10 Ways to Buy the Best Savings Plan Online

2021-01-18

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Have you been thinking about saving and securing your future, but are confused about what to do? Most millenials and even those who've been earning for quite some time now face difficulties in choosing an affordable saving and investment option to secure their financial goals. Apart from achieving milestones, your investments and savings should save your family and you from any financial troubles in a grievous emergency. Thankfully, there's a solution that provides you with all this and more.

A savings plan comes under the class of life insurance plans, and it helps you save periodically, without worrying about your continual expenses

Savings plans not only give you regular returns on your investment but also help set money aside for undesired and unexpected future events. When it's you or your loved ones on the line, and voila! You can create a large total sum for future requirements.

How to Buy Savings Plan Online | Buy the Best Savings Plan Online

Different saving plans and schemes are built, keeping in mind the varying expectations, goals, and budgets of people.

How to Buy the Best Savings Plan Online?

Choosing a savings plan can seem intimidating for many reasons. One may not have enough financial knowledge to make a sound decision independently, one may not know of all the options available, or one may need some guidance.

Before choosing an affordable savings plan, you must analyse certain factors and choose based on those factors:-

1. Assess your Needs

It is a good habit to make a checklist of all your financial goals and needs for now, and the future. Use the particular savings plan calculating feature online to determine the actual value of your savings plan investments in the future. You can also calculate the actual value of your financial goals, keeping inflation in mind. Doing so will help you analyse the deficit between your goals and what the investment plans can offer. To calculate via the calculator, you'll need to know the down-payment you'll initially make, the monthly contribution to your plan, the average annual interest rate, the entire tenure of your chosen investment and other factors like inflation.

2. Life Stage

Understanding what life stage you are at, and what life stage you'll be when the tenure ends - both are equally important. Your current life stage determines your affordability and current financial goals, and your later life stage may determine your financial needs. Planning for the different stages of your life helps you achieve your dreams and keep yourself and your loved ones financially secure.

3. Taking Risks

You should keep in mind the risk you are willing to take, and the kind of rewards you are expecting. The Unit-Linked Insurance Plan is a popular choice among those looking for savings, investment opportunities and insurance under one savings plan. A ULIP gives great returns and comes with a good cover. However, whether you choose a ULIP or some other plan, you must analyse your risk appetite. Knowing this can help you figure out where to invest and how.

4. Amount of the Cover

An affordable savings plan with a good cover is the best option. Deciding on a life cover requires you to understand your liabilities. You must take into account the number of dependents, your current assets, your future income, your current income, and any ongoing life cover. It is recommended to have a life cover that's at least 10 times your annual income. Doing so shall help you stay on the safe side of your investment.

5. Liquidity

Liquidity is a crucial aspect of any investment or savings opportunity. Check the ceiling for withdrawal from the plan's commencement date, whether you plan on making partial withdrawals, how the liquid is the plan for emergencies and so on. In the case of a dire situation, liquidity could mean the difference between being safe and unsafe. Ensure that whichever savings plan you choose has adequate liquidity.

6. Consider all Options

There are a bunch of savings and investment options out there. The key to making a sound financial decision is knowing your options and what works best for you. Diversity in your savings or investment product can help save you from a fluctuating environment and reduce the risk associated with that investment product.

7. Performance

Your work doesn't stop after picking a savings plan. Please keep coming back to your portfolio, and review it regularly. Needs may change with life stages, or unprecedented requirements may arise. Keep reviewing and making changes whenever necessary to stay updated and on top of things.

8. Ask Questions

Grasping financial information can be tricky for many people. Don't be afraid to keep asking questions till you know everything you wish to know, and comprehend it fully. Make as many queries as required before choosing a plan, and make updated queries when you review your portfolio. Ensure that you ask about the terms and conditions associated with your savings plan. Only make a down-payment when you're a 100 % sure that this is what you want.

9. Terms of the Policy

Choosing a longer term for your plan may mean that your invested amount grows via compounding. You might avail greater returns and benefits. Understanding the term duration is another aspect of choosing a savings plan.

10. Servicing

Choosing a savings plan is only the first step towards a safe and secure financial life. What happens when you need help, or you need to avail services? Pick a company that offers prompt servicing, and has several touch points and branches to approach. If they offer services through digital platforms as well, that should be an advantage.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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