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    LONG TERM SAVINGS

    5 Reasons Why you Need to Buy Savings Plan in 2020

    Last Updated On 16-09-2020

    Having financial protection amidst the growing uncertainties of life is always the first goal of every individual, whether married or single. Moreover, being financially stable offers peace of mind, thereby helping you concentrate on the crucial aspects of life. But the issue is how one becomes financially sound? One of the most suggested methods is to go for a savings plan, especially a long-term savings scheme.

    Let us look at 5 benefits that can convince you to invest in a long-term savings plan.

    Benefits of buying a savings plan in 2020

    1. Guaranteed Returns
      Saving schemes insulate you from market volatilities. Investment in the market usually comes with certain risks, especially on the return. In normal circumstances, one might have a chance of earning high returns by taking well-calculated risks. it may be  better to avoid all market-related risks. Moreover, it is also often recommended to steer away from market risks if you are hoping for fixed returns and don’t want to participate in the risks associated with market. Hence, if you are one looking for a guaranteed return on your investments, it is advisable that savings plans are your only feasible options.
    2. Tax Benefits
      The payment of taxes is a mandatory cost that one has to bear on all forms of earnings. There are some tax deduction incentives provided by the government. But not all investment plans have the option of you getting income tax benefits. Fortunately, investment in savings plans offers your tax-saving opportunities of up to ₹1.5 lakhs under Section 80C of the Income Tax Act, 1960.
    3. Long-Term benefits
      Planning for long-term financial decisions such as your child’s marriage or education or retirement can be very tricky. You need to make sure the value of money saved does not decrease over the period due to inflation. This can be done by taking advantage of the compound interest concept that is used to calculate the interest rate on most savings plans. Here, the value of money gets adjusted to the inflation and other factors that might depreciate the present the sum of money. Furthermore, these schemes also have a lock-in period, which prevents you from withdrawing it, thereby allowing the full effect of compounding.
    4. Financial Security & Death Benefit
      The safety and security of your money is always a concern, especially when you hand it over to others for safe-keeping. People usually prefer having liquid money, but it must be understood that having the same does not guarantee safety. Moreover, as already discussed, the market risks are minimised, and this is not just in returns, but also sum invested. This also provides you with financial security as it can prove to be a safety net in case of any unwanted eventuality.
      The saving insurance schemes  serve as life insurance plan for you in order to mitigate the risk of unfortunate life events. When covered under such schemes, your family is entitled to a sum assured in case of your demise. However, before buying a savings plan, you need to check the amount that your family will be provided as it may differ from one insurance company to another.
    5. Inculcating a Saving Habit
      Not everyone inherits a saving habit or develops a new one out of the blue. Developing a habit starts with practice and what better way than to pay regular premiums for your saving plans. This regular premium payment compels you to reduce your unwanted expenses and accordingly helps you to make the best use of the money at hand.

    Conclusion
    Savings plans can be greatly beneficial and hassle-free. Moreover, there is no need to track the market regularly to check if your investment is making any profits or not. So, people who want minimal risk and complications opt for a savings plan. However, with a myriad of saving plans from various financial institutions, the best way to choose a suitable plan is to have a thorough study of the policy document. Nonetheless, if you still are in doubt, contact the customer support of your financial institution for more details on their savings plans.

    To know more about term plan, term insurance, long term savings & retirement plan visit PNB MetLife website.

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision. 

    PNB MetLife India Insurance Company Limited
    Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
    IRDAI Registration number 117 | CIN U66010KA2001PLC028883
    For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
    Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
    The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
    Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.

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    Collapsed Expanded

    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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