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