As an investor, personal financial planning is key. You create a short-term and long-term financial plan based on your goals. While short-term plans focus on your current financial needs, long-term plans build the foundation for your future financial security. Moreover, it is your long-term plan that helps you reach your financial goals in life. Typically, a long-term financial plan aligns your income and investments with your major goals, keeping you on track to achieve them over time.
The need for a long-term financial plan has become essential today, due to the sharp rise in inflation, increasing market volatility and uncertain events like COVID-19, and more. Hence, as an investor, it is beneficial for you to create a holistic long-term financial plan and choose the right investments based on your goals. However, the instruments you choose must offer competitive returns, suitable features and protection against uncertainties. A smart choice for fulfilling these parameters is a guaranteed1savings plan.
What are Guaranteed1 Savings Plans?
A guaranteed1 savings plan is typically a non-participating policy. It is designed to help you achieve your long-term life goals by offering you a secure insurance cover against uncertainties and offering an assured return on your savings. These life insurance guaranteed1 return policies allow you to make regular payments in the form of monthly or annual income for a specific tenure.
In addition, these life insurance plans also serve as a tax-saver plans#. Premiums paid, up to ₹1.5 lakh, are exempt from taxes# under Section 80C of the Income Tax Act, 1961. The maturity/death benefits received under these plans are also tax-free# under Section 10(10D).
The rules, terms and conditions for a guaranteed1 savings plan may vary across insurers. Hence, you should read all policy documents carefully before investing.
Why Choose a Guaranteed1 Savings Plan?
A Guaranteed¹ Savings Plan is a savings option that helps you set aside funds regularly and receive a fixed payout at the end of the policy term. It combines savings with life insurance, providing financial support to your family in case of your absence during the policy period.
The key feature of this plan is that the returns are fixed and not linked to market performance. This can make it easier to plan for future goals like education, home expenses, or other financial needs. Since the payout is predetermined, you have a clearer idea of what to expect at maturity.
Guaranteed¹ Savings Plan may suit individuals looking for a disciplined savings approach with added insurance protection. Additionally, it may offer tax benefits as per applicable laws. However, it's important to assess your financial goals and needs before choosing the plan.
What Roles Does Insurance Play in Financial Planning?
Every individual has different long-term financial goals in their life. And, when it comes to life, you can never rely on one single plan to fulfil your financial goals. Life is unpredictable. Hence, preparing yourself with a comprehensive plan like a guaranteed1 savings-cum-insurance plan can be a smart choice. These guaranteed1 return plans offer dual benefits of life insurance and assured returns, giving you holistic support to achieve your long-term financial goals.
The insurance component is designed to protect you and your family against any future uncertainties. Whereas the assured returns help you fulfil your financial goals like paying for your marriage, buying a house, setting up a business, funding the education of your child, sponsoring the marriage of your child, and more.
With the flexibility offered by such plans, you may ensure that your family is financially secure even in your absence and that you will get returns. Moreover, these assured savings insurance plans offer significant tax# advantages that help you reduce your tax# burden and save more to ultimately achieve your long-term goals.
Tata AIA Life Insurance Plans Enables You to Achieve Long-Term Goals
Tata AIA Life Insurance Plans has been specifically designed to offer you dual benefits of insurance and guaranteed1 returns. This plan helps you to achieve your goals without worrying about your family’s future. It helps you achieve your dreams while keeping your finances stable.
With its guaranteed1 competitive returns, you can be assured that your funds are secure, while generating returns to meet your long-term goals. Additionally, the plan provides regular monthly or annual income over a set period, ensuring liquidity for your current needs.
The plan also provides traditional life insurance cover, ensuring the financial security of your loved ones, even in your absence. In addition to supporting your long-term financial goals, it offers flexible features to suit your needs. You may decide how much to invest, the duration of investment, for how long you want to pay premiums, and how long you want to receive income benefits. Overall, your returns are guaranteed1, helping you achieve your long-term objectives.
Some of the top benefits of the Tata AIA Life Insurance Fortune Guarantee Plus plan include:
- Failsafe Income Support : Provides guaranteed¹ income to help you achieve your long-term financial goals.
- Critical Illness Benefit Option: Choose between regular income or regular income with an in-built critical illness benefit.
- Flexible Income Period: Select an income period ranging from 20 to 45 years, based on your personal needs.
- Income Payment Frequency: Choose whether to receive income on a monthly or annual basis.
- Joint Life Option: Option to include Joint Life under the single premium payment option.
- Life Insurance Riders: Availability of different life insurance riders*
- Multiple Premium Payment Frequencies: Choose from annual, half-yearly, quarterly, or monthly premium payments.
- Flexible Premium Payment Modes: Options to pay premiums in lump sum (single), regular, or limited pay modes.
- Return of Premium: Get the return of premium at the end of the fixed income period.
- Tax Benefits: Eligible for all applicable insurance tax# benefits under Sections 80C and 10(10D).
Apart from these benefits, Tata AIA offers hassle-free and speedy claim settlement. You get doorstep claim service, and all your claims are settled within four hours.
By selecting an assured savings insurance plan, you are making a wise financial decision that will give you guaranteed¹ returns and life cover, helping you fulfil your long-term financial goals.
Documents Required for Guaranteed Savings Plan
To invest in a guaranteed1 savings insurance plan in India, you need to provide specific documents as required by the insurance provider. These include:
- Identity Proof: Government-issued IDs like Aadhaar, PAN card, passport, or voter ID.
- Address Proof: Documents such as utility bills (electricity, telephone, or gas), Aadhaar, passport, or ration card.
- Age Proof: Birth certificate, PAN card, passport, or school/college leaving certificate.
- Passport-size Photo: Recent passport-size photographs.
- KYC Documents: A completed KYC form along with PAN card and address proof.
These documents may help verify your identity and eligibility for the plan and offer you the best guaranteed savings plan, depending on your needs.
Conclusion
A guaranteed1 return plans can be a suitable choice to help you achieve your long-term financial goals while providing essential protection for your family against life’s uncertainties. With a well-structured plan, you may ensure that your future goals, such as retirement savings, educational funding, or buying a home, are attainable. Additionally, this plan assures that your loved ones will be financially secure in your absence. Choosing the right savings option today is a crucial step towards securing your financial future for the long term.
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