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Savings Plan

Savings + Life Cover

Savings plans are financial instruments that help you save for short-term and long-term goals while providing life coverage. By investing a fixed amount every month,your money grows in a money-market fund. ...Read More

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What are saving plans?
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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What is a Savings Plan?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon Buy Savings plans online

Saving plans are life insurance plans designed to help you save for the future. They encourage regular saving habits and can offer substantial returns when needed. The best savings plans also provide insurance coverage, ensuring your family’s financial security in case of unforeseen events.

These plans typically offer a fixed maturity benefit when the policy term ends. Some plans also provide regular income during the policy period or as part of the maturity proceeds. Selecting the right plan with flexible features can help you achieve your life goals, protect your family in unexpected situations, and build a fund to cover future expenses.

Savings plans can be combined with additional benefits, such as death benefits and critical illness riders. These plans are a great way to start saving with low-risk options that also include insurance coverage. For more options, explore different saving schemes that fit your needs.

Why Do You Need Savings Plan?

Why Do You Need Savings Plan?

A savings plan is essential for securing your family's financial future and meeting your financial goals. Regular savings through an investment plans help you prepare for life's uncertainties, such as emergencies, buying a home, or funding education. It's crucial for retirement planning and ensuring financial security for your family. By starting early and investing in a tailored savings plan according to your risk appetite, you can build a solid financial foundation. Prioritizing savings today means a financially stable and prosperous future for you and your loved ones. Start your investment plan now and secure your tomorrow.

List of Best Savings Plan in India

Here is the list of the best savings plans in India 2024, carrying low risk and you must consider adding these plans to your financial portfolio:

Sr. No.

Savings Plan

Interest Rate

1

National Savings Certificate

7.70% paa

2

Senior Citizen Savings Scheme

8.20% pa b

3

Recurring Deposits

2.50% to 8.50%c

4

Post Office Monthly Income Scheme (MIS)

7.40% pad

5

Public Provident Fund (PPF)

7.1% pae

6

KVP (Kisan Vikas Patra)

7.5(115 Months)f

7

Sukanya Samriddhi Yojana (SSY)

8.2%  pag

8

Atal Pension Yojana

N/A 

9

Employee Provident Fund (EPF)

8.25% paj

10

Pradhan Mantri Jan Dhan Yojana

2% above base rate not exceeding 12%h

11

Mutual Funds

8-20% pak

12

Initial Public Offerings (IPO)

8-15% i

13

Unit Linked Insurance Plan (ULIP)

10-24% pak

Get regular returns as you stay covered with our Savings Plans

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    Savings Plan

Savings Plans

Plan for your future as you enjoy guaranteed1 returns at regular intervals6.

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14 Best Savings Plan

Savings and income plans are important for achieving financial security in the long run. There are a variety of savings and income plans available to individuals depending on their needs and goals.
1
1

Monthly Income Plans

Monthly Income Plans (MIPs) are investment plans that aim to provide a steady stream of income. These are debt-oriented mutual funds that invest in a mix of stocks and fixed-income instruments to generate regular income. MIPs are appropriate for risk-averse investors who want to preserve their capital but receive higher income than traditional fixed-income investments.

MIPs provide a host of benefits, including the high potential of market-linked returns, professional fund management and a well-diversified portfolio. It’s a flexible investment as there are different types of MIPs you can choose based on your risk appetite and investment horizon.

You can choose the growth option to reinvest your gains and build wealth over time. Alternatively, you can choose the dividend option or start a systematic withdrawal plan (SWP) to receive a regular income. 

...Read More

2
2

Money Back Plans

A Money Back Plans is a life insurance product that combines the benefits of investments and insurance. These plans pay survival benefits, which is a pre-decided percentage of the sum assured to the insured person at predetermined intervals. If the policyholder survives the set policy term, a guaranteed sum called the maturity benefit plus bonuses is paid out by the insurer.

Besides a fixed payout, money back plans also provide traditional life coverage. Upon the policyholder’s death, a death benefit is paid to the beneficiaries of the policy. This amount excludes the survival benefit received by policyholders when they are alive. Thus, policyholders receive both stable and guaranteed returns and keep the future of their loved ones secured. 

...Read More

3
3

Endowment Plans

Endowment plans are flexible life insurance plans that offer the dual benefits of life coverage and savings. On the one hand, it provides life insurance coverage to secure your loved ones' future in the unfortunate event of your death, allowing them to achieve their life goals. On the other hand, it allows you to save money for various goals such as buying a house, funding children's education, etc.

These plans provide a fixed lump sum as a maturity benefit after the policy matures. Since the maturity sum remains unchanged by market fluctuations, you can customise your plan to fulfil your financial goals. Another benefit of endowment plans is that they provide complete flexibility in choosing the premium frequency, whether monthly, quarter, yearly or a one-time lump sum.

...Read More

4
4

Unit Linked Insurance Plans (ULIPs)

Unit Linked Insurance Plans (ULIPs) are multifaceted financial instruments that combine life insurance and investments. A part of the premium of a ULIP plan goes towards life insurance coverage, while the rest is invested in market-linked securities . A Ulip calculator can help estimate the right premium amount for your goals while securing your loved one's future.

Like other life insurance plans, ULIPs provide death benefits to your loved ones in the case of your unfortunate demise. In addition, these plans invest in equities, debt instruments, or a combination of both. You can choose the funds to invest in and switch funds when your investment strategy changes. ULIPs are best suited for long-term investment goals, as the returns may vary with market fluctuations. 

...Read More

5
5

National Savings Certificate (NSC)

National Savings Certificate (NSC) is a fixed-income investment with a fixed rate of interest and tenure of five years. It's a low-risk investment offered by the Government of India that you can open at any post office in India. NSCs provide guaranteed returns and provide complete capital protection.

NSCs are easily accessible investments that provide safe and fixed returns. The interest rates are revised by the government every quarter. The interest is compounded annually and reinvested for the first four years, which increases your returns. While they don't provide inflation-beating returns, they offer steady interest income and tax benefits. Moreover, there is no maximum limit on the amount you can invest. 

...Read More

6
6

Public Provident Fund (PPF)

Public Provident Fund (PPF) is a voluntary social security scheme in India that is an ideal option for long-term retirement savings. PPF offers risk-free and guaranteed returns backed by the Government of India. It has a tenure and lock-in period of 15 years with options for partial withdrawals and loan facilities.

PPF offers multiple benefits, including reasonable returns and a host of tax benefits over similar investments. It’s one of the few triple tax-exempt investments that offer separate tax benefits on contributions, interest income and maturity amount. It’s also a very flexible investment, as you can invest as low as Rs. 500 per year and as high as Rs. 1.5 lakh per year. 

...Read More

7
7

Post Office (PO) Savings Scheme

Post Office (PO) Savings Scheme are one of the safest and most reliable savings schemes in the country. The Indian Postal Service offers a fixed 4% per annum interest rate on savings accounts, allowing you to get safe and reliable income. The minimum amount required to open a post office savings account is Rs. 500, making it easy for anyone to start saving money.

One of the biggest benefits of a PO savings account is the sovereign guarantee, as they are backed by the Central Government. Postal savings accounts are right for risk-averse investors who are looking to temporarily park their surplus income. They are also great for saving for short-term goals, such as saving for a new phone or a vacation. 

...Read More

8
8

Senior Citizen Savings Scheme (SCSS)

Senior Citizen Savings Scheme (SCSS) is a government-backed retirement benefit program open to any resident Indian above 60 years of age. Senior citizens can invest a lump sum from Rs. 1000 to Rs. 30 lakh for five years in a SCSS account to receive a fixed 8.2% per annum interest on their deposits.

SCSS is a government-backed savings scheme. It has a very simple application process and can be opened at any authorised bank or post office in the country. The account can be transferred from a bank to a post office branch and vice versa, allowing senior citizens to open an account in their locality. The maturity duration can be extended by 3 years at predetermined interest rates. 

...Read More

9
9

Sukanya Samriddhi Yojana (SSY)

Sukanya Samriddhi Yojana (SSY) is a government scheme created with the aim of securing the future of girl children in India under the 'Beti Bachao- Beti Padhao' initiative. Any parent or guardian of a girl who is 10 years of age or younger can open an SSY account to save money for the child's future goals.

The scheme offers higher than typical interest rates and tax benefits. It's one of the few investments in India that offers triple tax benefits, which include tax deductions on contributions, tax-free interest and tax-free maturity amount. Currently, it offers an 8.2 per annum interest rate compounded annually. 

...Read More

10
10

Fixed Deposit (FDs)

Fixed Deposit’s (FD) are among the oldest and most popular investment options due to their safety and accessibility. Fixed deposits provide a fixed rate of interest for a set period and offer higher returns compared to savings accounts and treasury bills. These are ideal investment options for conservative investors and short-term investments.

FDs are one of the safest investments as their returns are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) under the Government of India. Fixed Deposit interest rates vary from 2.5% p.a. to 9% p.a., depending on the bank, maturity period and age of the depositor. The term of an FD can vary between 7 days and 10 years. You can liquidate your investment before the term with a minimal premature withdrawal penalty. 

...Read More

11
11

Atal Pension Yojana (APY)

Atal Pension Yojana (APY) is a government-backed social security scheme that provides a steady stream of income to senior citizens. Based on the National Pension Scheme (NPS) framework, APY provides a pension ranging from Rs. 1000 to Rs. 5000 per month to subscribers based on their past contributions. The pension amount is guaranteed by the Central Government, providing predictable income and peace of mind to retirees.

Before October 2022, the scheme was open to all Indian citizens between the ages of 18 and 40 years with a savings account. Only those who have never been taxpayers can join the APY. Subscribers have to pay a certain amount based on their age at the time of joining the APY and their desired pension amount. 

...Read More

12
12

Employee Provident Fund (EPF)

Employees’ Provident Fund (EPF) is a mandatory savings scheme where both the employee and employer make regular contributions. The funds help in securing the employee’s future after retirement. Any salaried employee earning less than Rs. 15,000 must have an EPF account. All organisations with more than 20 employees must register with the Employee Provident Fund Organisation (EPFO) to offer EPF benefits.

EPS is a safe and mandatory retirement benefits scheme that ensures that Indian employees have some savings for their golden years. It's applicable in all Indian states, ensuring employees all over the country get tax-free, risk-free returns. Other benefits of investing in an EPF include its transferability across different jobs and withdrawal flexibility. 

...Read More

13
13

National Pension Scheme (NPS)

National Pension Scheme (NPS) is a market-linked voluntary contribution scheme that lets you save for retirement. It's an easily accessible, flexible, and low-cost investment that is available to all Indian citizens to secure their futures. All contributions are invested by professional fund managers into market-linked securities as per your chosen plan, which helps to accumulate a retirement corpus.  

NPS has mandatory, defined contributions which you must continue regularly throughout your working life. Upon retirement, you can withdraw a part of the accumulated corpus and use the rest to buy an annuity plan, which provides you with a pension for the rest of your life. NPS also provides additional benefits over other tax-saving investments of up to Rs. 50,000 for voluntary contributions.  

...Read More

14
14

Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP) is a small savings scheme initially launched for farmers by India Post, but it's now available to all Indian citizens. KVP is a low-risk savings scheme that provides a fixed 7.5% p.a. interest rate (current) for a tenure of 2 years and 6 months. The scheme is government-backed and provides guaranteed returns as declared on the KVP certificate.

KVP is a flexible investment where you can open a new account with just Rs. 1000 and in multiple of Rs. 100 thereof. You can open an account at any post office. Moreover, you can use the KVP certificate as collateral to secure a loan.

...Read More

 

 

Savings Plan Guide

Basis your desired financial goals you can explore the following options:

 

1 Crore Investment Plan

1 CroreInvestment Plan
80 Lakh Investment Plan

80 LakhInvestment Plan
50 Lakh Investment Plan

50 LakhInvestment Plan
40 Lakh Investment Plan

40 LakhInvestment Plan
5 Years Investment Plan

5 YearsInvestment Plan
10 Years Investment Plan

10 YearsInvestment Plan
5 Lakh Investment Plan

5 LakhInvestment Plan
Explore Plan
See Product Card to the right
See Product Card to the left
Explore Plan


Importance of Buying a Best Savings Plan

Saving money is important for everyone, regardless of your age, income, or lifestyle. The best way to save money is by having a solid plan that helps you set aside money for the future. This organized approach allows you to achieve your financial goals and ensures you have a secure foundation for the future, all while using the right savings schemes.
 

  1. One major advantage of a savings plan is the security it offers. Savings plan helps you manage your money effectively and keeps it safe from theft and other risks.
  2. Investing in a savings plan also offers the potential for growth. With the chance for higher returns, you can achieve your financial goals more quickly.
  3. Additionally, savings plans are flexible, allowing you to adjust your goals as your needs change over time. This ensures your savings remain aligned with your current financial objectives.
  4. Moreover, a savings plan helps you develop healthy financial habits by encouraging you to save a set amount each month. This disciplined approach prepares you for unexpected expenses and strengthens your financial security.

Overall, investing in a savings plan is a smart choice. Savings plan offers security, growth potential, and flexibility, helping you build a solid financial foundation and ensuring you have the funds you need when you need them.

How to Choose the Best Saving Plan?

Before selecting the top saving insurance plans in India, it is recommended that you first recognise your objectives (both short and long-term). You must also consider your current debts, savings, and your family's financial needs. Here are a couple of things that can assist you in comparing and selecting the best saving plan for your family:

1

Assess and compare different plan characteristics and advantages to decide on one that matches your future requirements.

...Read More

2

Utilise a savings and income calculator to establish the ideal coverage and premium amount for the savings plan.

...Read More

3

Examine if the savings plans provide flexibility to withdraw funds in case of emergencies.

...Read More

4

Search for various rider choices to access additional benefits and enhance policy coverage.

...Read More

Features of Savings Plans

Before you pick a savings plan to safeguard your financial future, let’s look at how they function:

Policy Tenure and Entry Age to buy Savings Plan

Policy Tenure and Entry Age

You can start a savings policy at a young age, even as early as 90 days for your child. You have the flexibility to choose a policy term that fits your needs. Some plans focus on long term savings, while others offer short term options. Generally, the longer you invest, the more your money can grow, benefiting your financial future.

Guaranteed Returns with Saving Plans

Guaranteed Returns

A savings plan offers low-risk investment options, ensuring you can expect steady returns over time. With these plans, you can look forward to a reliable maturity benefit, helping you make wise financial decisions for the future.

Riders and Life Cover with Savings Plans

Riders and Life Cover

Savings plans offer guaranteed1 benefits and life cover. When you purchase a plan, you also get life insurance coverage. If you wish to, you can purchase riders that offer enhanced protection. For example, you can purchase an accidental disability rider to ensure you and your family enjoy financial security when you require it most. You can also purchase a rider that provides a payout in case of a critical illness diagnosis during the policy term.

Tax Benefits with Savings Life Insurance

Tax Benefits

Since savings plans come with a life insurance component, you can enjoy deduction u/s 80C of Income tax Act, 196113 up to INR 1, 50,000 from your taxable income for the premium amount paid. But that’s not all. The maturity benefit you receive from the plan is also exempt u/s 10(10D) of the Income Tax Act, 196114 from taxation, as is the death benefit that your nominee receives. With this in mind, a best savings plan allows you to save for the future, while saving on taxes# today.

Benefits of Savings Plans

When you purchase the best savings scheme, you benefit from: