Saving plan

Financial security for loved ones:

An ideal savings policy ensures that your family is financially protected in case of unforeseen events, offering both insurance coverage and savings growth.

Disciplined wealth accumulation:

By investing in a structured money saving plan, you develop consistent saving habits that help you steadily build a strong financial corpus for future goals.

Dual benefits of protection and growth:

Unlike traditional investments, a savings plan not only protects your family through life cover but also allows your money to grow systematically over time.

Tax-saving opportunities:

Most savings plans offer tax benefits under Section 80C and tax-free maturity benefits under Section 10(10D), giving you more value from your investment.

Goal-oriented financial planning:

Savings plans can be tailored to align with milestones such as education, retirement, or home purchase, ensuring your dreams are achieved without financial stress.

Guaranteed returns with capital protection:

One of the most attractive features of a saving investment plan is the assurance of guaranteed returns along with capital protection. These plans are designed to provide a fixed return over a specific term, regardless of market fluctuations. This makes them ideal for conservative investors who prefer low-risk avenues for savings. Along with this, most savings plans ensure that your capital is safe, which means you can confidently use them to plan for essential life goals like education, marriage, or buying a house without worrying about losing your money.

Dual benefit of insurance and savings:

A major feature of a saving investment plan is that it offers both insurance protection and savings growth. While a portion of your premium provides life cover to secure your family’s financial future, the remaining is invested to accumulate wealth. This dual advantage ensures that your savings are protected, even in case of unforeseen events. It brings peace of mind knowing that your loved ones are covered while your investment continues to grow steadily, making it ideal for people seeking financial stability combined with protection.

Flexible premium payment options:

Most saving investment plans offer flexible premium payment modes such as monthly, quarterly, half-yearly, or annual. This allows investors to choose a frequency that best matches their income cycle and cash flow. Additionally, certain plans allow limited premium payment terms while providing coverage for longer durations. This flexibility makes it convenient for salaried individuals and self-employed professionals alike, enabling them to manage their finances efficiently without straining their budgets.

Tax benefits on premium and maturity:

A saving investment plan offers tax deductions under Section 80C of the Income Tax Act on premiums paid. Moreover, the maturity amount is tax-free under Section 10(10D), subject to certain conditions. This makes savings plans a tax-efficient way to build long-term wealth. It not only reduces your overall tax liability but also ensures that the maturity proceeds can be fully utilised for your planned goals like children’s education, marriage, or retirement needs, enhancing the plan’s overall value.

Helps achieve financial goals:

A savings plan enables you to plan and save systematically towards specific financial goals like buying a house, funding a child’s education, or planning a comfortable retirement. With disciplined savings and interest accrual over time, it ensures you have the required funds when needed. You can also customise the plan based on your investment horizon and financial priorities. Whether your goals are short-term or long-term, a savings plan aligns with your life journey and ensures that your aspirations are supported by a solid financial base.

Provides life coverage along with savings:

A savings plan often includes a life insurance component, which acts as a safety net for your loved ones in case of your untimely demise. This dual benefit means your family will not only receive the saved corpus but also an assured death benefit, offering financial protection when it is needed most. This is particularly useful for individuals with dependents, as it ensures that the family’s financial needs continue to be met even in your absence. Thus, a savings plan offers a unique combination of wealth creation and life cover.

Promotes financial discipline:

A savings plan encourages regular and consistent saving habits. Since most plans require periodic premium payments, they help inculcate the habit of disciplined saving, which is essential for long-term financial well-being. Over time, this disciplined approach contributes to building a significant corpus without causing a financial burden. This habit not only helps you prepare for planned expenses but also builds a buffer for emergencies, helping you remain financially independent and avoid unplanned borrowing.

Offers long-term wealth accumulation:

Through compounding and structured investment, a savings plan enables long-term wealth creation. When you invest consistently over the years, your savings grow steadily, and with interest or returns reinvested, the compounding effect increases your wealth significantly. This is particularly useful for planning future needs like retirement or children’s education. Even with conservative plans, the long-term benefit of consistent contributions results in a substantial amount, making it a reliable tool for wealth creation.

Match with your goals:

Choose a saving investment plan that aligns with your financial milestones such as education, retirement, or buying a home.

Evaluate returns and safety:

Ensure the plan offers stable returns while keeping your capital protected.

Check tax benefits:

Go for policies that help you save under Section 80C and provide tax-free maturity.

Look at flexibility:

Opt for plans with adaptable premium payments and payout structures.

How long should you invest in a savings plan?

The duration of your investment in a savings plan largely depends on your goals. Short-term investors might prefer guaranteed return policies, while long-term investors benefit from compounding and wealth growth. A savings policy held for 10–20 years can create a substantial corpus for retirement, education, or family milestones. Ideally, match the tenure with your future needs so you gain maximum benefits without liquidity issues.

Set your goals:

The first step is to identify why you are investing. Do you want to save for your child’s education, retirement, or wealth creation? A saving investment plan linked to your financial goals ensures you stay motivated and disciplined. Clear goals help you choose the right savings policy tailored to your future needs.

Consider the risk:

Every savings plan has a different risk profile. ULIPs, for instance, carry market risks, while endowment plans are more secure. Assess your risk appetite before committing. A conservative investor may prefer guaranteed options, whereas risk-takers may choose market-linked ones. Aligning your comfort with the plan ensures your saving investment plan works for you.

Payment flexibility:

Not all policies come with rigid structures. Look for a savings policy that offers premium flexibility—monthly, quarterly, or annually—based on your cash flow. Some plans also allow partial withdrawals or loan facilities, which can be helpful during emergencies. Flexibility ensures your saving investment plan adapts to changing financial situations.

Additional features:

Many savings plans come with added riders such as accidental death cover, critical illness protection, or waiver of premium benefits. These enhance the overall value of your savings policy while giving you extra peace of mind. Evaluating these add-ons ensures your saving investment plan is comprehensive and future-ready.

Charges:

Some plans, especially market-linked ones, include charges like fund management fees or policy administration charges. It’s important to understand these costs before you commit. High charges can eat into your returns over time. Choosing a transparent saving investment plan ensures your money works effectively and maximises benefits under your savings policy.

Common mistakes to avoid in a savings plans

When investing in savings plans, many people tend to overlook certain details that can affect long-term benefits. A common mistake is not defining clear financial goals, which often leads to choosing a plan that doesn’t match future needs. Another pitfall is ignoring the risk-return balance—while some savings plans offer guaranteed returns, others are market-linked and may not suit conservative investors. Many individuals also forget to review payment flexibility and end up struggling with rigid premium schedules. Overlooking policy charges, like fund management or administration fees, can also reduce actual returns. Lastly, not reassessing your plan periodically may result in missed opportunities to adjust according to changing financial priorities. By avoiding these mistakes, you can make your savings plans more effective, reliable, and rewarding for your financial journey.

Evaluate whether the plan offers inflation-beating returns for the long term.

Financial security:

It ensures that your family remains financially protected in case of any unforeseen event, with a death benefit providing income support. 

Long-term savings:

These plans help you accumulate savings systematically over time, which can be used to meet major financial goals like retirement, children’s education, or home purchase. 

Tax benefits:

Most savings plans offer tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, thereby one can claim tax benefits. 

Disciplined saving:

Regular premium payments enforce saving discipline, ensuring you stay on track towards achieving long-term financial goals. 

Step 1: Click on Get Quote

Click on Get Quote. You will be asked to enter your mobile number so we can send you a one-time password (OTP).

Step 2: Enter the OTP

Check your phone for the OTP and type it in when prompted. This helps us verify it is you.

Step 3: Fill in your details

Once the OTP is confirmed, you’ll see our application form pop up.

• If you are an existing user, some of your details might already be filled in.

• If you are new, just enter your name, gender, date of birth, email ID, and PIN code.

Do not forget to tick the checkboxes to proceed.

Step 4: Choose your plan

You will now be redirected to our partner’s page. This is where you can:

• Select the coverage amount

• Choose the policy tenure

• Pick your payment type

• Decide how much you want to invest

Once everything looks good, you can go ahead and complete your purchase.

Age of the policyholder:

The younger you are when buying a savings policy, the lower the premium. Insurers consider younger individuals to be less risky, so starting early helps secure affordable rates for your chosen saving investment plan.

Policy term and duration:

The length of your savings plan directly impacts the premium. Longer terms often mean lower annual premiums with better maturity benefits, while shorter terms may require higher contributions but provide quicker liquidity.

Sum assured (coverage amount):

The higher the coverage chosen under your savings policy, the more premium you’ll pay. Balancing your financial protection needs with your affordability ensures the monthly savings plan remains sustainable over the long term.

Type of savings plan selected:

Different types of saving investment plans come with varied costs. Market-linked plans like ULIPs may include additional charges, while traditional plans such as endowment or money-back policies usually have fixed premium structures.

Health and lifestyle factors:

Your medical history, pre-existing conditions, and lifestyle habits like smoking or drinking can influence the cost of a savings policy. Healthy individuals generally enjoy lower premiums on their monthly savings plan.

Premium payment frequency:

Paying annually may lower overall costs compared to monthly or quarterly payments. However, a monthly savings plan offers more flexibility and better cash flow management for salaried individuals.

Additional riders and benefits:

Adding riders like accidental death, waiver of premium, or critical illness coverage enhances the value of your saving investment plan, but it also increases the premium amount.

Inflation and future projections:

Considering inflation is crucial when selecting a savings plan. Opting for higher cover today may increase premiums but ensures your savings policy keeps pace with future expenses.

Insurer’s underwriting process:

Every insurer has its own method of assessing risk. Depending on your profile, the premium of your saving investment plan may vary, even for the same coverage amount.

Goal-specific planning:

The right plan aligns with your long-term financial objectives, such as retirement, children’s education, or property purchase. 

Flexible payouts:

Some plans offer periodic payouts, while others give lump sums at maturity. Picking the right plan ensures your liquidity needs are met when required. 

Tax efficiency:

Choosing a plan that offers maximum tax benefits ensures you not only grow your wealth but also save more through reduced tax liabilities.

Compare returns, tenure, and premium structure across various money saving plan options.

Look at the risk involved — guaranteed return plans vs market-linked.

Check tax benefits available under Section 80C and Section 10(10D).

Assess flexibility in terms of premium payment, withdrawals, and plan tenure.

Compare life cover amounts if the plan includes insurance.

Evaluate customer service and claim settlement ratio of the provider.

Review charges such as administrative and fund management fees.

Choose a plan that aligns with your long-term goals and financial profile.

Step 1 - Register your claim request

Register the claim request with the insurer through their website, e-mail or by calling their claim assistance contact number.

Contact No.: 1800-209-7272
Email at: customercare@bajajallianz.co.in

Step 2 - Submit the required documents

Submit the necessary documents along with the duly filled claim form online. You can also submit it to the nearest branch of the insurer. 

Step 3 - Claim settlement

The insurer will assess the claim request. The claim initiator will receive the status via e-mail and SMS. The claim initiator can also check it online on the insurer’s website.

Photograph of the proposer

Age proof, such as PAN card, passport, voter’s ID, birth certificate.

Address proof, such as passport, driving licence, voter ID card, Aadhaar card, etc.

Identity proof such as Aadhaar card, passport, driving licence, etc.

Income proof such as form-16, salary slips, ITRs, etc.