Best Savings Insurance Policy in India

A savings plan is one of the most popular life insurance plans in India. Such a plan provides you with a life cover that protects your loved ones in your absence. At the same time, the plan also has a savings component that lets you save systematically for your future financial needs. A savings plan is a low-risk financial tool that can help you gain independence and secure your future and that of your near and dear ones. 

Here are some features that the best guaranteed future plan in India can offer:

1. They enable goal-based saving:

A guaranteed future plan is ideal for goal-based saving. Whether you are saving for a home purchase, accumulating capital for starting a business, collecting funds for a child’s higher education, or preparing for retirement, a savings plan can be suitable for any and every type of goal.

2. They offer guaranteed benefits:

These plans are aptly named as they offer guaranteed benefits upon maturity. There is no ambiguity of returns, and you receive a sufficient amount of funds at the end of the policy tenure. Moreover, the plan also adds funds in the form of income boosters, rewards, and wealth additions during fixed intervals throughout the policy term. Cumulatively, these enhance your earnings and profits and ensure that you are able to meet your financial goals with greater ease.

3. They offer life protection:

Since savings plans are primarily life insurance plans, they secure your family members in the unfortunate of death. The death benefit from such plans can be used to settle debt like loans, pay for education, or cover essential expenses like rent, groceries, electricity, fuel, etc.

4. They carry low risk:

Unlike other market-linked financial tools, a long-term savings plan carries a negligible amount of risk. The returns earned are high enough to beat inflation, but the risk involved is relatively low. This creates a win-win situation for you as an investor.

5. They are highly flexible:

Life insurance plans like a guaranteed future plan are quite flexible. They offer different premium payment options like paying the premium for up to 5, 7, or 15 years or in a single payment. Further, you can also choose to receive the payout in a lump sum or in regular instalments, depending on your requirements. The flexibility of these plans is what makes them an ideal savings instrument for all types of goals.

6. They offer riders for enhanced coverage:

A long term savings plan offers add-on riders like a serious illness rider and an accidental death rider. These riders can be added to the base plan at a nominal cost, over and above the premium. Riders can be very helpful in diverse situations and offer increased benefits of health insurance and more.

7. They offer tax benefits:

A savings plan is great for saving tax too. As per Section 80C of the Income Tax Act, 1961, you can claim a tax deduction of up to ₹1.5 lakh per annum on the premiums paid for a long-term savings plan. In addition to this, the maturity benefit paid to your beneficiary in the event of death is also tax-free under Section 10 (10D) of the Income Tax Act, 1961.

To sum it up:

Given the several useful features of a guaranteed future plan, it is advisable to invest in the plan as soon as you can. Although the plan is suitable for all ages and can be used to save for any goal at any age, it can offer greater returns at a longer investment term.

PNB MetLife offers various long-term savings solutions suited for your diverse goals and needs. You can browse through our different policies and start saving in your preferred plan today!

Visit PNB MetLife to know more about Savings plan, Term Insurance, Term Plan & more.