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How to find the Best Savings Plan?

dateKnowledge Centre Team dateJanuary 18, 2021 views134 Views
How to find the Best Savings Plan?

Savings plans are a great idea to secure the future of your family. Throughout the years in which you earn, preferably at the peak of your career, you try putting aside a certain amount of money and pay premiums for a guaranteed savings plan so that you and your family can enjoy the benefits after the maturity period is reached.

With the rising rates of inflation and increasing costs of healthcare, education and lifestyle, this plan ensures your family receives a fixed amount of allowance after your death. Therefore, a guaranteed savings plan is essential for the breadwinner of any family so that they will be well-off in your absence.

But with the diversification of the demographic that goes for savings plans these days, insurance companies and banks have rolled a variety of options. It may be difficult for an average Indian to discern the differences between all of these savings plans and determine the best for you.

Canara HSBC Oriental Bank of Commerce Life Insurance offers various guaranteed savings plans from which you can pick and choose the best according to your economic circumstances. The ideal savings plan should help you grow your investment through regular investments through disciplined premiums paid throughout a specific period. You will be eligible for certain benefits and allowances until the policy’s termination.

Let us take a look at the variety of guaranteed savings plans offered by Canara HSBC Oriental Bank of Commerce:

The Invest 4G Plan

This unit-linked individual life insurance savings plan is highly customizable, non-participating and provides complete control over all your savings and insurance needs. You can choose from three cover options – Life Option, Care Option and Century Option, which all cater to different needs. The century option will provide you with coverage for a hundred years. Additional benefits include:

  • Loyalty Additions
  • Wealth Boosters
  • Return of Mortality Charges on policy maturity

The Titanium Plus Plan

Designed to boost savings, this plan combines investment and protection. There is also higher customizability, allowing you to modify the asset investment based on the current market conditions and your economic status. There is a choice between single, limited and regular premium payment options. To effectively manage risk, there are a variety of strategies for portfolio management.

Guaranteed Savings Plan

The guaranteed savings plan allows you to save up for the future, especially for additional costs that may occur in your family’s posterity. This will allow you to pay off the premiums in a traditional, affordable payment set-up, ensuring an excellent assured sum at the end of your policy term.

Smart Lifelong Plan

This unit-linked insurance plan was created with the idea that wealth creation should go hand in hand with whole life coverage. Combining the idea of a century plan (as seen in the Invest 4G Plan) with a wealth-oriented savings plan will allow you to fulfil financial needs at various points of your life so that there is a stable income source after the policy period is over. Also, the premium paying mode can be changed anytime during the policy term. You can choose to invest in multiple investment funds whose equity exposure ranges from 0% to 100%:

  • Emerging Leaders Equity Fund
  • India Multi-Cap Equity Fund
  • Equity II Fund
  • Growth Plus Fund
  • Balanced Plus Fund
  • Debt Plus Fund
  • Liquid Fund

Smart Future Income Plan

The smart future income plan offers a life coverage with an assured sum that is a hundred times the chosen monthly income, an income benefit that will be paid to the policyholder on a chosen monthly basis for the last fifteen years of the plan till the end of the policy term.

It also provides a maturity benefit, added with annual bonuses and a final bonus if the policyholder survives till maturity. Added benefits include a premium benefit to which you are entitled to if your sum assured is seven lakhs or more, as well as a loan facility that can help you with your liquidity needs, provided the policy has acquired a surrender value.

Insert Smart Plan

This unit-linked insurance plan helps you save with the flexibility of paying investments for five years after which you will get a life cover for ten years. You will also have the additional facility to choose from six funds where you can invest based on your specific needs:

Future Smart Plan

This unit-linked plan is for parents who want to secure a bright future for your child. With the increasing costs of education and possibilities of education in international universities, you may want to save up quite a large amount for your child’s future. This plan offers a comprehensive insurance cover that includes a sum assured on death and a premium funding in disability or untimely death.

Grow Smart Plan

This premium retirement plan allows parents to secure a death benefit for their descendants, where they will be paid the higher of the following:

  • Sum Assured less applicable toward partial withdrawals
  • Fund value as on date of intimation of death claim
  • 105% of all premiums paid

There is also the additional option of choosing between five different investment funds based on your specific needs.

Guaranteed Income Plan

This plan comes with various benefits for your nominee based on your plan option. The death benefit/sum assured will be the higher of:

  • 11 times the Annualized Premium, or
  • 105% of Total Premiums Paid as on date of death, or
  • Guaranteed Sum Assured Maturity, which is equal to Sum Assured, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured
  • For Death Cover Option A under Guaranteed Single Pay Advantage Option (Plan Option 4) Sum Assured on Death is the amount which is higher of: -
  • Ten times the Single Premium, or The guaranteed sum Assured on Maturity, which is equal to Sum Assured, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured
  • For Death Cover Option B under Guaranteed Single Pay Advantage Option (Plan Option 4) Sum Assured on Death is the amount which is higher of: -
  • 1.25 times of Single Premium, or
  • Guaranteed sum Assured on Maturity, which is equal to Sum Assured, or
  • Absolute amount assured to be paid on death, which is also equal to Sum Assured

Easy Bachat Plan

This plan provides a maturity benefit that will be 100% of sum assured for an endowment option or 70% of sum assured if you go for the money-back option. There will be a death benefit which will be the higher of either the 11 times the annualized premium, 105% of total premiums paid as on death date, the guaranteed sum assured on maturity or the absolute sum assured. There will also be an annualized premium payable in a year of your choice, exclusive of taxes, rider premiums of modal premium loadings (if any). This plan allows you to save large amounts of money quickly, hence the name.

Jeevan Nivesh Plan

This plan involves a one-time investment that will ensure a lifetime of regular income for your loved ones. The sum assured on death will be the higher of ten times the annualized premium, the guaranteed sum assured on maturity or the absolute amount assured to be paid to death (which will be equal to sum assured). This plan is perfect for those who earn sporadically and want to secure an income for your child’s future – especially if you do not have a stable income in which case you can pay for disciplined premiums. The plan also offers a rebate on the payable premium if the assured sum is four lakhs or above, as well as a loan facility to meet your liquidity needs if you have reached the surrender value for your policy.

Money-Back Advantage Plan

This plan offers a guarantee money back pay out at regular intervals as specified below, provided all premiums have been paid, along with a maturity benefit and a death benefit:

Guaranteed Money Back payouts payable at the end of the Policy Year Guaranteed Money Back payouts payable(as a Percentage of the Sum Assured)
5th 15%
9th 15%
13th 15%

Once the payment of benefits has been concluded, the policy will be terminated. Additional advantages include a simple reversionary bonus that will be declared at the end of every financial year and is usually a percentage of the sum assured and a terminal bonus depending on the profits emerging from the company’s profit fund, paid at the maturity of the plan.

The Canara HSBC Oriental Bank of Commerce Life Insurance offers many more plans and combinations of savings plans, allowing you to secure a future for your family. Signing up for a guaranteed savings plan is usually a lifelong commitment that will pay off towards the end, but you must choose one that will not add on to your family’s financial burdens if any.

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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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