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3 Saving Plans to Consider Buying during COVID-19

dateKnowledge Centre Team dateAugust 02, 2021 views217 Views
Best Savings Plan during COVID-19 | Buy Life Insurance Plan

As the pandemic progresses, life becomes more and more uncertain. With people requiring extensive medical attention, there is a sense of precariousness that everyone is experiencing. Therefore, it can be an especially trying time for many parents or individuals financially supporting their families. Many breadwinners are now taking the responsible step of buying the best life insurance plans that would ensure their family’s well-being should anything happen to them.

3 Life Insurance Cum Saving Plan Options to Buy in 2021

Although many Indians know how important life insurance is, they may not know which plan will best suit their needs.

Canara HSBC Oriental Bank of Commerce Life Insurance has the following plans tailored for the specific needs of individuals:

1. Invest 4G

Invest 4G is an all-inclusive and unit-linked plan that can be started by a financially responsible individual belonging to any age group. The benefits offered in this plan range far and wide, covering both the insured as well as select members from their family. Often termed as the “Zero Worry Plan,” it offers these benefits:

I. Offers four portfolio investments that can help to further reduce or diversify the risk

II. One can also choose from 8 fund options, catering to individuals in any kind of financial situation.

III. Tax exemptions under section 80C as per the Income Tax act of 1961

IV. Options to reduce the premium in case times are hard.

V. Loyalty additions and wealth boosters of the same percentage of the average fund of the previous 5 years if the insured pays all premiums on time.

VI. Death benefits include payment of a lump sum or the fund value towards one’s loved ones on account of the insured death. The benefits differ depending on whether one has the life, century, or care option.

VII. According to the settlement option, an individual is capable of taking out small amounts periodically.

The best part about this plan is that the Life, Century, and Care options apply to separate age groups. That is, the Life option applies to newborns as well, with the other options having a minimum age of 18.

2. Guaranteed Income4Life Plan

Guaranteed Income For Life Plan is different from the Invest 4G plan as it is a non-linked and non-par insurance plan that acts as a savings and protection plan simultaneously. A non-par or non-participating plan will not involve the payment of policy dividends. The key benefits available here are:

I. In the case of an eventuality, the GI4L plan that has the premium protection cover option will not require one’s child or spouse to pay further premiums, and income will come in as planned.

II. One can choose to make premium payments at their convenience.

III. The premium protection cover offers a range of financial benefits to one’s family after the policyholder’s death. The most beneficial aspect being the payout option which resembles a monthly income.

IV. The monthly income will not be liable to tax cuts.

V. One can immediately cash out the money invested in the plan once the payments of premiums are done or opt for a set amount being paid monthly.

VI. It also becomes much easier for an individual to attain a loan at a high percentage of the surrender value.

VII. The plan also has three subtypes. Each type differs on the premium term and the number of years for which they will receive an income.

VIII. In case of an accident that leads to a permanent disability, all the future premiums will no longer be required to be paid.

3. Guaranteed Savings Plan

Guaranteed Savings Plan offers three variants as savings option, guaranteed savings with double protection, and, guaranteed savings with premium protection option. The three plans differ based on the entry ages. The ages range from 0 to a maximum of 60 years.

The benefits of this savings plan:

I. Death benefits include sum assured, which is 11 times the annualized premium and 105% of the premiums paid as per the date of the death.

II. The policyholder will receive an annual income which is guaranteed at the end of the policy years after the completion of premium till the maturity.

III. In case the policyholder is alive till the end of the policy term, they will receive a guaranteed sum assured.

IV. The capability of taking a loan is also flexible as the minimum loan amount is around Rs. 20,000 and can go up to 80% of the current surrender value.

V. There is a premium booster as well, which will increase the guaranteed annual income depending on the annualized premium booster.

The plan has two variants depending on the length of the policy term. The policy term of 12 years requires seven years, whereas the 15-year policy term requires 10. The income payout percentage for the latter is more (200%).

Now that the majority of the benefits are mentioned, one can make an informed decision regarding the kind of plan they would like to invest in. For a more comprehensive plan that can be invested in from a young age, one can opt for the Invest 4G plan. Guaranteed Income4Life and the Guaranteed savings plans have their fair share of benefits as well. But in all three cases, an individual is capable of providing for their family once they are no more as well.

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8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

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Frequently Asked Questions

What is saving plan?

A savings plan is likely to be different for everyone depending on the financial goal, risk profile, returns, and investment horizon. If you are young and want to save for your retirement, ULIPs like Invest 4G or Titanium Plus plan would be the best option. You are likely to create a large corpus by your retirement through market-linked returns if you invest in this savings plan. If capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

Who should invest in a Savings Plan?

If you are looking for a guaranteed income plan, then saving plans should be on your list of investments that you are planning to make. Savings plan require you to invest a pre-decided amount on a regular basis. People with a regular stream of income who require a lump-sum amount after a period should opt for a savings plan. Working professionals, self-employed people and businessmen should consider a savings plan to meet their long-term financial obligations. Saving plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. These saving plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

How much money should you put in savings each month?

The amount that should be invested in a savings plan each month depends on the income, existing financial obligations and the long-term financial goal. If you have a steady income, you should save at least 20% of your monthly income. It is not necessary to invest your entire money into a savings scheme as investments should be diversified. Ideally, you should aim to have a financial buffer of over 10 times of your annual income. Choose an income plan based on your financial circumstances to stay afloat.

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What is the difference between saving and investing?

Saving is the money that you keep aside for emergencies or for buying any big-ticket item. Investing means growing or multiplying the wealth that you have by buying savings plan, or any other assets. Buying a savings plan will help you in achieving your investment goals such as retirement, your child’s higher education or marriage, or for buying a new house.

Which savings plan is best for retirement?

The Invest 4G plan with its multiple investment options and various portfolio management strategies for capital protection is an ideal saving plan for retirement. Also, Guaranteed Income4Life is also another savings plan that you can consider for building your retirement corpus as it acts as a guaranteed income plan that will provide you maturity benefits to manage your post-retirement expenses.

Which savings plan is best for long-term goals?

Smart Goals Plan is a savings plan with its unique features such as modification of the sum assured partial withdrawal and fund switch can help you plan for your long-term financial goals. Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide variety of saving plans that you can invest in as per your risk appetite and investment goal.

Which savings plan is suitable for girl child?

The Future Smart unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the ideal savings plan for the girl child. Monthly Income Advantage Plans are also a good option if you are planning to invest in a savings plan for your girl child.

Where should I invest my money?

You should spread your investments across financial instruments. However, having the best savings cum guaranteed income plan in your portfolio is extremely important. Savings plan ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

What is a monthly income advantage plan?

A monthly income advantage plan ensures that you lead a stress-free life with your loved ones as it provides a life cover along with giving you guaranteed monthly income. In short, it is a life insurance and income plan that will financially secure commitments made to your loved ones. Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Advantage Plan is a monthly income advantage plan that provides life cover for the entire term while you pay premium only for a limited period.

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What is a good age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the capital gets adequate time multiply. Even a small amount invested for a long time can give substantial returns due to compounding in a savings plan. Invest in an income plan as early as possible to build a significant corpus that will later help you in life. Ensure that you buy the best saving plan in India that can be aligned with your investment goals.

Should you use a savings plan for retirement planning?

Yes. Retirement planning is one of the most important financial decisions of our lives. The best saving plan offers a host of features that may help you build your retirement corpus. Some of the saving plans like Guaranteed Income4Life offer guaranteed returns at policy maturity. Such returns can act as a regular income stream even after your retirement to help you stay financially stable.

Are saving plans beneficial for managing unexpected expenses?

Yes. Best saving plans in India offer partial withdrawal system that can be utilized during your rainy days. Being financially prepared to tackle such odds will help you manage any unforeseen expenses in a smooth manner. Buy a monthly income advantage plan that will generate a steady source of income for you to take care of both long-term and short-term financial goals.

How to save tax by using savings plan?

Saving plans are known for helping us achieve our financial goals. Best saving plans allow you to grow your wealth while providing life cover. Saving and investment plans are also beneficial for tax planning. Premiums of savings cum protection plans come with tax benefit under Section 80C of the Income Tax Act. Moreover, proceeds received upon the death of the policyholder or upon the maturity of the policy are tax free under Section 10 10(D).

What is the right age to start saving money?

When you plan to invest in an income plan, it always pays well to start early. The earlier you start investing in a savings plan, the better. When you start investing early, the appreciation in capital is significant. Even a small amount invested in the best saving scheme for a long time can give substantial returns due to compounding. Buy the best savings plan as soon as you start earning to achieve all your milestones on time.

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How a savings plan can help in building your child’s education fund?

Saving plans help in building wealth over time against the investments that you make. Buy the best savings plan to build an education fund for your child. The best saving plan for kids offered by Canara HSBC Oriental Bank of Commerce Life Insurance eases the stress of planning your child's future by providing a lump-sum payout on the investment. Consider investing in a monthly income advantage plan to assist you in fulfilling your financial goals.

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How Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance can help you?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits, which makes them a good investment choice for investors looking for income plans.

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