Savings plans have emerged as a popular choice of investment to achieve financial security and long-term financial goals. As the name suggests, savings plans help save a portion of the income and accumulate funds that can be used at a later stage in life. In addition to wealth creation, savings plans also provide life insurance cover. While the market is currently flooded with a wide range of online savings plans, you must carefully assess the benefits and risks of different plans as well as your specific requirements.

Canara HSBC Life Insurance offers some of the best savings plans in India that can be customized to meet your individual needs. With several benefits such as flexibility of switching funds, guaranteed returns and tax savings, these plans can help you save for important life milestones. Here are some of the popular savings plans from Canara HSBC Life Insurance.

• Invest 4G Plan: Invest 4G from Canara HSBC Life Insurance is currently among the best savings plans in India. The comprehensive protection and savings oriented plan offers multiple options for investment in addition to a life insurance cover. The plan offers the flexibility of switching between fund options to make the most of market movements.
• Titanium Plus Plan: This is a unit linked investment cum protection plan that can be customized according to your goals. Multiple options of portfolio management can help optimize returns. Like Invest 4G, Titanium Plus also offers the flexibility to switch funds to make the most of market movements.
• Smart Future Plan: This is a long-term investment plan with a comprehensive insurance cover. While the sum assured is paid on death, the premium funding benefit can also be opted for in order to continue funding of future premium payments by the company.
• Guaranteed Income Plan: This plan provides guaranteed benefits to achieve financial security. While guaranteed benefits are paid on maturity, users can also get extra benefits for a higher premium commitment. This plan also provides life cover for the entire term.
• Money Back Advantage Plan: This plan provides financial protection with life cover and milestone based payouts. It helps to meet requirements at life-stage milestones with guaranteed money back payouts at regular intervals.

Factors to consider

To choose a plan that best suits your individual requirements, it is important to consider the features and benefits of different online savings plans. Here are the factors to consider before you zero-in on a savings plan.

• Risk appetite: It is important to analyze your risk appetite to choose a suitable online savings plan. As a general rule, people in their 20s and early 30s can take higher risks and invest in aggressive plans such as unit linked insurance plans that can yield high returns. On the other hand, 40+ investors may like to adopt a conservative approach and invest in endowment or money back plans.
• Final objective: The final goal must be considered to choose an appropriate savings plan. While some people may have retirement goals in mind, others may take an online savings plan to arrange funds for a child’s education or marriage.
• Features: As different savings plans have different features, it is important to understand these in detail to make an informed decision. Most plans allow partial withdrawals to meet unexpected short term requirements. Some plans provide whole life cover while others have a fixed cover for a limited time period.
• Charges: Before investing in a savings plan, it is also important to understand various charges associated with the plan. Plans with low charges and flexibility of cash withdrawals can be more apt for savings. Also, high returns on investment can minimize the long-term effect of these charges.

Conclusion: Savings plans are a powerful financial instrument that can help secure finances and meet long term goals. These plans are ideal for realizing retirement goals as well as specific requirements in different stages of life. Plan features, charges, benefits and associated risks must be understood carefully before opting for an online savings plan.