Written by : Knowledge Centre Team
2026-02-17
3495 Views
8 minutes read
Share
India is a land of diversified culture and traditions. However, no matter from which part of the country you are, there is a common thread in our DNA. We all are programmed to save money for the future. Though we are not given financial education in school, every child, at some level, knows the importance of planting a tree today and enjoying the benefits in the future. The saving options may have changed over generations, but at the core, you need a savings option that secures the future of your loved ones.
What are Savings Plans?
You save to achieve your short and long-term goals. Savings plans are life insurance plans that give you an option to create a huge corpus over time to meet your future needs. The savings plans are created to help you get into the savings habit.
These plans are designed to reward you for your commitment to saving regularly and for a long time. In addition, they also offer insurance coverage which gives you security in life.
Five Features of Savings Plan by Canara HSBC Life Insurance
These three savings plans from Canara HSBC Life Insurance, have a range of features you can use. These features allow you the necessary investment flexibility you need to meet your financial goals.
Here are five hidden features of the above three saving plans that you should know:
1. Goal Protection
Your goal is to protect your family financially under all circumstances. The goal of savings plans is the protection of your goals. If you pay your premiums on time, you receive a lump sum value on maturity that helps you complete your goals.
But, in case of your early demise, the investment in the goal may remain incomplete, affecting your family’s chance of meeting the goal. However, these three saving plans can help your family meet these goals even after an incomplete investment.
Here’s how:
Assuming you started investing Rs. 2 lakh a year in your child’s higher education goal. You will invest for the next 15 years and your goal is to build a corpus of Rs. 45 lakhs at the end of this tenure. However, unfortunately, you pass away in the fifth policy year, after investing only Rs. 5 lakhs in the plan.
The investment is far from sufficient to grow to Rs. 45 lakhs in the next 10 years. But, if you opted for a goal protection option within the plan, upon your death, the plan would pay the life cover sum assured to your family, i.e., they will receive Rs. 20 lakhs immediately.
Also, the plan will invest all the remaining premiums on your behalf, until normal maturity. Thus, giving your family the intended maturity value.
2. Tax-Free Maturity Value
One important aspect to evaluate while doing any investing is taxation. If the income you earn from your investment is taxable, the taxes will eat a part of your returns on maturity. The savings plan is a long term plan, and you receive a decent size corpus on maturity.
In these savings plans, you don’t have to pay any tax on the maturity amount. You get to use the whole amount received for your goals.
The payment received from a life insurance plan is exempt from tax under section 10(10D) if the investments follow a simple rule:
“Annual premium investment in any policy year does not exceed 10% of the life cover sum assured in the policy”
So far as your investments into the saving plans follow this rule, your maturity value remains tax-free.
3. Limited Investment Period
With age, your responsibilities and so your expenses increase. To meet the multiple responsibilities, you would want to continue investing in the new goal every few years. The limited investment period option allows you to free up your investment from one goal and focus on another after a short period of investment.
For example, you can choose to invest for only five years towards your goal of purchasing a house. After that, you will redirect your savings to other goals, while your home buying corpus continues to grow.
The cost of your child's education will increase, and there will be other mandatory expenses that are unavoidable. One of the best features of Promise4Growth Plus, Guaranteed Saving Plan, and Guaranteed Income 4 Life is that these plans let you choose your policy term.
So, you have the flexibility to decide for how many years you want to pay your premiums and will not be tied up until maturity.
4. Lifetime Plan
You can use any of these plans for lifetime coverage and even plan to leave a legacy for your family after your natural demise.
While the ULIP plan can continue to grow your invested corpus, you can:
- Stop paying the premium once there is an adequate corpus
- Start withdrawing systematically to create a post-retirement pension
- Continue investing in the plan to build a large corpus for family legacy to the next generation
5. Loan Against Policy
You invest in savings plans for your long-term goals, mostly. However, you may require funds to meet your short-term needs. These saving plans acquire cash value which increases over time. While you will receive the maturity value at the time of maturity, what can you do if you need the money a few years before that?
For such situations, you can borrow money at a low rate of interest against the policy and fulfil your need. The policy will continue in the meanwhile, and you can either repay the entire loan before maturity or the amount is deducted from the maturity value with interest.
Thus, the savings plans from Canara HSBC Life Insurance can help you look after multiple financial needs. All you need to do is to know your savings plan well and use the right features.
Build Guaranteed Savings for Your Future Goals
Enter OTP
An OTP has been sent to your mobile number
Didn’t receive OTP?
Application Status
Name
Date of Birth
Plan Name
Status
Unclaimed Amount of the Policyholder as on
Name of the policy holder
Policy Holder NamePolicy No.
Policy NumberAddress of the Policyholder as per records
AddressUnclaimed Amount
Unclaimed Amount
Sorry ! No records Found
Request Registered
Thank You for submitting the response, will get back with you.
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.
Recent Blogs
Pradhan Mantri Jan Dhan Yojana: Eligibility & Benefits Explained
04 Mar '26
3858 Views
9 minute read
Pradhan Mantri Jan Dhan Yojana ensures financial inclusion by providing access to banking, insurance, pension, and credit for Indian citizens. Learn more!
Read More
Saving Plan
12 Best Saving Plans & Schemes in India with High Returns
04 Mar '26
898 Views
7 minute read
Know about the best saving plans in India such as NSC, SCSS, RD, MIS, PPF, KVP, SSY, Atal Pension Yojana and more. Read this blog and choose the best savings scheme for yourself.
Read More
Saving Plan
EPF Guide: Meaning, Contribution Rules, Interest Rate & Withdrawal
26 Feb '26
1535 Views
7 minute read
Learn everything about Employees’ Provident Fund including EPF schemes, interest rates, benefits and features to start saving for a secured future.
Read More
Saving Plan
Best Age to Start Investing in a Savings Plan for Your Child
22 Feb '26
1003 Views
7 minute read
Wondering when to start investing in a savings plan for your child? Discover the right age & smart tips to secure your child's financial future today.
Read More
Saving Plan
Monthly Income Plan - Benefits, Features & How It Work?
22 Feb '26
3888 Views
6 minute read
Curious about monthly income plans? Discover what a monthly income plan is, how it works & the key benefits it offers for steady long-term security.
Read More
Saving Plan
Key Eligibility Conditions of a Savings Plan Explained
21 Feb '26
895 Views
5 minute read
Planning to buy a savings plan? Discover the key eligibility conditions you must meet before investing & make a well-informed financial decision today.
Read More
Saving Plan
Best Ways to Save Money for Salaried Professionals
21 Feb '26
884 Views
5 minute read
Are you a salaried professional looking to save more? Explore the best money-saving tips & strategies to build long-term financial security in India.
Read More
Saving Plan
Why Renewing Your Savings Plan is Important?
20 Feb '26
895 Views
6 minute read
Did you know renewing your savings plan is crucial for long-term growth? Explore the usefulness & importance of savings plan renewal with Canara HSBC Life Insurance.
Read More
Saving Plan
Best Savings Plan for Women - 7 Key Features to Know
20 Feb '26
886 Views
6 minute read
Looking for the right savings plan as a woman? Explore 7 key features that make a women-focused savings plan ideal for long-term financial security.
Read More
Saving Plan
Savings and Investment Plans from Canara HSBC Life Insurance
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.
Promise Made Today, Wealth Tomorrow.
Promise4Wealth
- Market-Linked Returns + Life Cover
- 3 Plan Options
- Premium Funding Benefit
- Loyalty Addition & Wealth Boosters
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
Popular Searches
- Senior Citizen Saving Scheme
- Post Office Savings Scheme
- What is Sum Assured?
- Money Saving Tips
- Saving Plans for Child
- Endowment Policy
- iSelect Guaranteed Future Plus Plan
- National Savings Certificate
- Tax Saving Plans
- Senior Citizen Savings Scheme Calculator
- NPS and PPF
- Savings & Investment Plans
- Saving Schemes
- Save Money For Salaried Professionals
- One time Investment Plan for Child
- Investment Options for an NRI
- All About PPF
- Sum Assured
- Policy Surrender Value
- Guaranteed Savings Plan