Written by : Knowledge Centre Team
2026-02-16
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What is a Savings Plan? | Canara HSBC Life
Everyone wishes to give good education and a decent life to their children. However, the mounting education costs have made the importance of financial planning clear. An official survey shows how the cost of education has risen from ₹335 per month for secondary school to ₹576 for higher secondary per student in the last few years.
The best saving plan for kids offered by Canara HSBC Life Insurance eases the stress of planning your child's future by providing a lump-sum payout on the investment.
Therefore, it is smart to invest in the best saving scheme and secure your child's future. Investment in a child insurance plan, as soon as possible in life, can help you gather significant sums to cover the soaring education expenses today. It is vital to choose the best savings policies for your child only after thorough understanding and research.
Choose the Best Savings Plans to Build your Child's Educational Fund
- Take a high sum assured policy: While choosing an online savings plan for your child's education, you must opt for an insurance policy, in which the amount assured is ten times your current gross income. Moreover, you must select a plan where the returns are enough to beat inflation. Canara HSBC Life Insurance offers a guaranteed sum, along with additional final bonuses upon the policy's maturity.
- Look for additional benefits: Most savings plans come with additional charges over the premium amount, which unnecessarily increases the cost. However, Promise4Growth Plus by Canara HSBC Life Insurance has low administrative charges that make it an all-rounder. The savings policies give benefits like wealth boosters and loyalty additions, which reduces the final cost of the policy.
- Select a plan that offers premium waiver benefits: It is necessary to ask an insurance company if their child insurance policy has a waiver feature or not. Most companies waive off the leftover premium in case if the parent dies within a specific time limit. In such cases, the sum assured is paid to the beneficiary. If you opt for a policy like that, you can obtain an ample amount for your child's education if any tragedy happens.
- Take advantage of the partial withdrawal feature: Different child insurance policies offer distinct features. Therefore, when selecting the best saving scheme for your child's education, opt for an insurance policy that allows partial withdrawal of funds. In this type of plan, parents are allowed to partially withdraw the fund value from savings plans to meet emergency needs. With the Canara HSBC Life Insurance's Guaranteed Money Saving Plan, you can opt for life insurance with savings plans. And, you can pay the premiums only for a limited time too.
- Research about the policy term and premium amount: Selecting an insurance policy that matches your requirement is necessary. Therefore, you can select the duration of a policy based on the education timelines of your children. For example, if your kid is 10-11years old and you want to secure a sum for their college education, you can opt for a policy term that is 5 or 7 years to ensure you have enough funds at your disposal.
- Opt for additional riders: Most insurance companies allow you to modify your child insurance policy by opting for add-on riders like critical illness rider benefits, accidental death and disability benefit, waiver of premium, etc. You can select a suitable one to improve your online savings policy.
Now, to secure your child's education expenses accurately, having a sound investment strategy is extremely valuable. You can plan to diversify your investment across various financial instruments. Doing so will ensure that, even if you don't get the returns you expect from some of your investments, others will give you the ROI you anticipate. In this way, you can reduce risk by investing in a safer option when you plan your long term investment strategies.
So what is a better solution for you?
You can invest in a child insurance policy and remain stress-free for years to come
Types of Online Savings Plans for your Children
Here are some of the best saving policy plans for your children's educational dreams.
- Equity-linked insurance plans: First of all, Unit Linked Insurance Plans (ULIPs) uses a part of your premiums to provide an insurance cover, and the remaining goes in market-linked securities like equities. These plans are the best plan for your child's education if you have a period of ten years. Promise4Growth Plus is the best among the Canara HSBC Life Insurance's ULIP options. The best thing is, you can customize as per your goals and requirements. The minimum entry age is 0 & the maturity time is 18 years. Plus, the maximum entry age is 65, and maturity is 85 years for this policy.
- Traditional child endowment plans: In case you are interested in a shorter insurance period than ten years and have a low-risk appetite, then the best to opt for an endowment insurance policy. These policies allow you to build up your savings over time and then acquire a lump sum at the policy's maturity. However, these plans don't offer high financial returns, unlike ULIP, but you will still have sufficient insurance for your child's future.
Today, a strong educational background is critical to your child's secure future. With proper education, they can find new opportunities and become successful. However, tuition fees & education costs are only going to rise. While the average per capita income in India is Rs 10,500 per month, an average amount of Rs 63,280 per year is required for an engineering student. The amount is humongous.
This is the reason why preparing for these expenses now can help you manage the costs of securing a bright future. Besides, opting for a child insurance plan can also provide much-needed benefits. You can consider Canara HSBC Life Insurance's savings plans for a child and financially stabilize your child's educational fund. Take a look at the benefits you will get from the best saving policy.
Advantages of Child Savings Plan
- A Handsome Amount for Future Education: Best online savings plans like Promise4Growth Plus help you secure money for your child's education. The lump-sum amount of the policy that you get covers the future education expenses without any financial burden. On maturity & if the premiums are paid on time, you will receive the Fund Value based on the prevailing NAVs. You can choose to take the Fund Value on maturity in periodic installments (based on Settlement Options) as well.
- An emergency fund for your child: The best child plan will allow you to withdraw funds from time-to-time. In need, you can use this money to cover any unexpected or emergency expenses of your child like an accident, medical treatment, disability, etc.
- Financial aid in your absence: Child online savings plan that waives the premium amount left in case of your death before the policy maturity is the best. Now, this ensures that your child has adequate financial help and does not suffer any financial distress when you are gone.
- Tax benefits: According to the Income Tax Act of 1961, the person under Section 80C and Section 10 (10D) gets the tax benefits. However, the benefits may change as the Income Tax Act is amended from time to time.
Now that you know the advantages, what more can you do as a parent?
Choose Child Insurance Plans that Work
- Life insurance schemes can help meet your child's educational needs, which may be impossible to cover in the absence of insurance. It is estimated that an engineering course that costs around Rs 6 lakh now will cost around Rs 15 lakh after a few years. Therefore, take a look at the policies you can invest in.
- Invest in Smart Future Plans, which provides a long-term investment opportunity. With Sum Assured on death or disability, this policy guarantees that your plan for your family remains unaffected, even after any unfortunate event.
You can also opt for the Future Smart Plan, which provides a long-term investment opportunity as well.
Start by Insuring yourself now!
No matter how you are trying to make your financial strategies work, insuring yourself against life's uncertainties is vital. Canara HSBC Life Insurance policies acts as the second roof for your dependents.
To conclude, if you start investing in reliable insurance plans when your child is still a toddler, you won't be worried if you are expecting a hefty expense when your kid is old enough to go to college. Taking small steps now can help you to help your children achieve their dreams in life.
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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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Savings and Investment Plans from Canara HSBC Life Insurance
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan Options
- Life cover + Guaranteed benefits
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Save, Dream, Plan. Live Peacefully
iSelect Guaranteed Future Plan
- 4 plan options
- Guaranteed Maturity Benefit
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