Top Reasons Why a Guaranteed Savings Plan is a Smart Choice

2021-10-06

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The responsibilities never end, from the child's academic responsibilities to building a house and later getting the children married. The list of responsibilities is never-ending and while we try our best to give our children the best experiences in life, we often forget our own needs and requirements. Buy a savings plan that will help you realise your dreams. Save for that dream retirement house you wanted to own and you can simply achieve this by buying a retirement plan.

1. Guaranteed Maturity Benefit

Select the premium amount for your saving plan and you will receive the maturity benefit once the saving’s plan duration is complete. The minimum maturity value saves the capital against market performance.

Benefits of Buying Savings Plan | Guaranteed Savings Plan

2. Guaranteed Yearly Additions

These yearly additions help them achieve better investment growth, which means more money saved.

3. Loan Against the Cash Value of the Plan

After two years, the policy acquires cash value that increases over time. So, in case there is an urgent need, you can get loans against the policy.

4. Feasibility

It is easier to keep aside a small amount every month rather than giving a large amount at the end of a year, and usually some of the other expenses pile up and the focus shifts from the goal to cater to taking care of these new expenses.

5. Life Coverage

Savings plan helps cover the finances of the family and thus, you can be rest assured that they will be taken care of in case of a mishap.

6. Flexibility

The savings plan can be altered based on your short term and long-term goals, and the premium amount.

7. Tax Benefits

It helps you save the invested amount in a savings plan under section 80C of the Income Tax Act.

8. Better Growth for Long-term Investors

The longer duration will lead to a greater bonus in the long run. The more you stay invested, the higher the returns and benefits. Choose a retirement plan for your long-term financial goals and achieve each of the milestones.

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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