Saving Plans

The entry age for Guaranteed Savings Plan is 0 years, which means even new-born children can be insured under the policy. The maximum age to invest in the savings plan is 60 years. The policy term ranges from 10 years to 20 years, while the premium payment term is between 5 years and 10 years. Please read the policy document of the savings plan you intend to invest in for detailed eligibility criteria.

If you are looking for a guaranteed income plan, then saving plans should be on your list. 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.

a) Policy Form

It is the form where all the policy-related information is entered. When you are buying a monthly savings plan, personal, financial, and medical history details will be asked on the form.

b) Proof of Address

Any government-issued document such as passport, driving license, Aadhar card, electricity bill, that can be used as the proof for address.

c) Proof of Income

The individual buying the monthly savings plan has to produce documents to prove that he has sufficient income to pay the premiums.

d) Proof of Identity

Documents such as PAN card, Aadhar card, driving license, Voter ID can be used to establish your identity while applying for a savings plan.

e) Proof of Age

The buyer’s passport, birth certificate, or 10th and 12th mark sheets can be used for age proof for buying a savings plan.

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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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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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).

The first thing you need to do after you have started earning, is to build a safety net. This safety net should consider yourself, any family member dependent on you and parents. Here are the things you need in the priority order:

As per this you will need about 6 to 9 times of your monthly income in your savings account within one to two years of your employment.

Average saving balance for any investor depends on their age and income. Ideally, everyone should have a running balance of 6 to 9 months of their monthly income as emergency fund. This fund can be invested only in savings and very safe and liquid investments so that it is readily available. However, considering other financial goals you may allocate remainder of your savings to long-term investments.

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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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 Life Insurance offers a wide variety of saving plans that you can invest in as per your risk appetite and investment goal.

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 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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The Future Smart unit-linked plan from Canara HSBC 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.

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.

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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.

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.

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.

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 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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