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Best savings plan based on your monthly income

dateKnowledge Centre Team dateFebruary 01, 2021 views190 Views
Best savings plan based on your monthly income

The value of saving your hard-earned money cannot be underestimated. Saving money is undoubtedly one of the best financial practices that any person should consider. Based on the most recent Firstpost statistics, India has the highest income disparity among the world's leading economies, particularly India. It's high time; society needs to change.

With a savings plan based on your monthly income plan, you can always have the life you want with some extra cash for backup and protection.

How can you save money?

It is never as easy to save money as just cutting back on spending. It goes far further than that, depending on what your goals are. An excellent way to start saving is by evaluating the status quo and knowing how you invest money first. Redistribute your funds by listing your goals – at the same time, ensure that you budget each of these expenses. For example, if your salary is 50,000 a month, you can save 8,000 a month. Put it into an FD or long-term investment or income plan. To cover your costs of living, the remainder of the income should be reallocated.

The easiest way to save in the long run is by investing your money in investment plans. If you keep your savings at home, it's not going to increase, and it's going to be a static flow. Needless to say, if you keep your savings in your savings bank account, you may acquire an interest rate of 4-6 percent per year. You can make even more significant benefits by investing your money entirely in a savings plan.

What are savings plans, and why should you get one?

Saving plans are life insurance plans that provide people with a chance to save, invest, and generate funds for their future.

These savings plans enable individuals to spend systematically, build daily saving patterns for policyholders, and bring huge returns. You can have a savings plan with customizable features to meet your needs and preferences. This form of the plan also tends to be one of India's best plans.

Why should you go for Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance?

Trust of the largest public-sector banks in India

Canara HSBC Oriental Bank of Commerce Life Insurance is a joint undertaking between Canara Bank and Punjab National Bank and HSBC Insurance (Asia Pacific) Holdings Limited. Launched in 2008, they sell life insurance policies to individuals seeking financial independence for their gain.

A preference of thousands of happy customers

Coupled with years of experience with HSBC, our in-depth knowledge of revered public sector banks separates Canara HSBC Oriental Bank of Commerce Life Insurance from others. They've sold lakhs of policies and have a family of millions of happy members.

A capability of delivering happiness worldwide

Canara HSBC Oriental Bank Of Commerce Life Insurance is fully aligned with today's families' needs and their dependency on a few individuals for financial needs. They can provide products for your unique needs, from basic term policies to ULIPs, child plans, and community insurance plans.

Why do you need Savings Plans?

To lead a happy life, it is necessary to fulfill certain critical financial obligations. These responsibilities may be of various forms, ranging from children's education and marriage to your retirement. Put aside, a specific sum regularly may not be appropriate as inflation may deepen its value. Each purpose involves planned and committed investments, and the best way to create a corpus over time is to have savings plans. Savings plans are also worthy of your attention for several other reasons.

1. Regular Savings

A savings plan lets you instill a habit of saving by daily payment of the premium amount. To keep your savings plan active, you will have to pay premiums regularly without fail. You should set aside a predetermined sum for the savings amount that you can periodically save for your goals.

2. Guaranteed returns

A savings plan offers assured returns, which separates it from other options for investment. Traditional non-connected savings plans are not subject to market risks, maintaining guaranteed returns. A unit-linked savings scheme also provides the policyholder with a host of options for the preservation of capital.

3. Tax Benefits

The premiums paid for savings schemes are eligible for tax deductions under Section 80C of the Income Tax Act, 1961.

4. Life Covers

You get a life insurance cover with a savings plan. Life cover is not as high as life insurance, but it also offers your family an extra layer of financial protection.

How much money should you be saving each month?

The money to be invested in a savings plan each month depends on income, current financial obligations, and the long-term financial objective. If you have a stable income, you should save at minimum 20% of your monthly income. It is not essential to invest your entire savings into a savings plan as investments should be distributed. Instead, it would be great if you aimed to have a financial buffer of more than ten times your annual income.

Best Saving Plans offered by Canara HSBC Oriental Bank Of Commerce Life Insurance per your Monthly Income

Unit-linked insurance plans:

You can adjust the amount assured over the policy period with community insurance policies from Canara HSBC Oriental Bank of Commerce Life Insurance. Many plans provide the option of opting between a linear and a decreasing amount insured. Master policyholders may also increase the amount of insurance, depending on the members' promotion or salary increase.

The premium payment method of plans can also be altered. You can choose whether to pay the premiums of specific plans monthly, quarterly, half-yearly, or annually.

A wide variety of fund options combined with a wide range of portfolio management strategies help insurance companies develop ULIPs to meet different financial objectives. ULIPs for savings can be divided into three major categories: single/regular premium plans, guarantee/non-guaranteed plans, life-stage/non-life-stage plans. You could either choose to pay a lump-sum fee for ULIP as a premium or opt for the program to allocate small amounts of money at periodic intervals.

Smart Monthly Income Plan

One-time premium payment plans are known as single premium plans, while standard premium plans are called multiple premium payment policies.

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan will help you plan well as you step towards the glorious years of life.

What does the Plan offer?

  • Obtain tax-free, Guaranteed monthly income for 15 years to make your dreams come true.
  • Acquire your Lump sum money through annual and final bonuses to generate a pool of money for your loved ones.
  • Develop a legacy for your loved ones with a 25-year life cover.
  • Enhance your lifestyle with guaranteed profits and incentives
  • Choose the versatility of your loan to satisfy your dependent

Canara HSBC Oriental Bank Of Commerce Life Insurance offers various savings plans based on monthly income plans. These saving plans provide an individual with the option of paying monthly and annual premiums as per one's convenience. Such plans are flexible and can be customized for premium payments as per the needs and requirements of an individual. Monthly premium options of some of those Saving plans are mentioned below:

Savings Plan Type Monthly Premium Amount
Titanium Plus Plan (Savings cum protection plan) ₹25,000/- p.m.
Smart Future Plan (Long Term Investment Plan) ₹5,000/- p.m.(for 10 years)

₹3,000/- p.m. (for 15/20/25 years)
Smart Goals Plan (Savings cum protection plan) ₹5,000/-p.m. (for 10 years)

₹ 3,000/-p.m (for 15/20/25 years)
Smart Life Long Plan (Whole Life Plan) ₹ 3,000/-p.m. (for a minimum of 10 years and max 99 years)

An individual with a steady income can always make the most of it by investing some of his monthly income savings in a productive and safe manner.

Canara HSBC Oriental Bank Of Commerce Life Insurance provides an array of best savings plans from which one can choose to invest as per their monthly income plan.

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TERM Insurance PLAN

TERM Insurance PLAN

Whole life cover option available

Increase your life cover with changing life stages

Return of premium & in-built protection options

Multiple premium payment options

Avail tax benefits on premiums paid as per tax laws


Unit Linked Insurance Plan

8 funds and 4 portfolio strategies to invest

Loyalty additions and wealth booster

Return of Mortality Charge is available on Maturity under all three cover Options

Flexibility of switching between the fund options to take benefits of market movements or change in risk preference

Pos Easy Bima Plan

Top Benefits

Hassle free

Get double life cover in case of accidental death

Choice of flexible premium payment and policy term

Avail tax benefit on premium paid

Frequently Asked Questions (FAQs) for Term Insurance

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while buying Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
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