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Best savings plan based on your monthly income

dateKnowledge Centre Team dateFebruary 01, 2021 views190 Views
Best savings plan based on your monthly income

The value of saving your hard-earned money cannot be underestimated. Saving money is undoubtedly one of the best financial practices that any person should consider. Based on the most recent Firstpost statistics, India has the highest income disparity among the world's leading economies, particularly India. It's high time; society needs to change.

With a savings plan based on your monthly income plan, you can always have the life you want with some extra cash for backup and protection.

How can you save money?

It is never as easy to save money as just cutting back on spending. It goes far further than that, depending on what your goals are. An excellent way to start saving is by evaluating the status quo and knowing how you invest money first. Redistribute your funds by listing your goals – at the same time, ensure that you budget each of these expenses. For example, if your salary is 50,000 a month, you can save 8,000 a month. Put it into an FD or long-term investment or income plan. To cover your costs of living, the remainder of the income should be reallocated.

The easiest way to save in the long run is by investing your money in investment plans. If you keep your savings at home, it's not going to increase, and it's going to be a static flow. Needless to say, if you keep your savings in your savings bank account, you may acquire an interest rate of 4-6 percent per year. You can make even more significant benefits by investing your money entirely in a savings plan.

What are savings plans, and why should you get one?

Saving plans are life insurance plans that provide people with a chance to save, invest, and generate funds for their future.

These savings plans enable individuals to spend systematically, build daily saving patterns for policyholders, and bring huge returns. You can have a savings plan with customizable features to meet your needs and preferences. This form of the plan also tends to be one of India's best plans.

Why should you go for Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance?

Trust of the largest public-sector banks in India

Canara HSBC Oriental Bank of Commerce Life Insurance is a joint undertaking between Canara Bank and Punjab National Bank and HSBC Insurance (Asia Pacific) Holdings Limited. Launched in 2008, they sell life insurance policies to individuals seeking financial independence for their gain.

A preference of thousands of happy customers

Coupled with years of experience with HSBC, our in-depth knowledge of revered public sector banks separates Canara HSBC Oriental Bank of Commerce Life Insurance from others. They've sold lakhs of policies and have a family of millions of happy members.

A capability of delivering happiness worldwide

Canara HSBC Oriental Bank Of Commerce Life Insurance is fully aligned with today's families' needs and their dependency on a few individuals for financial needs. They can provide products for your unique needs, from basic term policies to ULIPs, child plans, and community insurance plans.

Why do you need Savings Plans?

To lead a happy life, it is necessary to fulfill certain critical financial obligations. These responsibilities may be of various forms, ranging from children's education and marriage to your retirement. Put aside, a specific sum regularly may not be appropriate as inflation may deepen its value. Each purpose involves planned and committed investments, and the best way to create a corpus over time is to have savings plans. Savings plans are also worthy of your attention for several other reasons.

1. Regular Savings

A savings plan lets you instill a habit of saving by daily payment of the premium amount. To keep your savings plan active, you will have to pay premiums regularly without fail. You should set aside a predetermined sum for the savings amount that you can periodically save for your goals.

2. Guaranteed returns

A savings plan offers assured returns, which separates it from other options for investment. Traditional non-connected savings plans are not subject to market risks, maintaining guaranteed returns. A unit-linked savings scheme also provides the policyholder with a host of options for the preservation of capital.

3. Tax Benefits

The premiums paid for savings schemes are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

4. Life Covers

You get a life insurance cover with a savings plan. Life cover is not as high as life insurance, but it also offers your family an extra layer of financial protection.

How much money should you be saving each month?

The money to be invested in a savings plan each month depends on income, current financial obligations, and the long-term financial objective. If you have a stable income, you should save at minimum 20% of your monthly income. It is not essential to invest your entire savings into a savings plan as investments should be distributed. Instead, it would be great if you aimed to have a financial buffer of more than ten times your annual income.

Best Saving Plans offered by Canara HSBC Oriental Bank Of Commerce Life Insurance per your Monthly Income

Unit-linked insurance plans:

You can adjust the amount assured over the policy period with community insurance policies from Canara HSBC Oriental Bank of Commerce Life Insurance. Many plans provide the option of opting between a linear and a decreasing amount insured. Master policyholders may also increase the amount of insurance, depending on the members' promotion or salary increase.

The premium payment method of plans can also be altered. You can choose whether to pay the premiums of specific plans monthly, quarterly, half-yearly, or annually.

A wide variety of fund options combined with a wide range of portfolio management strategies help insurance companies develop ULIPs to meet different financial objectives. ULIPs for savings can be divided into three major categories: single/regular premium plans, guarantee/non-guaranteed plans, life-stage/non-life-stage plans. You could either choose to pay a lump-sum fee for ULIP as a premium or opt for the program to allocate small amounts of money at periodic intervals.

Smart Monthly Income Plan

One-time premium payment plans are known as single premium plans, while standard premium plans are called multiple premium payment policies.

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan will help you plan well as you step towards the glorious years of life.

What does the Plan offer?

  • Obtain tax-free, Guaranteed monthly income for 15 years to make your dreams come true.
  • Acquire your Lump sum money through annual and final bonuses to generate a pool of money for your loved ones.
  • Develop a legacy for your loved ones with a 25-year life cover.
  • Enhance your lifestyle with guaranteed profits and incentives
  • Choose the versatility of your loan to satisfy your dependent

Canara HSBC Oriental Bank Of Commerce Life Insurance offers various savings plans based on monthly income plans. These saving plans provide an individual with the option of paying monthly and annual premiums as per one's convenience. Such plans are flexible and can be customized for premium payments as per the needs and requirements of an individual. Monthly premium options of some of those Saving plans are mentioned below:

Savings Plan Type Monthly Premium Amount
Titanium Plus Plan (Savings cum protection plan) ₹25,000/- p.m.
Smart Future Plan (Long Term Investment Plan) ₹5,000/- p.m.(for 10 years)

₹3,000/- p.m. (for 15/20/25 years)
Smart Goals Plan (Savings cum protection plan) ₹5,000/-p.m. (for 10 years)

₹ 3,000/-p.m (for 15/20/25 years)
Smart Life Long Plan (Whole Life Plan) ₹ 3,000/-p.m. (for a minimum of 10 years and max 99 years)

An individual with a steady income can always make the most of it by investing some of his monthly income savings in a productive and safe manner.

Canara HSBC Oriental Bank Of Commerce Life Insurance provides an array of best savings plans from which one can choose to invest as per their monthly income plan.

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Increase your life cover with changing life stages

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Unit Linked Insurance Plan

8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

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Get double life cover in case of accidental death

Choice of flexible premium payment and policy term

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Frequently Asked Questions

What is saving plan?

A savings plan is likely to be different for everyone depending on the financial goal, risk profile, returns, and investment horizon. If you are young and want to save for your retirement, ULIPs like Invest 4G or Titanium Plus plan would be the best option. You are likely to create a large corpus by your retirement through market-linked returns if you invest in this savings plan. If capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

Who should invest in a Savings Plan?

If you are looking for a guaranteed income plan, then saving plans should be on your list of investments that you are planning to make. Savings plan require you to invest a pre-decided amount on a regular basis. People with a regular stream of income who require a lump-sum amount after a period should opt for a savings plan. Working professionals, self-employed people and businessmen should consider a savings plan to meet their long-term financial obligations. Saving plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. These saving plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

How much money should you put in savings each month?

The amount that should be invested in a savings plan each month depends on the income, existing financial obligations and the long-term financial goal. If you have a steady income, you should save at least 20% of your monthly income. It is not necessary to invest your entire money into a savings scheme as investments should be diversified. Ideally, you should aim to have a financial buffer of over 10 times of your annual income. Choose an income plan based on your financial circumstances to stay afloat.

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What is the difference between saving and investing?

Saving is the money that you keep aside for emergencies or for buying any big-ticket item. Investing means growing or multiplying the wealth that you have by buying savings plan, or any other assets. Buying a savings plan will help you in achieving your investment goals such as retirement, your child’s higher education or marriage, or for buying a new house.

Which savings plan is best for retirement?

The Invest 4G plan with its multiple investment options and various portfolio management strategies for capital protection is an ideal saving plan for retirement. Also, Guaranteed Income4Life is also another savings plan that you can consider for building your retirement corpus as it acts as a guaranteed income plan that will provide you maturity benefits to manage your post-retirement expenses.

Which savings plan is best for long-term goals?

Smart Goals Plan is a savings plan with its unique features such as modification of the sum assured partial withdrawal and fund switch can help you plan for your long-term financial goals. Canara HSBC Oriental Bank of Commerce Life Insurance offers a wide variety of saving plans that you can invest in as per your risk appetite and investment goal.

Which savings plan is suitable for girl child?

The Future Smart unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the ideal savings plan for the girl child. Monthly Income Advantage Plans are also a good option if you are planning to invest in a savings plan for your girl child.

Where should I invest my money?

You should spread your investments across financial instruments. However, having the best savings cum guaranteed income plan in your portfolio is extremely important. Savings plan ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

What is a monthly income advantage plan?

A monthly income advantage plan ensures that you lead a stress-free life with your loved ones as it provides a life cover along with giving you guaranteed monthly income. In short, it is a life insurance and income plan that will financially secure commitments made to your loved ones. Canara HSBC Oriental Bank of Commerce Life Insurance Guaranteed Income Advantage Plan is a monthly income advantage plan that provides life cover for the entire term while you pay premium only for a limited period.

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What is a good age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the capital gets adequate time multiply. Even a small amount invested for a long time can give substantial returns due to compounding in a savings plan. Invest in an income plan as early as possible to build a significant corpus that will later help you in life. Ensure that you buy the best saving plan in India that can be aligned with your investment goals.

Should you use a savings plan for retirement planning?

Yes. Retirement planning is one of the most important financial decisions of our lives. The best saving plan offers a host of features that may help you build your retirement corpus. Some of the saving plans like Guaranteed Income4Life offer guaranteed returns at policy maturity. Such returns can act as a regular income stream even after your retirement to help you stay financially stable.

Are saving plans beneficial for managing unexpected expenses?

Yes. Best saving plans in India offer partial withdrawal system that can be utilized during your rainy days. Being financially prepared to tackle such odds will help you manage any unforeseen expenses in a smooth manner. Buy a monthly income advantage plan that will generate a steady source of income for you to take care of both long-term and short-term financial goals.

How to save tax by using savings plan?

Saving plans are known for helping us achieve our financial goals. Best saving plans allow you to grow your wealth while providing life cover. Saving and investment plans are also beneficial for tax planning. Premiums of savings cum protection plans come with tax benefit under Section 80C of the Income Tax Act. Moreover, proceeds received upon the death of the policyholder or upon the maturity of the policy are tax free under Section 10 10(D).

What is the right age to start saving money?

When you plan to invest in an income plan, it always pays well to start early. The earlier you start investing in a savings plan, the better. When you start investing early, the appreciation in capital is significant. Even a small amount invested in the best saving scheme for a long time can give substantial returns due to compounding. Buy the best savings plan as soon as you start earning to achieve all your milestones on time.

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How a savings plan can help in building your child’s education fund?

Saving plans help in building wealth over time against the investments that you make. Buy the best savings plan to build an education fund for your child. The best saving plan for kids offered by Canara HSBC Oriental Bank of Commerce Life Insurance eases the stress of planning your child's future by providing a lump-sum payout on the investment. Consider investing in a monthly income advantage plan to assist you in fulfilling your financial goals.

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How Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance can help you?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits, which makes them a good investment choice for investors looking for income plans.

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