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10 Lakh Savings Investment Plan

A 10-Lakh savings plan uses consistent savings and the power of compounding to build the corpus. With a well-structured 10-lakh savings plan, you can pave the way for financial security, growth, and success.

Pay ₹ 10K/month for 5 Years

Get Guaranteed ₹ 10 Lakhs at Maturity

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The Importance of Having a 10-Lakh Investment Plan

July 12, 2023

Most young professionals prioritise planning for the future. They understand the need to secure their finances in today’s fast-paced world. A well-structured investment strategy enables people to plan for long-term goals and secure their family’s future. Let’s better understand how a 10-lakh savings plan contributes towards your future financial goals. We’ll explore the benefits and understand how to select the ideal policy for your needs.

What is a 10-Lakh Savings Plan?

As the name suggests, a 10-lakh savings plan enables you to accumulate 10 lakhs over the policy tenure. You commit to disciplined savings that earn returns over time. The returns get reinvested into your 10-lakh investment plan, exponentially growing your corpus. On maturity, you can withdraw the corpus to fulfil your financial goals. During the policy tenure, you also enjoy life insurance coverage. Should anything happen to you, your beneficiary or heir receives the payout. 

How Does a 10-Lakh Savings Plan Work?

A 10-Lakh savings plan uses consistent savings and the power of compounding to build the corpus. When you opt for a savings plan, you commit to investing a fixed amount of money at regular intervals for a predetermined period. The accumulated funds earn returns that get reinvested.

Crucially, savings plans also provide life insurance coverage. The coverage helps protect your family’s financial future and offers peace of mind.

Benefits of a 10-Lakh Savings Plan

While planning for the future, you can start small with a 10-lakh plan. Here’s how these policies can help you.

  • Secures Your Financial Future
    A 10-lakh savings plan offers financial security. It enables you to build a corpus for your future financial goals. The life insurance component helps secure your family’s financial future after an unexpected event.
  • Fulfils Your Goals
    You can build a corpus of INR 10 lakhs with your savings plan. You can use the amount to realise your financial goals and dreams.
  • Grows Your Wealth
    Savings plans help you grow wealth by using the power of compounding. Your 10-lakh policy offers exponential growth.
  • Saves Taxes
    Your savings plan enjoys tax benefits under Section 80C of the Income Tax Act. Consult with a financial or tax advisor to minimise your tax liability.
  • Diversifies Your Portfolio
    Most young professionals look for high-risk, high-reward investments for quick growth. Savings plans provide guaranteed and stable returns. They diversify your investment portfolio and help balance risks.

What to Consider When Investing in a 10-Lakh Savings Plan

Before selecting a 10-lakh investment plan, ensure you evaluate the following:

  • Goals and Timelines
    Define your future financial goals and set yourself a timeline to achieve them. You can then find savings plans that align with your objectives.
  • Available Options
    Evaluate the various savings plans that insurance companies offer. Check for options that offer better returns or enhanced benefits.
  • The Insurance Company
    Consider the insurance company’s customer reviews and claim settlement ratio. Select a credible company to safeguard your capital and grow your wealth.
  • Insurance Coverage
    Ensure you get adequate life coverage through the plan. The payout should safeguard your family’s financial future.
  • Historical Performance
    Examine the track record and historical returns of multiple savings plans. The details offer insights into potential returns. However, they do not guarantee future returns, so proceed with caution. Identify policies that provide consistency and stability.

A 10-lakh savings plan offers a viable avenue for individuals to secure their financial future, achieve their goals, and accumulate substantial wealth. By understanding how these plans work, you can make informed decisions that align with your aspirations. With a well-structured 10-lakh savings plan, you can pave the way for financial security, growth, and success.

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Francis Rodrigues
Written By:
Vishal Subharwal
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Disclaimer

1.Guaranteed Benefit is paid on survival during Policy Term provided all due Premium(s) are paid during the premium payment term.

2.Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

Policy Term = 14 Yrs + Premium Paying Term = 5 yrs with HDFC Life Sanchay Plus Plan Guaranteed Maturity option.

ARN - ED/06/23/2888