Written by : Knowledge Centre Team
2026-02-20
895 Views
6 minutes read
Share
What is a Savings Plan? | Canara HSBC Life
It is exceptionally crucial to save money for contingencies or secure finance for post-retirement in times. Besides, the need to increase the wealth for taking care of self and family is also inevitable. There is one smart way to improve the situation and cater to everyday financial needs. The government, banks, and even financial companies offer various saving plans for encouraging investors to invest their money and receive high returns. You have to check both the pros and cons of your plan before you make the final step of investing your money.
Since saving has been one of the first financial habits, the idea of “saving a little today to enjoy tomorrow” has become a motto. According to many, savings plans are the best investment plans in a country like India. However, if you have already started the journey, then you are at the right place! At the beginning of the financial journey, it isn't easy to figure out if the way you are following is correct or not. Also, there is a good chance that you're not sure whether to continue this journey or not.
If you are one of those who have already invested in a Savings Plan, then congratulations, you have chosen just the right path. In this article, we will talk about how a savings plan can prove beneficial for your family's well-being. We hope by the time you have finished reading this, you will want to renew your active savings policy. But before that, we will briefly discuss a savings plan and how it benefits an investor who is willing to save for the future.
What are Saving Plans?
Saving plans are generally life insurance plans that help an individual accumulate a reasonable sum of money for the future. Saving plans offer individuals an opportunity to accumulate, save, and invest funds to fulfil their future requirements. These plans have been designed in such a manner that it helps policyholders grow a structured and well-organized habit.
It will help you achieve your long-term and short-term financial goals by investing systematically. Also, you will gain the benefit of return in need of the hour. These plans are entirely investor centric. It provides features that help reach the investor's specific financial needs by making investment plans as per the suitability and risk appetite of an individual. Savings plans provide insurance where your family is protected in your absence.
The plan not only offers the benefits of wealth accumulation but also the advantage of insurance coverage. In case of any unfortunate death that will occur within the policy's tenure, the death benefit is given to the beneficiary of the policy.
Savings plans in India are mainly initiated by our Indian government, public sector banks, or the financial institutions. All the savings schemes are backed by our government, making this one of the most beneficial investors' advantages. Due to the government's support in this scheme, catering the scheme to complete security and the safety of the capital after interest is not an issue. Moreover, these plans are low-risk financial instruments; yet they offer a good return.
Benefits of Renewing Saving Plans
If you already have a savings plan in your belt, you are already in a good position from a financial perspective. Renewing your savings plans would mean more benefits and more money inflow, which means more secure your future.
Why is it advisable to renew your Savings Plan?
- Continued security for the family: Providing financial security to your family is the primary goal of any savings plan. However, if your plan provides a death benefit maturity and you do not renew it, it will lapse. Thus, your family will not receive the guaranteed benefit you paid for all this while. Not renewing your plan will nearly defeat the purpose of a savings plan.
- Paid-up benefit: You know about guaranteed savings plans and the benefits provided upon maturity. This is probably the sole reason why you may choose a savings plan in the first place. Now, instead of investing in some other schemes, you can renew your premium plan and continue to enjoy the benefits of the savings plan. Renewing the plan will give you an added benefit from your insurer. Besides, paying the premiums won't be demanding as you already have prior experience.
- Avoiding extra costs: When you first buy a savings scheme, the insurance company considers a lot of factors. It includes your age, family situation, medical history, etc. You do not have to go through a long process for opting a savings plan policy renewal. However, you might have to undergo medical tests again.
- Tax benefits: According to Section 80C of the Income Tax Act, the premiums an investor pays are tax-deductible. Given another reason why you should renew your guaranteed Savings Plan. Apart from this, the death benefit of the plan is free from tax according to Section 10(10D) of the Income Tax Act.
- Long-Term Benefits: Long-term investments can bag you a considerable sum of money. The minimum lock-in period for these plans is five years. It can go up to the age of 60 years. The amount to be received at maturity is high because the interest would be calculated based on the previous interest.
If you are thinking of investing in a guaranteed savings plan, then it's a wise decision to make. Browse through various savings plans offered by Canara HSBC Life Insurance to know which one best suits your financial goals.
Build Guaranteed Savings for Your Future Goals
Enter OTP
An OTP has been sent to your mobile number
Didn’t receive OTP?
Application Status
Name
Date of Birth
Plan Name
Status
Unclaimed Amount of the Policyholder as on
Name of the policy holder
Policy Holder NamePolicy No.
Policy NumberAddress of the Policyholder as per records
AddressUnclaimed Amount
Unclaimed Amount
Sorry ! No records Found
Request Registered
Thank You for submitting the response, will get back with you.
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.
Recent Blogs
Pradhan Mantri Jan Dhan Yojana: Eligibility & Benefits Explained
04 Mar '26
3858 Views
9 minute read
Pradhan Mantri Jan Dhan Yojana ensures financial inclusion by providing access to banking, insurance, pension, and credit for Indian citizens. Learn more!
Read More
Saving Plan
12 Best Saving Plans & Schemes in India with High Returns
04 Mar '26
898 Views
7 minute read
Know about the best saving plans in India such as NSC, SCSS, RD, MIS, PPF, KVP, SSY, Atal Pension Yojana and more. Read this blog and choose the best savings scheme for yourself.
Read More
Saving Plan
EPF Guide: Meaning, Contribution Rules, Interest Rate & Withdrawal
26 Feb '26
1535 Views
7 minute read
Learn everything about Employees’ Provident Fund including EPF schemes, interest rates, benefits and features to start saving for a secured future.
Read More
Saving Plan
Best Age to Start Investing in a Savings Plan for Your Child
22 Feb '26
1003 Views
7 minute read
Wondering when to start investing in a savings plan for your child? Discover the right age & smart tips to secure your child's financial future today.
Read More
Saving Plan
Monthly Income Plan - Benefits, Features & How It Work?
22 Feb '26
3888 Views
6 minute read
Curious about monthly income plans? Discover what a monthly income plan is, how it works & the key benefits it offers for steady long-term security.
Read More
Saving Plan
Key Eligibility Conditions of a Savings Plan Explained
21 Feb '26
895 Views
5 minute read
Planning to buy a savings plan? Discover the key eligibility conditions you must meet before investing & make a well-informed financial decision today.
Read More
Saving Plan
Best Ways to Save Money for Salaried Professionals
21 Feb '26
884 Views
5 minute read
Are you a salaried professional looking to save more? Explore the best money-saving tips & strategies to build long-term financial security in India.
Read More
Saving Plan
Best Savings Plan for Women - 7 Key Features to Know
20 Feb '26
886 Views
6 minute read
Looking for the right savings plan as a woman? Explore 7 key features that make a women-focused savings plan ideal for long-term financial security.
Read More
Saving Plan
Why It’s Time to Upgrade Your Savings Strategy?
20 Feb '26
563 Views
9 minute read
Still using an outdated savings strategy? Discover smart ways to upgrade your savings plan & maximise your returns for long-term financial success.
Read More
Saving Plan
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.
Promise Made Today, Wealth Tomorrow.
Promise4Wealth
- Market-Linked Returns + Life Cover
- 3 Plan Options
- Premium Funding Benefit
- Loyalty Addition & Wealth Boosters
Fixed Returns, Zero Risks & Worries
iSelect Guaranteed Future Plus
- 4 Plan Options
- Life cover + Guaranteed benefits
- Accidental death benefit
- Premium protection cover
Save, Dream, Plan. Live Peacefully
iSelect Guaranteed Future Plan
- 4 plan options
- Guaranteed Maturity Benefit
- Premium Protection Cover
- Tax Benefits
Popular Searches
- Senior Citizen Saving Scheme
- Post Office Savings Scheme
- What is Sum Assured?
- Money Saving Tips
- Saving Plans for Child
- Endowment Policy
- iSelect Guaranteed Future Plus Plan
- National Savings Certificate
- Tax Saving Plans
- Senior Citizen Savings Scheme Calculator
- NPS and PPF
- Savings & Investment Plans
- Saving Schemes
- Save Money For Salaried Professionals
- One time Investment Plan for Child
- Investment Options for an NRI
- All About PPF
- Sum Assured
- Policy Surrender Value
- Guaranteed Savings Plan