Savings plans are investment and insurance plans that help to make you ready to face the challenging uncertainties of life, concerning you or your family. The best investment plans in India offer satisfactory coverage whether you wish to finance your child's higher education or a medical emergency.
By availing a systematic savings investment plan, you can build a significant corpus for future use. There are various savings plans designed for different investment horizons and financial goals. Examples are Unit-Linked Insurance Plan (ULIP), Public Provident Fund (PPF), Sukanya Samridhi Yojana, mutual funds and Senior Citizen Savings Scheme (SCSS). To enjoy great returns, you must pick the best investment plan that caters to your needs. Here are the benefits of investing in a good savings plan in 2023. Advantages of Investing in Savings Plans in 2023 Financial Security A savings plan can help you secure the future of your financial dependents when you are no longer there to provide for them. Together with the regular payouts or the lumpsum benefit from the plan, the offered coverage will help protect your loved ones financially in a comprehensive manner. Advantages of Riders The best investment plans come with various add-on covers in the form of riders. They can help you personalise the savings plan as per your requirements. Useful riders like waiver of premiums, critical illnesses and accidental death can offer financial protection to your dependents in a more inclusive way. Financial Discipline Understanding the benefits and need for saving is not enough. You also need to build the habit of saving regularly. This is where savings plans prove beneficial. Through regular investments in these plans, you can practice financial discipline in your life and dedicatedly work towards meeting your long-term goals. Tax Savings Savings plans also allow you to enjoy tax benefits. According to the Income Tax Act, Section 80C, you are eligible to enjoy tax exemption on up to ₹1,50,000 of premium payments towards these savings schemes. Flexibility of Investment The best investment plans come with flexible policy tenures and entry ages to meet various financial goals throughout your lifetime. You can begin to invest as early as when you are 18 and go for a suitable tenure based on your financial goal and the time and funds you require to generate sufficient wealth. Benefits to Look for from a Reputed Insurance Provider A Range of Investment Plans The provider must offer a wide variety of comprehensive savings plans that meet various financial goals and are suited to different risk appetites. Transparency The benefits, features, terms and conditions of the plans must be clearly mentioned by the provider. Simple Application Process You should be allowed to apply for investment plans or insurance online through simplified application procedures and hassle-free documentation. Whether you apply for an investment/insurance product online or offline, make sure that it meets some basic criteria. The plan must have options for long-term investments, offer high liquidity and steady growth, meet your major financial goals and suit your risk appetite.
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August 2023
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