Savings Plans

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Savings Plans

Achieve Your Financial Goals

People have various financial goals, such as:

  • Buying a home
  • Purchasing a vehicle
  • Going on a trip
  • Planning for a child’s education and marriage
  • Preparing for retirement, etc.

Each goal requires a financial corpus to achieve it, prompting individuals to earn and save money. Savings plans help in building this corpus. In case of an unfortunate event, your beneficiaries will need to file a claim with the insurance company from whom you purchased the plan. The insurer will assess the claim and pay the sum assured if the claim is valid and the policy was active at the time of the event. This process is the foundation of an insurer's claim settlement ratio.

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Types of Savings Plans and Their Taxation

There are two main types of life insurance savings plans. They are as follows:

Public Provident Fund (PPF)

A government-backed savings scheme offering guaranteed returns and long-term investment. Taxation: Contributions qualify for deduction under Section 80C, with tax-free interest and maturity proceeds.

National Savings Certificate (NSC)

A fixed-income scheme available through post offices. Taxation: Contributions and reinvested interest qualify for deduction under Section 80C. Interest earned in the 5th year is taxable at your income tax rate.

Kisan Vikas Patra (KVP)

A small savings scheme with guaranteed returns and a tenure of 9.5 years. Taxation: Contributions are eligible for Section 80C deduction, but interest earned is taxable at your income tax rate.

Employee Provident Fund (EPF)

A retirement savings scheme for salaried employees. Taxation: Contributions are deductible under Section 80C up to Rs. 1.5 lakh. Interest earned is tax-free subject to specific conditions.

Fixed Deposits (FD)

Saving a lump sum amount for a fixed term with a fixed interest rate. Taxation: Investments in 5-year FD qualify for Section 80C deduction. Interest earned is taxable unless the depositor is a senior citizen.

National Pension System (NPS)

A market-linked scheme aimed at building a retirement corpus. Taxation: Contributions are deductible under Section 80CCD(1) up to Rs. 1.5 lakh, with an additional deduction under Section 80CCD(1B). On maturity, part of the corpus is taxable.

Documents Required to Invest in a Savings Plan

The requirement for documents varies across insurance companies. However, some common documents required to buy savings plans are as follows:

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Identity Proof

Age Proof

Address Proof

Income Proof

Medical Report

Some Important FAQ's

Common Frequently Asked Questions

A: Your savings depend on your income, expenses, and financial responsibilities. There’s no fixed number as it varies from individual to individual.

That being said, it is better to start saving from a younger age so that you can build a sufficient corpus for your financial goals.

A: An average person’s savings depends on his income, expenses, saving habits and financial liabilities. You cannot put a universal figure to the savings amount.

A: You can start investing with as little savings as you have. This would help you develop a savings habit and you can also earn returns on the money invested.

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What Our Customers Are Saying

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Retired

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Lab Technician

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Businessman

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We are dealing in Noble profession that is. Insurance is a contract represented by a policy , in which a policy holder or reimbursement against losses from an insurance company

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