Every person wishes to have secured financial health to be able to take good care of themselves and their family members. Today, having a proper savings portfolio is as important as earning a good income.
Investing in an insurance policy with a guaranteed return plan is one of the habits of successful people in the country. Moreover, with the kind of financial disparities and economic turbulences that we all have experienced in the past few years, it’s always a good idea to purchase a life insurance savings plan.
A guaranteed life insurance savings plan offers dual benefits – assured returns on investment and life cover. The premiums you pay are saved in non-market-linked, low-risk avenues which offer guaranteed returns upon maturity. Additionally, you also receive regular bonuses, guaranteed additions, etc. as per the terms of the policy.
Moreover, in case of your untimely demise during the policy term, your family will receive an assured death benefit, along with an accumulated savings corpus. You can choose the mode in which this amount is paid to your family. For instance, the Tata AIA life insurance savings policy offers a choice of lump-sum, regular monthly or a combination of two for death benefit payout.
Thus, life insurance savings plans are ideal for long-term savings, along with assured life cover. Apart from that, here are the top 5 options to consider if you are serious about saving money for a secured future for yourself and your loved ones.
1. Kisan Vikas Patra (KVP)
Kisan Vikas Patra or KVP is a great money-saving plan that you can choose to invest in. Under this particular scheme, the amount that you’d like to invest should be in multiples of 100. Also, the minimum amount that you can invest in a KVP is Rs.1000.
2. Public Provident Fund (PPF)
This government-supported money-saving policy is one of the most secured investment options for Indians. It is kind of a guaranteed return insurance plan for every individual. If you invest in a PPF scheme, you will also receive a tax exemption on your payments under the Indian Income Tax Act, Section 80C.
3. Post Office Monthly Income Scheme (MIS)
The Post Office Monthly Income Scheme is a monthly savings plan with moderate risk. It is where you can invest a small amount every month, along with some interest. Additionally, it can create a way of regular income for you as funds that you invest in MIS will be protected until the maturity period.
4. Recurring Deposits
A recurring deposit scheme is one of the most suitable saving options for individuals who wish to save money for the future. This plan is kind of a term deposit policy that will require you to pay a certain amount every month till you receive a lump sum amount with interest after a fixed time period. Apart from this, you will have the liberty to pick the time frame, the sum you wish to deposit and the frequency of deposits as per your suitability.
5. National Savings Certificate (NSC)
The NSC is another popular money-saving policy for Indians which you can avail of from your nearest post office. This scheme was initiated by the Indian government to encourage people, irrespective of their earnings, to invest their funds and save tax deductions. This plan is best suited for the ones belonging to the mid or low-income groups.
Now that you are aware of the top five guaranteed return plan policies, along with a guaranteed insurance plan, to save your money efficiently for the future, opt for one which you feel is right for you. If you opt for a guaranteed savings plan with life cover, make sure to research well about the several life insurance quotes and options that are available in India. For More Info HP Reverb G2 VR Headset with Controller Review