Savings Plan Calculator
 

A savings insurance plan provides dual benefits, life cover, and guaranteed⁷ maturity returns in exchange for the premiums paid during the policy tenure. In the event of the unexpected death of the policyholder, the nominee will receive the sum assured as the death benefit. 
 

On the other hand, if the policyholder survives the policy term, they will receive the guaranteed⁷ returns as the maturity benefit. With the savings calculator, you can determine the amount that needs to be saved regularly for the desired guaranteed⁷ returns and the policy tenure.

The best way to calculate savings is to use a savings calculator. It is user-friendly, less time-consuming, and available online. You just need to provide a few details, such as the amount you can save regularly, the payment period, and the frequency of payment. 
 

The calculator will provide details of the applicable life cover and the guaranteed⁷ returns. In addition, you can revise the inputs to find the best savings plan and the most convenient way to save regularly.

Using a savings calculator can be helpful for the following reasons:
 

• Determine the regular savings required to accomplish a financial goal.
• Save funds without affecting your current lifestyle.
• Make a long-term financial plan incorporating the results of the savings plan calculator.
• Make well-informed financial decisions to avoid using emergency funds for a planned financial goal.

The tax² benefits that one can avail of on a savings plan are as per the prevailing tax² laws and may be subject to change at any time. As per Section 80C of the Income Tax Act, premiums paid towards all life insurance plans for every financial year are eligible for a tax² deduction of up to ₹1.5 Lakhs, subject to the terms and conditions of the policy. Therefore, one can claim tax² benefits on the savings plan premiums paid during a financial year. 
 

To enhance the scope and coverage of a savings plan, one can also add one or more optional riders¹⁶ to their base policy, whose premiums are not included in the base policy. By adding a critical illness rider or a health rider to the base savings plan, one can avail of tax² deductions on the rider premiums under Section 80D of the Income Tax Act. 
 

Tax² benefits are also applicable to the death benefits, or the maturity proceeds of a savings policy. Under Section 10(10D) of the Income Tax Act, the death benefit sum assured, paid out to the nominee or the family on the death of the policyholder, is exempt from taxes². Similarly, the maturity proceeds or the savings on the policy may also be exempt from taxes², subject to policy terms and conditions.

Yes, one of the primary reasons why many people use a savings calculator in India is to understand how much money they should save over a certain period. For example, suppose you have some financial goals to be met in about 10 years. In that case, the savings calculator lets you know the amount to be saved during this period and an estimated return on your savings while also considering the inflation rate and other factors.

If you use the Tata AIA Life Insurance savings calculator, you will receive a recommendation on which savings plans may be most suitable for your savings and financial goals. By comparing these plans, you can then choose one policy which makes it possible for you to meet your financial objectives. 
 

Alternatively, if you are choosing between any of our savings plans and want to estimate your returns in the future from savings, our online savings calculator can help you know the amount you need to save.

Yes, an online savings calculator offers accurate results based on the information you provide. Hence, if you fill in the correct details about your savings, you can get the right estimation of your expected savings by the end of the savings period.
 

Since the calculation is done online, there is also no room for human errors. And lastly, an online savings calculator also saves a lot of time as compared to the manual calculations of your savings.

No, using an online savings calculator does not incur any charges since this is a free and easy-to-use online tool. You can simply visit the official Tata AIA Life Insurance website and use the savings calculator.