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How To Choose A Savings Plan

 
 

Save with insurance plans and meet all your unforeseen needs without any hassles. That way you will never have to worry about sudden requirements and you can continue earning money on your other investments. Savings plans provide cover for a specific period and you are eligible for sum assured, bonus or paid-up additions, if any.

Though each plan is unique, certain important factors that one must keep in mind while selecting a savings plan are:

(a) When and what is the expected requirement:*

You need to determine the time period for which you need the plan. Taking into consideration the inflationary factors, you can expect good returns and use it for meeting your goals and desires. A wide range of plans are available for selection. You can get cash on your policy without letting go of the policy.

(b) Charges to be paid:*

Charges on savings plan are kept to the minimum. It provides complete flexibility in terms of cash withdrawal, bonus receipt and term of the policy. You can receive the amount you expect at the time of maturity, without facing any difficulty for paying premiums. So, one has to plan wisely on the right mix of an amount that can be spared for installments on policies as per the disposable income, yet fulfil the concerned need.

(c) Features offered by the plan:*

All plans have different characteristics. In savings plans, you can make partial withdrawals by surrendering only a certain portion of the policy while retaining the benefits. Also, you are eligible for bonuses as decided by the insurance companies. There are plans which may It covers you for your entire life. With a comprehensive cover and flexible options, you can save with complete protection and enjoy growth in your savings.

(d) Flexibility of the plan:*

While planning for a long term goal, trust savings plans to take care of your unexpected small term needs. You are allowed the flexibility of surrendering your policy as and when the situation demands.

 

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