Savings plans – a way to get ready for the future
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Savings plans – a way to get ready for the future

  • Highlights

  • Get a combination of protection, savings, and investment

  • Enjoy the financial benefits of endowment plans

  • Know the best linked life insurance policies in India

  • Start investing today for better returns

Saving plans are life insurance plans offering protection, savings and investment all in one. They help you in wealth generation while ensuring adequate protection against financial distress. They also double up as a secondary source of income by providing regular income and bonus options.

These variants of life insurance are known as endowment plans. Endowment plans can be unit linked insurance plans (ULIP) or non-ULIPs. Experts advise individuals with regular income and requirement of a lump sum amount after a specific time, to avail an endowment plan.

Below is a list of savings linked life insurance policies in India:

Bajaj Allianz Elite Assure:

A non-linked endowment plan, providing option of regular and limited premium payment term. The Elite Assure plan at maturity provides guaranteed maturity benefit, guaranteed loyalty additions, vested bonus and total bonus if any.

In case of the untimely demise of the insured during the policy term, the insurer is entitled to pay sum assured on death, guaranteed loyalty additions, vested bonus and terminal bonus if any. Bajaj offers the elite assure policy for a tenure of 15, 20, 25 and 30 years. You also have the option of surrendering your policy after a year as well as acquiring a loan against 90% of the surrender value.

Additional Read: Different Types Of Insurance Policies In India

Bajaj Allianz Invest Assure:

A non-linked, participating, individual, limited premium, endowment plan offering a maximum of 200% sum assured as life cover. On maturity the invest assure plan provides sum assured plus vested bonus and terminal bonus, if any.

If the insured expires within the policy term sum assured on death plus vested bonus, if any plus terminal bonus, if any, will be payable. This plan also lets you avail a loan against 90% surrender value of the policy along with the facility to change the prevailing premium payment frequency.

Future Generali Big Income Multiplier:

A savings plan by Future Generali, open to individuals aged 4 to 50 years, with a fixed policy term of 14 years. The big income multiplier has a fixed premium payment term of 12 years, offering annual as well as monthly payment options. The insurer has set a minimum premium limit at Rs.18,000 annually and Rs.1,500 monthly.

The maturity benefit is paid out over a period of 12 years amounting to 24 times of your fixed annual premium. On the unfortunate event of the insured’s loss of life, a lump sum amount is paid to the nominee.

HDFC Life Super Income Plan:

A non-linked, limited pay, participating, money back insurance plan providing guaranteed income for a period of 8 to 15 years. Super income plan offers survival benefits ranging from 8.0% to 12.5% of the sum assured on maturity, payable each year at payout.

Survival benefits provided will comprise of 100% or 120% of the sum assured on maturity plus reversionary and terminal bonus if applicable. Maturity benefit for the plan comprises of last survival benefit payout, reversionary bonus, interim bonus and terminal bonus if any.

HDFC Life Classic Assure Plus:

A non-linked “with profit” life insurance plan, providing guaranteed reversionary bonus along with an option to choose the premium payment term. The classic assure plus has a limited premium payment term of 7 to 10 years.

On account of the unfortunate demise of the insured the nominee receives the highest among the sum assured/10 times of the annualized premium/105% of the premiums, along with accrued bonus if any. And on maturity of the scheme sum assured plus accrued bonus is paid.

Benefit from a structured savings plan providing assured returns on maturity by registering for a Savings Plan today.

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