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How to Choose the Best Savings Plan in India?

Discover expert tips & key factors to help you choose the best savings plan in India for your long-term financial goals.

Written by : Knowledge Centre Team

2026-01-29

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6 minutes read

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Savings are just the first step towards a wealthy future. Correct savings plans are the second but crucial in defining the success of your investment and financial goals. Selecting the correct long-term savings plan could be tricky.

However, if you know what you are looking for, you can find the best investment plans easily. The savings plan we are selecting here has to fulfil the following needs:

  • Provides long-term investment option
  • The steady growth of invested capital
  • Helps in achieving an important financial goal

If these are the three qualities that matter to you in your long-term investment, here’s how you go about selecting one:

  1. Online Availability: The last thing you want with your investment is that you have to visit a specific branch or office to invest the money. Like most necessities, investments too must be available online, and some of the best long-term investment options are.
    So, the first thing you need to check for is, whether the plan is available online and:
    • You can invest, manage and withdraw money online
    • Contact the customer service for any clarification and requests
    • Can find all the relevant information about the plan, it’s historical performance, features and limitations online

      Another aspect of online is whether the investment can be automated. If you are salaried, you can enable auto-debit of your monthly investments into the plan to ensure not to miss any instalments.
  2. What About Tax-Saving Status: Tax-saving status is another important factor with long-term investments, as tax liabilities can eat into your return from the investment. The best tax saving status you are looking for in your long-term savings plan is:
    • Tax-exempt investments
    • Tax-free maturity value

      Most investments enjoy a tax deduction under section 80C which limits the deduction to Rs. 1.5 lakhs. However, this should not mean that you can only invest up to Rs. 1.5 lakhs in a financial year. The investment plan should accept a higher amount of investment and still provide similar investment value.
  3. Check the Guaranteed Returns: Since you are investing in a long-term instrument, you should use the flexibility of equity-linked returns. However, if your goal is very important and you do not want to take any additional risk with it, you can look for guaranteed returns.
    So, not only you get the guarantee of the intended maturity value but regular booster too.
  4. Protection for Your Financial Goal: If you want to use this investment for an important financial goal like a child’s higher education, daughter’s marriage, you need more than just the return guaranty. You will need the guarantee for the goal achievement.
    Almost any fixed-income investment can help you achieve your financial goal if you are alive and investing. But for children’s life goals you do not want to take any chances.

    Guaranteed saving plans from life insurers have the option to provide safety to your financial goal. If you opt for this benefit, the insurer will pay the due premiums on the plan, in case of your untimely demise.

    Your family will receive the base sum assured as the death benefit, immediately upon death. But the policy will continue as before with the insurer making all the remaining investments. Upon the original maturity, your nominee will receive the maturity value of the policy. Thus, fulfilling the goal it was originally intended.

  5. Flexible Investment Terms: Investment terms make the plan useful for you regardless of your income frequency. Also, you should be able to invest for a short period into one goal and then move to another.

    Thus, there are two types of investment flexibility you are looking for:
    • Investment mode: Monthly, quarterly or annual
    • Investment period: Can you invest for five years and hold for another 15 in a 20-year investment plan?

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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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