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Father’s Day 2021: 3 Saving Plans to Gift your Father this Year

dateKnowledge Centre Team dateJune 22, 2021 views142 Views
Father’s Day 2021 | Buy the Best Savings Plan

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 Oriental Bank of Commerce 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:

  • Guaranteed Income

    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 Oriental Bank of Commerce 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 Oriental Bank of Commerce 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.

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Frequently Asked Questions

How Savings Plans by Canara 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.

Who should invest in a Savings Plan?

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. Savings plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. These plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

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 capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

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.

Read More
Saving plan 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.

Saving plan for future

The Smart Goals 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.

Saving plan 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.

Where should I invest my money?

You should spread your investments across financial instruments. However, having a suitable savings plan in your portfolio is extremely important. It ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

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.

Tax Saving Investment for retired mother

Savings plans are tax-efficient investment instruments. Samridh Bhavishya traditional savings scheme designed to ensure regular income after retirement is the best savings plan for retired mothers.

Should you use a savings plan for retirement planning?

Yes. Retirement planning is one of the most important financial decisions of our lives. Saving plans offer 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.

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 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 appreciation in capital is significant. Even a small amount invested for a long time can give substantial returns due to compounding.

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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. Choose 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.

Read More
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.

Read More
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