplish family commitments, and prepare for uncertainties. Therefore, making your plan work for your financial needs is a major concern.
 

To do so, you should work on a detailed financial plan, choose the right plan and customise it for apt returns,enhance the plan with additional options, look for tax* benefits and most importantly, start early for better returns and maximised protection. So, devise a strategy, choose options with guaranteed1 returns with a longer policy term and make the best out of your savings plan!
 

L&C/Advt/2022/Nov/2703

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Tata AIA Life Insurance

A joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA),  Tata AIA Life Insurance  is one of the leading life insurance providers in India. We post everything you need to know about life insurance, tax savings and a variety of lateral topics such as savings and investments in this space. You can access and read a host of different blogs, articles and pages at the Tata AIA Life Insurance Knowledge Center or get in touch with us with any queries or questions!

View all posts by Tata AIA Life Insurance

Disclaimers

  • Insurance cover is available under the product.
  • The products are underwritten by Tata AIA Life Insurance Company Ltd.
  • The plans are not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
  • This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
  • Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
  • Every effort is made to ensure that all information contained in this blog is accurate at the date of publication, however, the Tata AIA Life shall not have any liability for any damages of any kind (including but not limited to errors and omissions) whatsoever relating to this material.
  • *Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • #Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch
  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry