A father takes care of his children all through his life. He nurtures, comforts and takes responsibility for every step in our life. Now that we’ve grown up to take responsibilities off his shoulder and relieve some burden from his shoulders. It is time we say thank you and give him a gift of financial security on this “Father’s Day” with the best savings plan.
At Canara HSBC Life Insurance, we understand that children need to be educated, weddings need to be organized, and a house needs to be built. The list is never-ending, and our fathers keep stressing about all the finance. So, we bring you the best saving and investment plans to relieve your father from all the stress.
3 Savings Plans to Gift your Father this Year
Saving and investment plans are a great way of building a retirement corpus that will help both your parents to lead a carefree post-retirement life. Along with providing an investment avenue, the best savings plan also protects them with a life cover.
1. Invest 4G Plan
Invest 4G Plan is a unit-linked Individual Life Insurance Savings plan. It can be customized as per your goals and changing requirements, giving you complete control over your savings and investment needs. This policy also provides a Life Insurance Cover to protect your family in case of unfortunate circumstances. Let’s look at some more benefits in this savings plan:
a) Flexibility in choosing to Pay-only once/ for limited years/ for the entire term policy
b) 3 cover options to cover different life stages
c) During the policy term, you will receive Loyalty Additions and Wealth Boosters to boost your investments as additional allocation of units.
d) Premium Funding Benefit under Care Option ensures your targeted savings contributions are completed on your behalf.
e) Milestone Withdrawal Option provides enhanced liquidity at regular milestones.
f) During the policy term, the Systematic Withdrawal Option creates an additional income stream.
g) You can choose from 8 different funds.
h) Multiple Portfolio Management Options enables you to optimize returns from the policy as per your investment preference.
The premium payment mode can be annual, Half-yearly, Quarterly, Monthly and Single Modes. Under this savings plan, the policyholder is entitled to tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961.
2. Guaranteed Income4Life
Guaranteed Income4Life Plan is an individual life insurance savings cum protection plan. It is a customizable life insurance plan that offers flexibility in terms and premium payment options. It offers guaranteed benefits as well as regular income to take care of both long-term and short-term financial goals to align with the policy holder’s needs.
Depending on your income needs, you can select any one savings plan from the following options available under this product:
This plan provides Guaranteed Regular Income for up to 10 years with assured Loyalty Additions of up to 900% of an Annualized premium. You need to pay a premium only for a limited number of years, and it enhances Regular Income for higher premiums.
Guaranteed Long Term Income
This plan provides supplementary Guaranteed Regular Income up to 15 or 20 years with assured Loyalty Additions of up to 1080% of an Annualized premium. You can opt to choose Premium Protection Cover with enhanced Regular Income for higher premiums and premium payment for limited years.
Guaranteed Life-Long Income
This plan provides Guaranteed Regular Income to meet post-retirement expenses for a lifetime, i.e., up to 99 years of age. It gave you an option to cover your spouse and assured Loyalty Additions of up to 1080% of an annualized premium. You receive enhanced Regular Income for higher premiums and the option to pay the premium in a single go or limited years.
3. Guaranteed Savings Plan
Canara HSBC Life Insurance Guaranteed Savings Plan allows you to save regularly for your desired goal. This plan will provide you with assured returns as they are not dependent upon the vagaries of the capital markets. Let us look at some of the features of this plan:
a) Once all due premiums have been paid, Guaranteed benefits are payable on maturity.
b) Life cover for the entire term
c) Pay premium only for a limited period.
d) Under Guaranteed Savings with Premium Protection Option, it provides enhanced protection for your family through payment of lump-sum benefit on death.
e) Flexibility to choose a payment term suitable for you so you can align it with your payment capacity and horizon.
f) Multiple policy term options to help you select your savings horizon to adjust to your important financial goals.
g) Ensured tax benefits on premium paid and benefits received under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 and any amendments made later.
You cannot leave your goals to destiny. With this savings plan, you can make your dreams turn into reality.
Learn how to choose the best savings plan in India.
You can choose any of these savings plans to gift your father. Any of these plans from Canara HSBC Life Insurance will help him have savings to enjoy later in life. Be it buying a car, going on a trip to Disneyland, or buying something for him, these savings will help take care of his needs.