Guaranteed returns/financial back-up – is a must-have! Read more
Saving money is a crucial aspect of financial planning, and it is important to have a strategy in place to ensure that your hard-earned money is being put to good use. While there are many different savings options available, having a plan that offers guaranteed returns or financial protection can provide an extra layer of security and peace of mind.
In this blog, we will explore the benefits of having a guaranteed income plan with guaranteed returns or financial backup and why it is a must-have for anyone looking to secure their financial future.
What is Savings Plan?
A savings plan is a financial strategy that involves setting aside a portion of your income or assets for future use. The goal of a guaranteed income plan is to build up a reserve of money that can be used for a variety of purposes, including emergencies, retirement, or to achieve long-term financial goals.
There are many different types of savings plans, each with its own unique features and benefits. Some common types of savings plans include:
- Emergency fund: An emergency fund is a type of savings plan that is set up specifically for unexpected expenses or emergencies. It is recommended to have enough money in your emergency fund to cover three to six months’ worth of living expenses.
- Retirement savings plan: A retirement savings plan is a type of savings plan that is designed to help you save for your retirement years. There are several types of retirement savings plans, including 401(k) plans, traditional and Roth IRAs, and pension plans.
- Savings accounts: A savings account is a type of bank account that allows you to deposit money and earn interest on your balance. Savings accounts typically have lower interest rates than other types of accounts, but they are a safe and easy way to save money.
- Investment plans: Investment plans, such as mutual funds or individual stocks, are a type of savings plan that involves using your money to purchase assets that have the potential to appreciate in value over time. These types of plans can be riskier than other types of savings plans, but they also have the potential to provide higher returns.
6 Amazing Benefits of Savings Plans
There are many benefits to having a savings plan, including:
1. Financial security
A guaranteed income plan can provide a financial cushion that can be used in case of emergencies or unexpected expenses. This can give you peace of mind and help you feel more secure about your financial future.
2. Long-term financial planning
A savings plan can help you achieve your long-term financial goals, whether it’s saving for retirement, buying a house, or paying for your children’s education.
3. Interest earnings
Some savings plans, such as savings accounts or investment plans, offer the opportunity to earn interest on your balance. This can help your money grow over time and potentially provide additional income.
4. Tax benefits
Some savings plans, such as 401(k) plans and traditional IRAs, offer tax benefits that can help you save more money.
5. Guaranteed returns
A savings plan that offers guaranteed returns means that you can expect to receive a certain rate of return on your investment, regardless of market conditions. This can provide a level of security and predictability that can be especially appealing in times of economic uncertainty.
6. Financial back-up
A guaranteed income plan with financial back-ups, such as an insurance policy, can provide additional protection in case of unforeseen circumstances, such as a natural disaster or unexpected illness. This can provide an extra layer of security and help ensure that your financial needs are met in the face of unexpected challenges.
Overall, having a guaranteed income plan can provide a range of benefits that can help you achieve your financial goals and provide financial security for you and your loved ones.
Best Savings Plan in India
The iSelect Guaranteed Future Plan is a savings plan offered by Canara HSBC Life Insurance in India. This plan is designed to provide guaranteed returns and financial protection for policyholders. It offers guaranteed returns on your investment. This means that you can expect to receive a certain rate of return on your money, regardless of market conditions.
Here are some of the benefits offered by iSelect Guaranteed Future Plan:
1. Premium protection
The iSelect Guaranteed Future Plan offers premium protection, which means that if the policyholder is unable to pay their premiums due to an unforeseen event, such as a natural disaster or unexpected illness, their policy will remain in force. This can provide an important source of financial security and peace of mind.
2. Guaranteed returns
One of the main features of the iSelect Guaranteed Future Plan is that it offers guaranteed returns on your investment. This means that you can expect to receive a certain rate of return on your money, regardless of market conditions.
3. Maturity benefit
Upon the policy’s maturity, policyholders will receive the accumulated savings, as well as a maturity benefit. This can provide an additional source of income to help meet financial goals or cover unexpected expenses.
4. Choose your life cover
The iSelect Guaranteed Future Plan allows policyholders to choose the amount of life cover that best meets their needs. This can provide flexibility and ensure that your loved ones are financially protected in the event of your death.
The iSelect Guaranteed Future Plan offers flexible premium payment options, allowing policyholders to choose the frequency and amount that best suits their financial needs and goals. The guaranteed income plan also allows for choosing plan options, premium amount, premium payment term, policy term and premium payment mode basis their saving needs.
Wrapping It Up
In nutshell, having a savings plan with guaranteed returns or financial backup is a must-have for anyone looking to secure their financial future.
A guaranteed income plan can provide a range of benefits, including financial security, the opportunity to earn interest on your savings, and tax advantages. It can also offer additional protection in the form of guaranteed returns or financial backup, which can provide a sense of security and predictability in times of uncertainty.
One savings plan that offers both guaranteed returns and financial backup is the iSelect Guaranteed Future Plan by Canara HSBC Life Insurance. This guaranteed income plan provides policyholders with guaranteed returns on their investment, as well as a death benefit to provide financial support for loved ones in the event of the policyholder’s death. This plan gives customers the option to choose from four plan options: iAchieve, Flexi iAchieve, iAssure and Flexi iAssure. The iAchieve and Flexi iAchieve plan options provide protection against life uncertainties with guaranteed benefits and guaranteed maturity benefit.