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Savings plans are life insurance plans that allow you to have disciplined savings while providing considerable returns and build wealth to help you achieve your financial goals. A death benefit is paid to the beneficiary of the policy if the insured passes away during the policy tenure.
Saving plans are long-term, safe investment options for people who are looking for protection as well as savings avenue. It allows you to invest a part of your monthly income at a certain rate of return.
Saving plans are also known as income plans as they offer a minimum guaranteed maturity value or money-back options in form of monthly payouts. This plan is one of the best investment options if you want to accumulate wealth that remains unaffected by taxes, inflation, and market forces.
In India, life insurance companies generally offer three types of saving plans - endowment plans, money back plans, and ULIPs. However, each of these saving policies work differently and hence, you can choose one as per your financial goals and risk appetite.
Saving insurance plans ensure financial security by offering assured returns. However, to choose the best saving plans suited to your needs, you must understand the features of a savings plan.
Saving plans provide a life cover to the policyholder, which is applicable for the entire duration of the policy.
Some saving plans offer maturity benefits in form of regular payouts. Hence, these are also known as monthly income plans.
While applying for a savings policy, you can choose optional in-built covers (also known as riders), to enhance your life insurance cum savings plan.
Some life insurance cum saving plans offer guaranteed returns. All the guaranteed benefits are added to the maturity value. Thus, the returns from guaranteed savings plans are predictable and safe.
Some saving plans offer multiple withdrawal options that you can use to meet contingency needs while boosters help in building additional wealth.
Save tax up to Rs. 46,800 on the premiums that you pay and the returns that you receive from the savings plan under Section 80C and Section 10(10D).
Life insurance cum saving plans in India offer you a wide range of benefits. As a policyholder, you have the benefit of insuring your life while building a legacy for your future generations.
In case of your demise, savings plan adds to the financial safety of your family. The beneficiaries of your plan will receive all the associated benefits to ease out the financial burden.
Saving plans allow you to save a small amount every month to reach your financial goal. You can save systematically for future goals like buying a new house, sending-off your kid for higher education, etc.
Saving Policy also assure a minimum maturity value unlike other market-linked investment options. Generally, these saving plans are ideal for individuals who have a low-risk appetite.
If you buy a participating savings plan, you will receive a bonus every few years. The bonus is paid by the Life Insurance Company in case of any surplus, which eventually add to your returns. However, the bonus under participating saving plans is not fully-guaranteed as it depends on the performance of the company.
Investment made into saving schemes and plans is deductible under Section 80C of the Income Tax Act. The maximum deduction available under the section is Rs. 1.5 lakhs in a financial year. Also, the maturity amount and money back received from the saving plan are exempt from tax.
This savings plan is highly customizable and offers various flexibilities in terms of premium payment options that will help you align the plan to your life stages and needs. Whether it is lifelong protection for you and your spouse or fulfilling your child’s educational needs, preparing you for early retirement or giving you that extra income to make sure every promise is fulfilled; this savings plan has it all covered. This life insurance cum savings plan offers guaranteed benefits as well as regular income to take care of both your long-term and short-term financial goals. Guaranteed Income4Life plan is a guaranteed income plan that will secure your financial tomorrow.
Know MoreGuaranteed Savings Plan offers fully guaranteed benefits along with the flexibility to choose your savings horizon. This savings plan provides life cover for the entire term while you pay premium only for a limited period. The best savings plan offers you the flexibility to choose a payment term that is suitable for you. With our Guaranteed Savings Plan, you can choose the premium payment frequency as per your payment capacity. Ensure that important goals such as educating your child, or planning for their marriage, or providing financial security to a loved one are always achieved. With this savings plan you can save regularly to reach your objective. You will get assured returns that are not dependent upon the vagaries of the capital markets, or the bonuses declared by the insurance company. If you are looking to buy the best monthly income plan in India, you may consider investing in Guaranteed Savings Plan.
Know MoreSaving plans offer a life insurance cover along with a saving option that can help anyone to survive their rainy days. Planning your finances efficiently helps you to achieve your future milestones along with providing you a support to rely on during contingencies. There are a lot of saving and investment plans in India that you can choose from, however, you should choose the best savings plan as per your financial goals.
A saving cum insurance plan is an ideal option if:
Precisely, a savings plan can help every individual in some way or the other. Hence, the sooner you start investing in a savings and investment plan, the better it is.
The right time to buy a savings policy is when you start earning. When you start early, you get a longer period of investment for your savings plan. Staying invested in a savings plan for a long-term leads you to build a better financial corpus.
Be a smart investor, and buy a saving plan to start your investment at an early age to enjoy the power of compounding. In simple terms, compounding denotes to investing your money to help it grow over time. The longer you stay invested in the plan, the better become the chances of a strong financial corpus.
Saving Plans help you beat inflation. For example, with ULIPs, the policyholder can invest the money in a portfolio of stocks that reduces the risk involved. Also, market-linked returns help you to build a large corpus that will ultimately even out your funds against the market fluctuations.
A savings plan is a great way to help you build a disciplined habit of saving. Gradually, it will lead you to save systematically for a long time. Savings not only help you to meet unexpected expenses, but you can also plan for a stress-free and comfortable retirement. Start early with the best savings plan to enjoy the benefits.
One size does not fit all when it comes to life insurance products, especially savings plans. While you may be looking for the best savings plan to meet your retirement goals, someone else may be saving for their child's higher education. Depending on the financial goals, the sum assured, premiums, and term may vary. To buy the best saving policy, you can consider the following 6(six) factors as a standard set of criteria.
To buy the best savings plan, you first need to know what your short-term and long-term goals are. On that basis, you can figure out how much you need to invest in a saving plan. Assess your financial goals and estimate the overall size of the fund that you need to create for fulfilling the goals.
Evaluate the policy tenure as per your financial goals. For example, if you need to fulfill a short-term goal, your policy tenure may range from 5-10 years, however, for long-term goals, you need to have longer policy tenure. Choose your policy tenure post assessing your goals to have a clear estimation of your future expenses.
As life insurance cum saving plans offer an array of in-built optional covers – choose the covers that will help you in achieving your milestones. Whether you wish to send your kids abroad for higher education, or you want to secure your child’s future in case of something happens to you, choose a rider as per your financial needs.
Analyse your risk appetite and choose a savings policy that best suit your financial needs. As there are different types of saving plan, you need to carefully understand how much risk you are willing to take. Depending on your risk appetite, and the payout option you need, choose a savings plan.
Various life insurance companies have designed saving plans with multiple premium paying options. That means you can choose to pay for a limited period, or you can choose to pay the premiums every month. Depending on your financial capabilities, choose a premium paying frequency that you are comfortable with.
Before you finalise a savings plan to buy, compare different plans and check the premiums. You can take the help of savings calculator to find out the premium you will be required to pay. If you want to buy the best savings plan, you need to compare the features, benefits and the premium amount that you need to pay of different plans.
Age is the most crucial factor that determines the amount of premium you will have to pay. In any type of life insurance plan, be it a term insurance or a monthly income plan, you are supposed to pay the mortality premium. This means that the premium is low when you buy a savings plan at a young age as your mortality chance is lower. Your premium will gradually increase as you grow and your mortality chance gets higher. You may be prone to critical illnesses at an older age.
The longer is your policy term, the higher will be your premium. This is because the chances of insurance claims are more with a longer tenure. A regular income plan is a good option if you wish to pay premiums till your retirement age and get enough sum assured to fulfil your life needs. You can also look for the best money-back plan that pays certain instalments of sum assured at regular intervals if you want more liquidity in your savings plan.
Your premium depends a lot on the history of diseases in your family, along with your medical profile. Based on potential illness or obesity, the policy premium may increase. You should always be transparent about your medical history or your family’s medical history to avoid rejection. Also, lifestyle habits such as smoking and drinking affect premiums. Smoking causes respiratory illnesses, while heavy drinking may cause heart and liver ailments. Both reduce life expectancy. In such case, due to a higher mortality rate, premiums shall go higher if you are a regular smoker or drinker or both.
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Certain professions may also affect the amount of premium you pay. If you are into more risky or menial jobs such as a fire fighter or a health worker you will have to pay a higher premium. You should get enough coverage and for that you will have to be transparent about your profession. It will help the insurers to assess the risk involved in your profession and suggest the right coverage amount to protect you and your loved ones.
If you have opted for riders along with your savings plan such as accidental death benefit you will have to pay additional premiums for them. Choose the riders carefully and ensure you do not add any riders that you don’t need as it will lead to an increase in premium amount.
You need to know your long-term goals and financial requirements. This is the most primary aspect that helps you decide the sum assured you need.
Visit various insurers’ websites and do detail and thorough research about their financial standing, market repute, claim settlement ratio, and reviews.
Assess the eligibility criteria, based on the minimum and maximum ages required to opt for the saving policy, minimum income and the documentation required.
Fulfill the documentation with all the required proofs – address proof, identity proof, and income proof.
Choose inbuilt-cover options (if required), and pay the premium online.
Canara HSBC Life Insurance is a joint venture of Canara Bank and Punjab National Bank, along with HSBC Insurance (Asia Pacific) Holdings Limited. Launched in 2008, we offer life insurance products to individuals seeking financial freedom for their loved ones.
Our claim process is simple, convenient, and designed specially to settle all the claims without any hassles. The claim settlement ratio offered by Canara HSBC Life Insurance is 98.57%^ for individual claims in FY 2021-22.
*Individual death claims settled and reported in public disclosure for FY 2019-20.Our in-depth knowledge from the renowned public sector banks, combined with years of experience with HSBC, makes Canara HSBC Life Insurance stand out from the others. We have sold lakhs of policies and have a family of millions of happily members.
We are completely aligned with the needs of today’s families and their reliance on a few people for financial needs. That is why we, at Canara HSBC Life Insurance offer products from simple Term Plans to ULIPs, Child Plans and Group Insurance Plans for your specific needs.
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 Savings Plan should be suitable for you.
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.
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.
Any government-issued document such as passport, driving license, Aadhar card, electricity bill, that can be used as the proof for address.
The individual buying the monthly savings plan has to produce documents to prove that he has sufficient income to pay the premiums.
Documents such as PAN card, Aadhar card, driving license, Voter ID can be used to establish your identity while applying for a savings plan.
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.
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.
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.
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.
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.
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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