Language

Call us

/content/dam/tataaialifeinsurancecompanylimited/navigations/new-call-us/Close.png

starFOR EXISTING POLICY

Have query on premium, payout or any servicing need?

Dedicated NRI Helpdesk:

Call Icon +91 22 6251 9966

Monday - Saturday | 10 am - 7 pm IST
Call charges apply

Plus IconFOR NEW POLICY

Want to buy a new policy online?

For Indian Residents

Call Icon +91 22 6984 9300

Give missed call for a call back:

Call Icon +91 11 6615 8748

Monday - Sunday | 8 am - 11 pm IST

Exclusively for NRIs

Initiate Internet Call

Data charges may apply

Give missed call for a call back:

call +91 11 4473 0242

Available All Days | 24 x 7

Back Arrow Icon
Close Button
Back Arrow Icon
Close Button

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

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

+91 dropdown arrow

Select Plan dropdown arrow
  • Term plans
  • Saving plans
  • Wealth plans
  • Retirement plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in. T&C apply.

All You Need To Know About Protection And Savings Plans

Uncertainties are utterly common at every stage in our lives. An unexpected event can trigger a change in your routine and lead to financial burden and extreme emotional distress. And, if you are the sole earning member in your family or contribute towards your family's financial well-being, you have to ensure that you have a life cover and plan for a savings investment in place. Is there a way to invest in both at an affordable rate?
 

Well, this is where a protection and savings plan, comes into the limelight! Therefore, let us go ahead and discuss the savings plan with life cover and how you can make the best use of this product.
 

What Is A Protection And Savings Plan?
 

A protection and savings plan is a guaranteed1 savings plan with life cover that ensures a sum assured for your family in case of your unexpected demise and, additionally, a guaranteed1 return on maturity. As the returns are guaranteed1 in a savings policy, you can precisely plan and accomplish your financial goals. Moreover, you can decide on the payout option, that is, whether you want the return as a lump sum or as a regular income.
 

What Are The Features Of A Guaranteed1 Savings Plan?
 

A guaranteed1 savings plan provides a range of benefits that you can customise based on your financial needs. Here are some of the most important features of a guaranteed1 savings plan.
 

  1. Life cover - A protection and savings plan comprises a life cover that assures a lump sum benefit for your family in the event of your unexpected demise. It can help them repay your/their debts, pay for any financial commitments such as your child's education, marriage, etc.

  2. Guaranteed1 returns - A savings plan that provides an assured return is a secure investment. You will receive the returns at the end of the policy term. As the returns are guaranteed1, you can plan for your future financial commitments and calculate the funds required while incorporating the inflation rate. Thus, such a plan can help you accomplish your financial goals.

    As the payout options are flexible, you can choose to receive the return on maturity as regular income or a lump-sum amount. At Tata AIA, we offer you the option to choose the mode and frequency of the payout. For instance, with the TATA AIA savings plan, you can choose the regular income option with an inbuilt critical illness benefit to let your savings insurance plan help you handle your medical expenses.
     

  3. Income period - If you choose the life insurance protection plan with savings benefits, you can choose the income period for the regular income payout. It can vary based on your financial commitments and the number of dependents. You can opt for an income period ranging from 20 to 45 years.

  4. Add-on riders# - A savings plan with life cover also provides you with the option to choose add-on riders#. The rider# options provide additional financial assistance during difficult situations. Common riders# offered by Tata AIA are the terminal illness rider#, critical illness rider#, accidental death rider#, etc. For instance, with the terminal illness rider#, you can get a specific amount for your hospitalisation and medical expenses when diagnosed with a terminal illness.

  5. Return of premium2 - You can opt for the return of premium2 option in your savings plan and receive a refund of the premium amount on the plan's maturity if you survive the policy term. It will be an additional savings benefit! You can use it to go on a vacation to explore the world, start a new business, plan for your child's higher studies, etc.
     

What Are The Benefits Of A Savings Insurance Plan? 



A savings plan with life cover is a financial product that helps you in many ways, including the following.
 

  1. Long-term benefits - When you save in a savings plan with insurance benefits early in life, you can choose to invest for a longer term. A longer term of the plan can help you accumulate a huge savings amount on maturity. The longer you stay invested in the plan, the better are your benefits.

  2. Tax* benefits - A savings plan with life cover provides tax* benefits for the long term. The premium amount you pay and the returns from the policy qualify for a tax* deduction and tax* exemption, respectively, under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

  3. Flexible features - A savings insurance plan can benefit you at large if you customise it as per your needs. When you purchase a savings plan from us, you can pay your premium based on your steady flow of income.


    For instance, you can choose to pay the premium monthly, quarterly, semi-annually, or annually. You can include your spouse under the ambit of the plan and get a life cover for them. The payout options are also flexible to make it convenient for you to utilise the funds or invest them in the future.
     

  4. Developing a discipline to save - Savings and family protection is a huge endeavour. People generally don't take the necessary steps to save enough money because of their financial commitments. However, when you choose a savings plan with life cover, you get the required benefits at an affordable rate, particularly if you start investing early. Therefore, you develop the discipline to save, which is a beneficial factor. 

     

Conclusion

A life insurance savings plan should be a priority in your life. It provides a life cover and, additionally, guaranteed1 returns. As the returns are assured, you can invest in goal-specific plans to accomplish your commitments. Furthermore, with a savings insurance plan, you get to choose the mode of the payouts and the frequency of the premium payments.
 

There are also many tax benefits that you can avail of. If you wish to plan for specific financial goals and simultaneously get a life cover to secure your family's financial well-being, a savings plan with life cover is ideal for you!  
 

L&C/Advt/2023/Feb/0514

Get complete protection at affordable cost & tax benefits

+91 dropdown arrow
  • +93 Afghanistan

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in.


 

Looking to buy a new insurance plan?

Our experts are happy to help you!

+91

Select plan
  • Term plans
  • Saving plans
  • Retirement plans
  • Wealth plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

People Like You Also Read

Limited Pay vs Regular Pay Term Insurance Premium
Read More
6 Types of People Who Need Term Insurance
Read More
Term Plan and Comprehensive Plan: Understanding the Plans
Read More
Should You Purchase a Renewable Term Insurance Plan?
Read More
What is Direct Term Life Insurance? - Advantages And Features
Read More
Why Must You Pay the Term Plan Premium Till the Age of 60?
Read More
3 Options When Your Term Insurance Plan is Getting Expired
Read More
Types of Term Insurance Plans and How to Choose the Right One for You
Read More
Do You Get Money Back with Term Life Insurance?
Read More
How to Cancel a Life Insurance Policy
Read More

People Like You Also Read

Limited Pay vs Regular Pay Term Insurance Premium
Read More
6 Types of People Who Need Term Insurance
Read More
Term Plan and Comprehensive Plan: Understanding the Plans
Read More
Should You Purchase a Renewable Term Insurance Plan?
Read More
What is Direct Term Life Insurance? - Advantages And Features
Read More
Why Must You Pay the Term Plan Premium Till the Age of 60?
Read More
3 Options When Your Term Insurance Plan is Getting Expired
Read More
Types of Term Insurance Plans and How to Choose the Right One for You
Read More
Do You Get Money Back with Term Life Insurance?
Read More
How to Cancel a Life Insurance Policy
Read More
Website Logo Image Icon

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

Disclaimer

  • 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
  • 2Return of premium shall be the return of Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder at the end of the Income Period