Written by : knowledge Centre Team
2025-09-13
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10 minutes read
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Indians are loving their daughters more than ever in the recent few decades. With increasing levels of education in families, a daughter is the apple of the eye that every parent looks forward to having. Of course, there is still a long way to go before there is a complete change in society. To encourage more parents to educate girls, the government also supports saving schemes that support the girls’ overall development. Parents are also continually looking out for the best monthly saving plans in India so that they can build a good corpus for the child’s education. If you are exploring money-saving plans, you may consider these 4 (four) options that are considered to be the best savings plans in India:
1. Promise4Growth Plus ULIP
Promise4Growth Plus by Canara HSBC Life Insurance gives you peace of mind even when you turn 100. What’s more, you can withdraw partially at planned intervals or when needed. In case of untimely demise, the family need not be stressed for meeting the goal as the company would pay future premiums.
Understand with this example, Mahendra has a policy with a Sum Assured of Rs. 20 Lakhs with an annual premium of Rs.2 lakhs and a policy term of 20 years. He will pay Rs.2 Lakhs in premium each year for the entire policy term and aims to accumulate Rs 1 crore to support his child’s higher education goal.
- Scenario 1 - Survival till maturity: Mahendra will receive the fund value from the plan and can meet the child’s higher education goal easily.
- Scenario 2 – Death in the fifth year: Mahendra would’ve invested Rs. 10 lakhs in premiums by the fifth year. The following things will happen after his untimely demise:
- His family receives Rs. 20 lakhs as death benefit from the policy
- Insurer deposits the next 15 remaining instalments, as Mahendra would’ve done if he was alive
- At maturity, the family receives the money Mahendra planned for while starting the investment
Thus, You can sleep easy that your daughter’s goal will be met, in any situation.
The plan also comes with additional features to improve your convenience while you are saving for the goal. Some of these useful features are:
- Automated Portfolio Management: If you are investing aggressively (in equity funds), you would need to make sure that your portfolio risk remains in control. You can either continuously watch the market and manage your investments or choose a performance-linked automated portfolio management option.
This option allows you to keep your portfolio risk in check and take advantage of market movements even without watching the markets.
Learn 4 go-to ways of portfolio management in ULIPs.
- Wealth Boosters: Adding to the growth of your portfolio, wealth boosters are bonus units. These units are added to long-term investors’ portfolios by the life insurer.
- Systematic Withdrawal Plan: Many higher education institutions need regular financial infusion for a few years for the degree or diploma course. Thus, instead of withdrawing the sum each time you need money, you can use a systematic withdrawal plan. This plan will automatically transfer money every year or quarter into your account from the plan.
2. Guaranteed Savings Plan
This is another investment cum insurance plan that supports the family even after the untimely demise of the policyholder. This plan is very much like the Promise4Growth Plus plan, except that this plan helps you arrive at a definite maturity value. Since the plan’s benefits are guaranteed, you can arrive at the possible final amount you can receive upon surviving the policy term.
Thus, a guaranteed savings plan is for those investors who want to be extra cautious with their savings and want to stay away from equity markets.
Similar to the Promise4Growth Plus plan, a guaranteed savings plan also offers additional growth through bonus additions. Except these additions are direct funds added to your policy value instead of units.
- Guaranteed Yearly Addition and
- Guaranteed Loyalty Addition
Guaranteed Savings Plan (with double protection) is comparable to the Life Option of Promise4Growth Plus but is again different because of Guaranteed Yearly and Loyalty Additions and also extra financial protection for demise due to an accident.
3. Future Smart Plan
This is a comprehensive plan ensuring your child’s education is not affected by any mishaps in the future. The money is invested in high-quality funds and the allocation is regularly observed and rotated by experienced fund managers. As the policy nears maturity, an automatic safety switch ensures funds are parked in relatively safer instruments such as bonds, G-secs, etc.
In case of unfortunate, untimely demise or disability, the company not only pays the sum assured but also pays the future premiums and gives away the fund value on maturity.
4. Guaranteed Income4Life
As the name suggests, this plan gives out a regular stream of income after the premium payment term is completed. If your child will reach Class 12 in another 10 years, investing a bit each year from now will give you a sizeable cash inflow that can support fee payments for engineering, medicine, or any new offbeat courses. Under the premium protection cover available with Guaranteed Income4Life, all future premiums are waived in case of untimely demise.
Say, Mahendra pays an annual premium of Rs.1 lakh for 10 years in the 20-year policy. If he passes away in the 10th year, the family/nominee would receive the highest of the following three amounts:
| 11 Times Annual Premium | 105% of Total Paid Premiums | Sum Assured |
| 11Lakhs | 10.50Lakhs | 25Lakhs |
As the Sum Assured is the highest, the nominee gets Rs.25 Lakhs
Although there are several insurance and investment plans available, you must look for guaranteed return plans in India, because robust, comprehensive insurance coverage is no longer about only a Sum Assured. Top money-saving plans look at protecting life, generating an income stream, giving away loyalty additions, and financially supporting the family till the end of the policy period. After all, it is not just about “Sum Assured”, rather it should be “Someone has Assured”.
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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Our Top-Selling Insurance Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 plan options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
Save, Dream, Plan. Live Peacefully
iSelect Guaranteed Future Plan
- 4 plan options
- Guaranteed Maturity Benefit
- Premium Protection Cover
- Tax Benefits
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