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Savings Plan

Savings plans are financial instruments that help you save for short-term and long-term goals while providing life coverage. By investing a fixed amount every month, your money grows in a money-market fund. ...Read More

Explore the range of best savings schemes from HDFC Life that suit your needs:

With investment plans from HDFC Life you can opt for market linked returns or guaranteed1 returns as per your financial goals -

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Savings & Investment Plans
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What is a Savings Plan?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon Buy Savings plans online

Savings Plans are essentially life insurance plans that help you save for the future. They encourage the habit of regular savings and can provide significant returns when needed. The best savings plans offer insurance coverage, ensuring financial stability for your family in case of unfortunate events.

These plans usually give a fixed maturity benefit when the policy term ends. The best savings schemes also ensure a regular income throughout the duration of the policy or as a part of maturity proceeds. Choosing the right plan with flexible features can help you reach your life goals, protect your family in unforeseen circumstances, and create a corpus to pay liabilities in the future.

Savings plans can be clubbed with riders for additional benefits such as death benefits, and critical illness riders, among others. The best savings plans can be a great tool to start your savings journey with low-risk plans that also give insurance coverage.

Why Do You Need Savings Plan?

Why Do You Need Savings Plan?

Savings Plans help you save regularly and prepare to meet your family’s financial needs in the future. These online investment plans offer various features that help meet your financial goals with investments made according to your risk appetite. A savings plan is a critical component of financial planning. It can help you achieve your financial goals, including saving for emergencies, buying a home, funding education, or planning for retirement. A best savings scheme is essential for achieving your financial goals and ensuring financial security for you and your family. By starting early, investing in the best savings scheme, and sticking to a regular savings plan, you can build a solid financial foundation for the future.

14 Best Savings Plan

Savings and income plans are important for achieving financial security in the long run. There are a variety of savings and income plans available to individuals depending on their needs and goals.
1

Monthly income plans

Monthly Income Plans are designed to provide a regular income to individuals for a specified period of time.

2

Money back plans

Money back policy are insurance policies that provide periodic payments in addition to a lump sum at the end of the policy term.

3

Endowment Plans

Endowment Plans provide a lump sum payment at maturity in addition to regular payments throughout the term.

4

ULIPs

Unit Linked Insurance Plans (ULIPs) are investment-linked insurance plans that provide life cover as well as the opportunity to invest in equity or debt markets. 

5

NSC

The National Savings Certificate (NSC) and the National Savings Scheme (NSS) provide risk-free investments with tax benefits. 

6

PPF

The Public Provident Fund (PPF) is a long-term investment option with tax benefits and an assured return. 

7

PO Savings Scheme

The Post Office Savings Scheme offers a range of deposit options with different interest rates. 

8

SCSS

The Senior Citizen Savings Scheme (SCSS) is a government-sponsored savings scheme for senior citizens. 

9

Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana (SSY) is a savings scheme for the benefit of girl children.

10

Fixed Deposit

Coming with cumulative/non-cumulative options, FDs offer fixed returns over the investment tenure and the returns are payable on a monthly, annual or bi-annual basis, depending on the bank policy.

11

Atal Pension Yojana (APY)

The Atal Pension Yojana (APY) is a pension plan backed by the government.

12

Employee Provident Fund (EPF)

The Employee Provident Fund (EPF) is a retirement savings scheme for salaried individuals.

13

National Pension Scheme (NPS)

National Pension Scheme (NPS) is a pension and investment scheme for individuals.

14

Kisan Vikas Patra

Kisan Vikas Patra is a government-backed savings scheme which provides an attractive long-term investment option where you get double the amount invested upon maturity.

 

All of these savings and income plans offer different benefits and features that can help individuals meet their financial goals. It is important to understand the details of these plans and choose the ones that best suit your needs and goals.

Interest Rate of Various Savings Plans

Here is the list of the best savings plans in India 2024, carrying low risk and you must consider adding these plans to your financial portfolio:

Savings Plan

Old Interest Rate

New Interest Rate

National Savings Certificate

7.90%

7.70% paa

Senior Citizen Savings Scheme

8.50%

8.20% pa b

Recurring Deposits

6-7%

250% to 8.50%c

Post Office Monthly Income Scheme (MIS)

6.60%

7.40% pad

Public Provident Fund (PPF)

7.10%

7.1% pae

KVP (Kisan Vikas Patra)

7.60%

7.5(115 Months)f

Sukanya Samriddhi Yojana (SSY)

7.60%

8.2%  pag

Atal Pension Yojana

N/A

N/A 

Employee Provident Fund (EPF)

8.60%

8.25% paj

Pradhan Mantri Jan Dhan Yojana

2% above base rate not exceeding  12%

2% above base rate not exceeding  12%h

Mutual Funds

 

8-20% pak

Initial Public Offerings (IPO)

 

8-15% i

Unit Linked Insurance Plan (ULIP)

 

10-24% pak

Get regular returns as you stay covered with our Savings Plans

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    Customize the benefits with this flexible savings plan.

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    Enjoy Lifelong regular income with flexibility of payouts and whole life cover1. 

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    • Whole life cover + Lifelong Income3
    • Accumulate survival benefits
    • Immediate income option for your various needs
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    Savings Plan

Savings Plans

Plan for your future as you enjoy guaranteed1 returns at regular intervals6.

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Plan your savings for better returns.

Use our quick and simple calculator to know what’s ideal for you.

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Savings Plan Guide

Basis your desired financial goals you can explore the following options:

 

1 Crore Investment Plan

1 CroreInvestment Plan
80 Lakh Investment Plan

80 LakhInvestment Plan
50 Lakh Investment Plan

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5 YearsInvestment Plan
10 Years Investment Plan

10 YearsInvestment Plan
5 Lakh Investment Plan

5 LakhInvestment Plan
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Importance of Buying a Best Savings Plan

Saving money is a necessity for everyone, regardless of age, income, or lifestyle. Best savings scheme provides a secure and organized way to save money for the future. It offers a variety of benefits that can help people reach their financial goals.

 

  1. One of the main advantages of buying a savings plan is the added security it provides. Having a plan in place allows you to manage your money and build up funds for the future. It also keeps your money safe and secure, as it is protected from theft and other external risks.
  2. Another benefit of a savings plan is the potential for growth. By investing your money in a savings plan, you can take advantage of the potential for higher returns. This increased rate of return can help you achieve your financial goals faster.
  3. In addition to this, a savings plan offers the flexibility to adjust your savings goals. If your goals change over time, you can adjust your plan accordingly. This makes it easier to keep your savings on track and reach your goals.
  4. Finally, having a savings plan is a good way to develop healthy financial habits. It encourages you to save a set amount of money each month, which can help you build a disciplined savings plan. This helps to ensure that you’re prepared for any unexpected expenses that may arise in the future.

Overall, a savings plan is a smart investment for anyone looking to secure their financial future. It offers a variety of benefits that can help you reach your financial goals and build a secure financial base. Investing in a savings plan is one of the best ways to ensure you have the funds you need when you need them.

Features of Savings Plans

Before you pick a savings plan to safeguard your financial future, let’s look at how they function:

Policy Tenure and Entry Age to buy Savings Plan

Policy Tenure and Entry Age

In most cases, you can purchase a savings policy from a very young age. In fact, you can even purchase a policy for your child from the time they are just 90 days. You can select a policy term as per your personal requirements. Some plans offer only long-term savings, while others have short-term options as well. When it comes to savings and investments, the longer you stay invested, the better it is for you and your finances.

Guaranteed Returns with Saving Plans

Guaranteed Returns

A savings plan provides low-risk investment opportunities. Over time, you can rest assured of steady returns on your investment. These plans provide a good maturity benefit and steady returns, which allows you to make prudent financial choices in the future.

Riders and Life Cover with Savings Plans

Riders and Life Cover

Savings plans offer guaranteed1 benefits and life cover. When you purchase a plan, you also get life insurance coverage. If you wish to, you can purchase riders that offer enhanced protection. For example, you can purchase an accidental disability rider to ensure you and your family enjoy financial security when you require it most. You can also purchase a rider that provides a payout in case of a critical illness diagnosis during the policy term.

Tax Benefits with Savings Life Insurance

Tax Benefits

Since savings plans come with a life insurance component, you can enjoy deduction u/s 80C of Income tax Act, 196113 up to INR 1, 50,000 from your taxable income for the premium amount paid. But that’s not all. The maturity benefit you receive from the plan is also exempt u/s 10(10D) of the Income Tax Act, 196114 from taxation, as is the death benefit that your nominee receives. With this in mind, a best savings plan allows you to save for the future, while saving on taxes# today.

Benefits of Savings Plans

When you purchase the best savings scheme, you benefit from:

Life Coverage with Savings Investment plans

Life Coverage

Your savings plan offers a life insurance component. If anything were to happen to you, your family will receive the payout ensuring financial protection during a time of need.

Financial Discipline with Savings Investment plans

Financial Discipline

Your savings plan encourages you to put money away regularly. It helps you build a financial habit that will prove useful even later in life.

Meeting Financial Goals with Savings Investment plans

Meeting Financial Goals

You can use a savings plan to steadily build up a corpus for your financial goals. With a best savings plan, you can save up money to purchase your dream car, take a vacation, and pay for your child’s education and even plan for retirement.

Financial Flexibility with Savings Investment plans

Financial Flexibility

You can customise your savings plan as per your unique needs and requirements. Depending on the plan you choose, you also have the ability to choose how and where your funds get invested for your future. You can pick funds as per your risk appetite and even makes changes depending on your dynamic financial situation.

Save Tax

Save Taxes

Savings plans provide life insurance benefits, so they offer tax savings under deductions under 80C of the Income Tax Act, 196113.You can avail a deduction of up to INR 1, 50,000 u/s sections 80C of the Income tax Act, 196113 per year against the money you invest in your savings plan.

 

Guaranteed Returns with Savings Investment plans

Guaranteed Returns

Depending on the plan you purchase, you will enjoy returns on your investment when the plan matures. Most often, you can opt for payouts at regular intervals while keeping the plan active.

How Long Should You Invest in a Savings Plan?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon Invest in a Savings Plan

There is no simple answer to this question. The length of your investment depends on your financial objectives. You may have a savings plan to help you build a corpus for a short-term goal, such as buying a car. If this is the case, you may only need to stay invested for a few years. If you’re looking to save up excess funds for your retirement, you might have to invest for a few decades. You must decide your timeline based on your unique financial goals. You can then find a plan that helps you build a corpus for your needs.

Factors to Consider Before Investing in a Best Savings Plan

Before you go ahead and purchase a savings plan, you need to:
Set Your Goals - Investing in Savings Plan

Set Your Goals

Before you can invest, you need to know why you’re putting money away. Think about your financial goals and what you hope to achieve. Once you know what you’re saving for, you can pick a plan that helps you achieve your goal.

Consider the Risk when purchasing Savings plan

Consider the Risk

Depending on where you are in life, you may be okay with risks or might want to keep them at a distance. Think about whether you’re okay to take a few risks with your investment. Remember, plans that offer high returns may come with high risks. Once you understand your risk appetite, you can look for plans that suit your needs. Ideally, look for plans that offer steady returns.

Payment Flexibility when investment in savings plan

Payment Flexibility

Most savings plans provide you with the flexibility to choose your premium frequency. You can choose to pay the premium monthly, quarterly, every six months, or annually. While browsing for plans, check for policies that provide some flexibility as it will make planning your finances easier.

Additional Features Check when purchasing Savings plan

Additional Features

Savings plans don’t have to limit themselves to returns and insurance. Search for policies that offer additional benefits like optional riders or free withdrawals. Ideally, look for a name that is trusted in the market. By choosing a brand with a good reputation, you can rest easy knowing that your money is in expert hands.

Charges to check when buying savings plan

Charges

Most companies that offer saving plans levy a small charge to manage your money. Some companies have a higher fee than others. You should look for a plan that allows you to grow your money without impacting your wallet. Compare plans and charges from various companies before you make a decision.

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Disciplined savings to help achieve life goals in an uncertain world

  • Listing Bullet Protect your capital invested while you save money
  • Listing Bullet Get regular returns on your savings structured as per your need
  • Listing Bullet Make no compromise on an important life goal for yourself or family
Disciplined savings to help achieve life goals in an uncertain world

How to choose the right savings plan?

Each individual has different financial needs and risk appetites. You have to consider the following factors before you choose the best Savings Plan that is right for you.

Evaluate financial goals

Evaluate financial goals

Goals change for every person at different stages in life. Assess your short term and long goals, the time you need to achieve them and the funds required to fulfil them. This will enable you to work out how much you need to start putting away in a Savings Plan to accumulate the funds you desire. The goals can range from funding your children's education to building a house, to building a corpus for the retirement years.

Check Features, Riders and Flexibility

Check features,riders and flexibility

Select features that are affordable for you and can meet your future needs. Make sure your plan can give you the flexibility to access your funds in case of an emergency, and whether you can get a loan against the funds. Check for various riders like accident, disability and illness that help you get additional coverage. With the right coverage and flexible options, one can enjoy protection as well as growth through best savings scheme.

Determine investment horizon

Determine investment horizon

Choosing an investment horizon helps to ensure that the cover you have opted for is available when you need it. It also helps you map your long term goals and financial requirements which helps you choose the right plan accordingly.

Assess risk appetite

Assess risk appetite

Savings Plans offer a variety of choices that cater to all risk appetites. Age and personal factors determine the amount of risk people can take while investing in Savings Plans. People who have a higher risk appetite can choose plans that offer lucrative returns and can choose more aggressive plans, while those who are risk averse can opt for conservative Savings Plans that offer more security but give relatively lower returns.

Review and compare

Review and compare

Do not go for the first savings plan that appeals to you. It is better to review and compare different plans, their features and benefits and then choose one that aligns with your future needs. Ideally, use a savings and income calculator to determine the ideal coverage and premium payable towards the savings plan.

Benefits of Savings Plans Benefits of Savings Plans


Who should buy a Savings Plan?

Savings plans are an attractive investment option for individuals of all ages and income levels. They come with a low premium, making them an accessible choice for everyone. Moreover, the savings plans offer a variety of features and benefits that make them an attractive choice for investors looking to make a secure and long-term investment.
 

  1. Savings plans are also a great way to save for retirement, as they can provide a steady stream of income during retirement.
  2. Additionally, they can be used to save for other financial goals, such as buying a house or starting a business.
  3. If you're a conservative investor with a low-risk appetite, or you're looking for a way to save money for a non-negotiable goal, a savings plan may be ideal for you. With a savings plan, you can grow your money over time and benefit from the security that it provides. It's a great way to build a nest egg that will ensure your financial stability for the future. You can rest assured that your money will be safe and secure, while also getting the most out of your investment.

If you are looking for an affordable way to save, a savings plan may be the perfect choice for you. A savings plan is an effective way to secure your financial future, and it is worth considering if you're looking for a secure yet affordable way to save. 

6 Simple Steps to Buy Savings Plan Online

Savings plans are life insurance products designed to help you make disciplined and periodic savings and cover your family financially in case of your untimely demise. Today, you can buy best savings scheme online without the need for visiting the office of an insurer or agent. All the information about savings plans is available online. You can research for the plans best suited to your requirements, check your eligibility for the same, upload the documents needed and make the payments online. Policies are usually dispatched over e-mail and you can get notifications on your mobile phone as well. Here are some simple steps you need to buy savings plans online.

1

Assess your Financial Goals

Assess your financial goals and requirements. Knowing the approximate amount of funds you could need for a big expenditure in future or the funds required to sustain your dependents after you are not around will help you fix an amount that needs to be assured.

2

Do your Research Thoroughly

Do your research thoroughly. Most insurers detail out their different savings plans on their websites, complete with inclusions and exclusions. Read the fine print about claim settlements and other terms and conditions before you decide on the savings plan you want to buy.

3

Do a Due Diligence on the Insurer

Do a due diligence on the insurer you have shortlisted to evaluate the insurer's financial strength, reputation, service quality, reviews and discounts offered.

4

Check Eligibility Criteria

Check the eligibility criteria, including the minimum and maximum ages at which you can opt for the policy, income brackets and the various proofs needed to buy a savings plan online.

5

Submit Forms Online

Submit the online forms, relevant proofs - including that of address, identity, income, and age.

6

Receive the Policy Documents

Receive the policy documents over email and relevant notifications over your mobile phone. Keep a record of all your investments in a folder so that you can refer to them easily whenever needed in an emergency.

Factors Impacting Savings Plan Premium

A number of crucial factors can impact the premium you pay on the plan you choose.
Age impacts Savings Investment Plan Premium

Age

This is the primary factor that decides the premium you pay, although some savings plans are age agnostic as well. At a younger age, a person is less likely to suffer from an age-related disease and pass away prematurely, hence the premiums are lower. You can lock in a good savings plan at lower premium rates when you opt for a savings plan at a younger age. The insurer increases the premium rates as your age goes up, as the chances of a claim (due to death) also increase.

Policy period and sum assured

Policy period and sum assured

There's usually a higher premium if you opt for a longer policy period, since the probability of claims is higher.Choosing a term that terminates with your retirement and a policy amount that is enough to protect your family's financial needs is the wise option.

Medical history impacts Savings Investment Plan Premium

Medical history

A history of diseases that have tendency to run in the family and your own medical records as well as parameters like height and weight can raise flags about potential illness or obesity, and can impact the amount of premium you pay.

Smoking and drinking habits

Smoking and drinking habits

Since research indicates that people who smoke are likely to contract more illnesses than those who do not and also have a higher mortality rate, insurance premiums for smokers tend to be higher than for non-smokers. The same goes for excessive drinking habits. It is prudent to disclose your smoking and drinking habits to the insurer before purchasing a plan.

Occupation impacts Savings Investment Plan Premium

Occupation

Some professions or lines of work carry more risk and hence, insurers might charge a higher premium. It is important to make proper disclosures about your work and income to the insurer before finalising the policy.

Riders impacts Savings Investment Plan Premium

Riders

Additional riders like critical illness or accidental death cover can attract an additional premium since you are opting for extra benefits by opting for such riders.

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Why You Should Buy Savings Plan?

Why You Should Buy Savings Plan?

Life insurance has become more important than ever due to the unpredictability of life. Accidents, illnesses, and death can leave your dependents without financial support for emergencies, liabilities, or future goals. Savings plans offer a death benefit that ensures your beneficiaries are financially secure after you pass away. This is especially important if you are the sole breadwinner. A savings plan can help cover their regular expenses and pay off debts.

Savings plans are a great way to build a disciplined savings habit. They help you budget your expenses and save for the future with regular premium payments. With a fixed amount of maturity at the end of the policy term, these plans can help you achieve life goals like buying a dream home or funding your child's education. Some plans also provide a regular stream of income, helping you to supplement your earnings and live a better lifestyle.

During your lifetime, savings plans help you reach goals and save taxes. They are flexible and can be tailored to fit your risk appetite and future financial needs. Regardless of your life stage, they are a valuable tool for building wealth and ensuring financial security for your family.

 

Documents Required to Purchase a Savings Plan

If you’re ready to purchase a savings plan, ensure you have the following documents:
1

Policy Form

You need to fill up a policy form application. The document provides the company with information about your finances and medical history. Based on your answers, the company will decide on your premium and sum assured.

2

Income Proof

You must showcase your income documents to prove you have the means to pay your premiums. Typically, you will have to share bank statements, previous Income Tax Returns (ITR) and salary slips with the company.

3

Identity Proof

As part of the KYC process, you will need to provide documents that verify your identity and address. You can choose to submit the following documents:

Sr. No

Documents

Identity Proofs

Address Proofs

1

Passport

Y

Y

2

Voter’s Identity Card issued by Election Commission of India

Y

Y

3

Permanent Driving License

Y

Y

4

Aadhaar Card

Y

Y

5

Central KYC Identifier (can be accepted, if the downloaded documents are from the list of Officially Valid Documents (OVD) reflecting across Sr. No. 1 to 4 and there is no change in the address basis the document downloaded from Centralized KYC Registry (CKYCR) database as mentioned on the proposal form)

Y

Y
View Complete List of KYC Proofs HERE

Add the icing on the cake with these Savings Plan riders

They are the sweet spot of your insurance planning.

HDFC Life Income Benefit on Accidental Disability Rider

HDFC Life Income Benefit on Accidental Disability Rider

 

UIN: 101B013V03

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

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HDFC Life Critical Illness Plus Rider

HDFC Life Critical Illness Plus Rider

 

UIN: 101B014V02

We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

DOWNLOAD
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We help you to choose best insurance plan based on your needs

Why Choose HDFC Life’s Top-Selling HDFC Life Sanchay Plus?

Multiple Customisations

Multiple Customisations

Choose your premium-paying term, payout period, and benefits based on your requirements.

Guaranteed Benefits

Guaranteed Benefits

Enjoy guaranteed 1 benefits with HDFC Life Sanchay Plus, and rest assured of the benefits.

Life Long Income

Life Long Income

HDFC Life Sanchay Plus allows you to choose a life-long income, so you never have to worry about outliving your savings.

Death Benefit

Death Benefit

Protect your family’s financial future with the life insurance coverage and death benefit offered by HDFC Life Sanchay Plus.

Tax Benefits

Tax Benefits

Enjoy tax deductions and savings per the conditions stipulated by the Income Tax Act of 196112.

Enhanced Benefits

Enhanced Benefits

Choose from the available riders to boost your life protection coverage.

 

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Buy Online

Savings Plan Buying Guide

Savings plans come in a wide variety of products and many savings plans can be bought online. First, you need to assess your financial requirements, and sort out your long term and short term goals. You should also determine your investment horizon and evaluate your risk appetite. Factors such as the best savings scheme’s unique features, the flexibility it offers and additional benefits such as add-on riders should also be considered before buying online savings plans.

1

Financial goals

Goals change with each life stage and hence it is important to understand your short-term and long-term goals and the time that you estimate it would take to achieve them. Set an amount against each goal and then reverse plan to decide how much you need to put into a savings plan that will get you those funds in the future.

2

Riders, features and flexibility

Assess the benefits and features of the savings plan you choose to understand if it fits your requirements and risk taking appetite. Know the rider options that come with different plans to be able to choose the one that is right for you. Read the fine print in order to understand the eligibility criteria, various inclusions and exclusions and the documents you will need to buy the plan, so that you can make an informed choice.

3

Investment horizon

Decide your investment horizon in accordance with your long-term goals and financial needs. It will also help to decide whether the cover you have opted for is available to you need it.

 

How Savings Plan By HDFC Life Helps You?

How Savings Plan By HDFC Life Helps You?

Our Savings Plan help you save ample amounts with the help of regular investments after taking into account your specific financial situation and future needs.

They also provide protection to your family and ensure all expenses are covered even in your absence.

Savings Plans - FAQ's

We'll tell you everything you need to know about Savings Plans
 

1 How much should I have in savings at 25?

There’s no magic number of exactly how much you should have in savings by the time you are 25. Assuming you have started working by this age, a good rule of thumb is to put aside 10 % of your salary each month into savings. If you get a raise or a bonus, you can put aside that much more. A smart way to go about this is to make a list of everything you spend money on every month, including the 'must spends' like rent, groceries and fuel to the 'feel good' expenses like eating out and spending on clothes, and then decide how much can be saved. Ideally, the amount you need to save should be put away at the start of each month before other expenses are met.

2 How much does the average person have in savings?

While Indian millennials do not save as much as their elders used to, expert estimates put the average savings of the Indian middle-class person at around ₹10,000 per month. Some simple thumb rules for savings say you should save 2 times your annual salary by age 35, or simply, save your age. This means that if you are in your 20s, you need to save 20% of your income, 30% if you are in your 30s and so on. In an uncertain world, it is better to save 30% of earnings to be prepared for any contingency.

3 What documents are required to buy a saving plan online?

Following are the documents needed to buy a saving plan online.


# Identity Proof & Address Proof - An official photo identity proof in the form of Aadhaar card, passport, driving licence or Voter ID card. Official proof of your permanent address is required, in the form of your passport or other documents for identity mentioned above. 

 

# Mandatory Proof - PAN Card

 

# Age Proof - Age proof can be gathered from most of the documents submitted for identity proof. Apart from these, you can also submit proof such as birth certificate, school or college leaving certificate or marriage certificate, which has the date of birth mentioned.

 

# Income Proof - Since income proofs help determine the amount of the sum assured for your saving plan, this is crucial proof needed. It can take the form of salary slips for the past 3 months or your bank statement for the past 6 months with the salary entries recorded in it. Relevant tax-related documents such as the latest Form 16 or your Income Tax returns over the past 2-3 years can also be submitted.


# Medical Reports - Your past medical records as well as the results of any medical tests your insurer may require are also needed to be submitted to buy saving plan online.


# Photograph - A specified number of your latest passport size photographs for verification are needed to be submitted along with the documents while buying saving plan online.

4 How much money should I save before investing?

Several experts recommend saving 20% of your income every month. According to this analysis, which is known as the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent, food and essentials, 30% for discretionary spending, and at least 20% for savings. Merely saving money allows you to put away part of your earnings regularly, but earns a lower return although with lower risk. On the other hand, investing allows you to earn a higher return, but you take on the risk of loss in order to do so. Experts say you should save an amount equal to six months of expenses before you start investing. Some experts advise an eight-month emergency fund because that's about how long it takes an average person to find a job if you lose one and this amount can cover your expenses.

5 How to save tax by using saving insurance plans?

Savings plans can help you save tax while giving you insurance cover as well as growing your wealth. This helps build up your insurance portfolio while giving you tax benefits. Life insurance premiums are deductible, and come with life insurance tax benefit under Section 80C13 of the Income Tax12 Act. Premiums you pay towards life insurance in a savings plan are deductible up to a maximum of Rs 1.5 lakh. Also, proceeds received upon the death of the policy holder or upon maturity are tax free under Section 10 10(D)14. 

6 Who should invest in saving plans?

Persons who have a regular income and who know they would require a lump sum amount after some years should invest in a savings plan. Savings plans are also good for working professionals, self-employed persons as well as business persons so that their long-term financial obligations can be fulfilled easily. For individuals who do not want to risk much and would like to grow their wealth through relatively safer mediums, savings plans are a good choice.

7 How do I get started with a long-term savings plan?

If you’re ready to put your money in a long-term savings plan, you need to:
 

  • Compare available plans to find the one that suits your finances and needs.
     

  • Pick the policy tenure. Ideally, choose the maximum tenure since it is a long-term plan.
     

  • Select the frequency of premium payments and set up an auto-debit facility.
     

  • Decide how and when you want to receive the maturity benefit based on your goals.

8 Which saving investment is best to start with – long-term or short-term?

There’s no right answer to this question. You should pick a savings plan or investment tenure based on your goals. If you have more short-term financial goals, short-term plans will work better. If you’re focused on long-term goals like retirement, you can opt for a long-term plan instead.

9 What are the best saving schemes with high interest rates?

When it comes to savings schemes, the interest rates can change. Typically, savings schemes like the Employee Provident Fund (EPF), National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS) offer high returns. If you opt to purchase a market-link savings scheme, you can enjoy high returns. But you must remember that high returns are often linked to risks. Before you pick a policy, check what kind of returns each company and plan offers.

10 What is a basic savings plan?

A basic savings plan is a financial strategy that involves setting aside a portion of your income each month to build a savings account for the future. This plan can help you save money for a rainy day, retirement, or other goals you may have. It also provides stable returns, making it a low-risk investment. Savings plans provide death benefits to nominees in the event of an unfortunate event.

11 How do you plan for future savings?

Planning for future savings should involve creating a budget, setting financial goals, tracking your spending, and researching different types of savings accounts. Additionally, you can automate your savings and make regular deposits into your account to ensure you reach your savings goals.

12 How to save money for 2024?

To save money for 2024, you should create a budget and determine how much you can save each month. You should also research different types of savings accounts that offer the best return on your investment. Additionally, you can automate your savings and make regular deposits into your account to ensure you reach your goals.

13 Which is a type of savings plan?

A type of savings plan is a financial strategy that involves setting aside a portion of your income each month to build a savings account for the future. These plans can be tailored to meet your specific financial goals, such as retirement, emergency funds, or future investments. Some examples are Unit Linked Insurance Plans (ULIPs), monthly income plans and endowment plans.

14 Which Plan is best in HDFC Life?

HDFC Life offers a variety of plans, such as long-term savings, retirement, and children’s education plans. The best plan for you will depend on your specific financial goals and needs.

15 How to start saving?

You can start saving by first creating a budget and determining how much you can save each month. You should research different types of savings plans to find one that fits your needs and offers the best return on your investment. You can also automate your savings by making regular deposits into your savings plans account to ensure you reach your savings goals.

16 What is the best savings plan in India for high returns?

Generally, the best savings plan is decided based on risk appetite and individual financial goals. Nonetheless, equity mutual funds offer the highest returns over the long term with a significant amount of risk. Whereas, you can expect stable returns with low risk by investing in a Public Provident Fund (PPF), providing tax benefits as well. However, the National Pension System (NPS) and Unit Linked Insurance Plans (ULIPs) also maintain a good balance between risk and return respectively, making them some of the best saving options in the country.

 

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Disclaimers

  1. Provided all due premiums have been paid and the policy is in force.

  2. Lump sum benefit is available under Guaranteed Maturity option. Regular Income is available under Guaranteed Income, Long Term Income and Life Long Income options.

  3. Applicable on choosing a policy term as (100 - age at entry) years.

  4. This applies to Income Variant, whereby guaranteed income is paid on survival of Life Assured during the policy term, provided all due premiums are paid during the premium payment term

  5. ROP – Return of Premiums. This applies to Income variant, whereby all base premiums are returned to policyholder on survival of Life Assured at maturity, provided all due premiums are paid during the premium payment term.

  1. This feature is available in select products under the savings category. Please read the product brochure of your selected product to know the details.

  2. The Guaranteed Additions will accrue at the rate of 3% p.a. of Sum Assured on maturity during the first 5 policy years and are payable at maturity or death, whichever is earlier.

  3. Premium amount excludes any underwriting extra premiums, any loading for modal premium and taxes and levies as applicable.

  4. Please refer Auto Cover Continuance section in the brochure.

  5. Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

  1. 1 to 10% Simple Interest per annum, depending upon the increasing income percentage chosen. Applicable for Early income and income structure.

  1. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

  2. Subject to conditions specified u/s 80C of the Income tax Act, 1961.

  3. Subject to conditions specified u/s 10(10D) of the Income tax Act, 1961.

  4. 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.

  5. Guaranteed Income Benefit (GIB) is paid on survival during the income payout term, provided all due premiums are paid during the premium payment term. The last installment of GIB is paid as part of maturity benefit and other installments are paid as part of survival benefits during the policy term

  6. Quantum of benefits is guaranteed irrespective of the experience.

a. https://www.nsiindia.gov.in/(S(dig1wpnemg5uhcadaa44gtrf))/InternalPage.aspx?Id_Pk=182

b. https://www.nsiindia.gov.in/(S(5aa02f55d10whxigo1v0vr55))/InternalPage.aspx?Id_Pk=181

c. Interest Rate for Recurring Deposit varies Bank to Bank.

d. https://www.myscheme.gov.in/schemes/pomis

e. https://www.nsiindia.gov.in/(S(xtipmgvtru5mqyadqbe14iyr))/InternalPage.aspx?Id_Pk=178

f. https://www.nsiindia.gov.in/(S(o5tv2brtddrodu320pttuz45))/InternalPage.aspx?Id_Pk=180

g. https://www.nsiindia.gov.in/(S(r5bn21jhnl21ol45mo4vyvn2))/InternalPage.aspx?Id_Pk=179

h. https://www.pmjdy.gov.in/aspirational/pdffiles/Overdraft-facility.pdf

i. https://www.icsi.edu/media/portals/25/IPO.pdf

j. https://www.epfindia.gov.in/site_docs/PDFs/MiscPDFs/InterestRate_OnPFAccumulationsSince1952.pdf

k. Rate of Interest for stocks/funds may vary depending on the market value.

#The afore stated views are based on the current Income-tax law. Also, the customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

ARN - ED/04/24/11143