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Know These 3 Features and Benefits of a Savings Plan

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It is always good to inculcate a savings habit and the sooner you do it better it is for you and your family in the long run. Be it starting a business in the later years, looking after your retirement corpus, or simply wanting to provide for your family, a saving scheme is what can help you be financially ready for this.  

With the help of a saving plan, you can invest your money for a flexible duration and create wealth in a systematic and disciplined manner. The best saving plan in India offers several features that can help you with your investment goals and planning your finances better. 

What Is a Saving Plan All About? 

The toughest thing about saving money is usually getting started with it in the first place. Often, people end up pushing their savings plan to accommodate their existing expenses or upcoming dues. However, this is a very rocky path as your finances will soon be all over the place and it only gets difficult from this point onwards. If you want to align your finances as soon as possible and find the best saving plan in India to get started, it would be in your best interest to create a saving strategy. 

Saving schemes are ideal for people at any stage – young investors, recently married couple, investors nearing their retirement or even new parents who seek to start saving for their children. A saving scheme would be an ideal instrument for you, if you are looking for the following benefits:  

  1. Comprehensive life insurance cover with additional riders 
  2. Steady income with regular savings 
  3. Wealth creation for your and your family’s long-term and short-term goals 

Basically, saving plan and income plans are life insurance products that encourage the buyer towards a disciplined savings habit. Not only do you develop a savings habit that benefits you in the long run with these plans but you can also earn guaranteed returns with the best saving plan in India.  

What Are the Features of The Best Saving Plan in India? 

There are many types of life insurance policies that can help you not only secure your family’s future but also meet your financial goals by creating wealth in the long run. However, before you decide on which saving plan to buy, check out the features: 

Entry Age 

There is generally a broad entry age bracket when it comes to investing in a saving plan. The risk appetite of the investor is often determined by their entry age and a saving plan is then tailored to suit their needs.  

Entry Tenure 

Like the entry age, the entry tenure for the broader age bracket is also flexible for the investor. Ideally, you must opt for a higher tenure, especially if you enter at a younger age because that allows your wealth to accumulate and grow over time. 

Life Cover and Riders 

A saving scheme is not just a means of creating wealth but also a way to protect your loved ones with a life cover. As an investor, you can leverage this dual benefit and even have additional riders included in your life cover. Discuss with your family and understand which riders would be beneficial for them, and then proceed to add these riders to your cover at a minimal cost!  

Some of the benefits you can also enjoy from a life insurance cover are its tax benefits. According to the Income Tax Act of 1961, you can avail of a tax deduction of up to Rs. 1,50,000 on your premiums as per the old tax regime every year, under section 80C. Use an online income tax calculator for free to calculate this amount without any hassle.  

With the help of an income tax calculator, you can easily know how much amount you will have to pay in tax for the ongoing financial year. Besides, income tax calculators can also show you different instruments that you can invest in, to save your tax. 

By purchasing a saving plan or scheme you can not only plan for your wealth generation but also protect your family against contingencies and help them live debt-free.  

Consider a Saving Plan for a Stable Financial Future 

Most people start with their expenses, spending money as and when needed and then think of saving if they are left with some by the end of the month. It is wiser to first start by keeping money aside every month, from your earnings, and then breaking down the rest of your earnings towards expenses and other dues. Remember to start early and inculcate a saving habit that will help you create wealth at ease. 

Create a step-by-step guide for how to save money by strategizing and developing a simple plan, which can help you save for all your short- and long-term goals.  

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