Written by : Knowledge Centre Team
2025-08-13
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12 minutes read
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These life insurance cum saving plans are financial instruments that can help you with various types of financial needs. You can plan for your child’s higher education, or create a corpus for a safe retirement, a savings plan with guaranteed returns - can help you with your financial gaps.
1. Assess your Financial Goals
The first and foremost thing that you need to do is - set long-term and short-term financial goals. It gives you a lot of clarity and helps you in understanding how and when you will reach your financial goals. Assessing your goals will assist you in budgeting for your future expenses and that in turn, will be beneficial in saving up for your goals. Not knowing your financial goals will lead up to confusion and you may lose your track in between.
2. Strike a Balance between Risk and Reward
There are life insurance cum saving plans that offer life cover along with market-linked returns. And there are plans that do not divest the premium you pay in the market. Choose a savings plan that helps you maintain the balance between risk and reward. If you do not measure your risk appetite, it will become a challenge for you to find the right savings plan as per your needs. Assess your risk appetite and choose a plan that goes well as per your risk to enhance your portfolio.
3. Liquidity Option
The savings plan that you buy should have some liquidity to help you during contingencies. Life insurance cum savings plan offer loan facility and some other plans offer partial/milestone withdrawal option – using which, the policyholder can avail funds at the time of need. For example, P4G Plus offers multiple withdrawal options. If the policyholder chooses, Systematic Withdrawal Option, it will help them create an additional income stream during the policy term itself. If the policyholder chooses Milestone Withdrawal Option, they can withdraw the pay-outs at important milestone of life, for example – to pay for their child’s higher education, or their marriage.
4. Tax Advantages
Life insurance cum saving plans offer tax deductions on premiums that is paid and on the maturity benefit that the policyholder/nominees receive. Under Income Tax Act, 1961, the policyholder will get tax advantages. Under Section 80C, you will get tax deduction, which limits the deduction to Rs. 1.5 lakhs.
5. Online Accessibility
You can buy saving plans online without the hassle of stepping out of your comfort zone. Compare various plans and finalize the one that suits your financial preference. With an online savings plan, the paperwork and visits to the nearest branch also reduces as the entire process is carried out online.
6. Guaranteed Returns
With a savings plan, you will get guaranteed returns in form of maturity benefit. A few plans also offer additional returns in terms of annual and loyalty bonuses, if the policyholder opts for a longer premium payment term.
7. Flexible Premium Payment Term
You can choose your premium payment term as per your financial circumstances. From paying your premiums every month to paying the premiums in a single shot, you have the flexibility to choose your premium payment term.
Before choosing a guaranteed saving plan, ask all the necessary questions. As there are different terms and conditions, each savings plan may work differently. Therefore, buy a plan only when you are well aware of what it offers. Before you put your money into it, clear away all the doubts about the plan.
You need to consider your financial objectives to make the right decision and then look at the available alternatives for you. Choosing the right plan will help your wealth grow along with keeping your loved ones secured, financially.
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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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
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