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Top 5 Benefits of a Savings Plan

25-August-2021 |

In our childhood, we all were introduced to the concept of savings by our parents or other guardians. While in our formative years, we could not understand the depth of how important the concept of saving was. However, as we started growing up and entered the workforce, we begin to realize how best savings options can help us achieve our financial goals in life.

Many insurance companies have understood that individuals wish to build their financial net through savings and have launched savings insurance plans and guaranteed whole life annuity plans in India. If you wish to learn more about the benefits of a savings insurance plan, you should read on. 

What is a savings plan?

A savings plan is an insurance plan that provides an opportunity of saving and accumulating funds for the future. Additionally, they offer a life cover for the policyholder, thus securing the financial future of the family.

These savings plans provide life protection along with guaranteed1 returns that help individuals with low risk appetite meet the specific financial need they need by investing in zero-risk investment avenues, thereby ensuring assured returns to the policyholder. 

 

The top 5 benefits of a savings insurance plan:

Savings plans are the preferred financial planning options for individuals who want the additional savings and future-centred benefits the plans provide. Some of the few important benefits that you will get with a savings insurance plan are:

  1. Helps you bring financial discipline in your life: When you understand the importance of savings in your life, you will begin incorporating those habits into your life. However, without a certain goal, it becomes difficult for individuals to bring their savings.

    This is where a savings insurance plan will be beneficial. One of the optimal benefits of investing in a savings plan is that it encourages you to build a habit of financial discipline in your life while also providing protection. 

  2. Provides you insurance coverage along with guaranteed1 payouts: As the savings insurance plan is essentially an insurance plan at its core, it will provide you with insurance coverage if ever the need arises.

    However, along with the insurance coverage, the plan will also provide you with maturity benefits. The added benefit of insurance coverage with the plan will provide you and your family financial protection in a comprehensive manner. With the assured payout from the plan, you can rest assured of fulfilling all the dreams and financial goals of you and your family.

  3. Provides you tax* savings options: As saving insurance plans come under the category of an insurance plan, they provide the policyholder with tax* benefits. If you hold a savings insurance plan, you can avail of a tax* deduction of up to Rs. 1.5 lakh towards your premium payments, as per Section 80C of the Income Tax Act. 

    Additionally, the maturity benefits and death benefits are exempt from taxation* under Section 10(10D) of the Act.

  4. Helps you meet your financial goals: As we grow through life, we set certain goals for ourselves. However, the majority of these goals require a decent amount of financial backing. With a savings insurance plan, you can meet some of your crucial life goals.

    For example, some saving insurance plans are designed as savings plans to assist you in saving up and ensuring your children get the best education possible. To ensure your life goals are met with the insurance plan, you must compare the different plans available and pick the one that suits your requirement.

  5. Offers you flexibility: Every person is unique, and everyone has their unique priorities and goals in life. A savings plan considers these differences for saving purposes and provides you with a wide variety of flexible components that can be tailored to suit every individual’s needs.

    They also offer options in funds and other investment parameters and options in payouts and terms as well. You can also move around with your investment choice based on your financial requirements and risk appetite change.

 
How can you pick the right savings insurance plan?

You must choose the right type of savings plan that fits your objectives and requirements for handling your future life goals. To pick the most suitable savings plan for yourself, you should first set your investment plans and goals. Figure out your long-term and short-term goals, which you wish to fulfil by choosing a savings plan. 

Once you have set your investment and financial goals, you will need to look at the reliability of the insurance company. As savings insurance plans have a life cover component, you need to look at the claim settlement ratio and the solvency ratio of the insurance provider. Also, choose a provider that offers a seamless claim settlement process and efficient after-sales service.

After you have finalized these details, you can begin your search for a savings plan. When researching different plans, you must look at the parameters like:

  1. Flexibility  

  2. Unique features

  3. Interest rates

  4. Tenures

  5. Conditions 

If you’re looking for the savings insurance plan, you can use online savings insurance calculator and aggregators to compare multiple policies together and find the one that best suits your needs. 

 

TATA AIA guaranteed1 returns savings plan

With the TATA AIA Savings plans, you can ensure insurance coverage for your loved ones along with the guaranteed1 returns on investment to fulfil your life goals. Savings plans from Tata AIA Life provide you with the flexibility to select the plan option, the premium payment mode, payment frequency, and income payment mode. You can also enhance the protection you get from the plan by including different insurance riders# in the plan. 

Summing up

Hence, you can purchase a savings plan or an annuity scheme at any stage of your life and start your journey to achieve your financial goals. With a savings insurance plan, you will be at peace knowing that your family will get adequate insurance coverage in your absence.

Along with this, you will also get assured returns from your plans. These plans provide you with the ability to secure your family and take care of your financial goals. To ensure your needs are met, you must pick the plan carefully. 

L&C/Advt/2021/Oct/1846

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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.

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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

Disclaimer
  • Insurance cover is available under the product.

  • The products are underwritten by Tata AIA Life Insurance Company Ltd.

  • The plans are not guaranteed issuance plans, and they 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 for tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.

  • #Riders are not mandatory and are available for a nominal extra cost. For more details on the benefits, premiums and exclusions under the riders please refer to the Rider Brochure or contact our Insurance Advisor or visit our nearest branch office.

  • 1Guaranteed Returns/Payouts depend on Plan Option, Policy Term, Premium Payment Term and Age at entry

Need more information?

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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.

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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.