Savings Plans are essentially life insurance plans that offer you an opportunity to save and build a corpus to meet your future needs. These are designed to help policy holders develop a regular savings habit, as well as give significant returns when you need them. In addition, savings plans offer insurance coverage, which means your family's financial needs are met even if you are not around to support them. Read More
Savings Plan help you save regularly and be adequately prepared to meet family’s financial needs in the future.
These online investment plans offer various features that help meet your specific financial needs with investments made according to your appetite to take risks.
Our Savings Plan help you save ample amounts with the help of regular investments after taking into account your specific financial situation and future needs.
They also provide protection to your family and ensure all expenses are covered even in your absence.
FEATURED PLAN
HDFC Life Sanchay Par Advantage
We present to you “HDFC Life Sanchay Par Advantage”, a life insurance solution which allows you to live an uncompromised life, whilst securing the future of your family and, ensuring you leave behind a legacy for them.
BENEFITS
Survival Benefit Payouts from as early as 1st Policy year
Life cover to protect the family's future
Tax Benefits
Many Families covered by
HDFC Life Sanchay Par Advantage
Types of Savings Plan offered by HDFC Life
HDFC Life Sanchay Plus
HDFC Life Sanchay Plus, a non-participating, non-linked, savings insurance plan that offers guaranteed returns for you and your family. Read More
HDFC Life Sanchay Par Advantage
HDFC Life Sanchay Par Advantage, a life insurance solution which allows you to live an uncompromised life, whilst securing the future of your family and, ensuring you leave behind a legacy for them. Read More
HDFC Life Sanchay
Guaranteed Returns helps you to fulfill your responsibility with ease. Read More
HDFC Life ClassicAssure Plus
This plan helps you to achieve your future financial goals. Read More
HDFC Life Super Income Plan
A Regular Income plan with guaranteed benefits plus bonuses Read More
HDFC Life Uday
Benefits like guaranteed additions and bonuses while ensuring that your family receives a lump sum benefit in case of your unfortunate death. Read More
HDFC Life Pragati
“Grow your Savings, Secure your Future”. Each one of us desires a secure future for ourselves and our loved ones Read More
6 Simple Steps to Buy Savings Plan Online
Savings plans are life insurance products designed to help you make disciplined and periodic savings and cover your family financially in case of your untimely demise.
Today, you can buy a savings plan online without the need for visiting the office of an insurer or agent. All the information about savings plans is available online. You can research for the plans best suited to your requirements, check your eligibility for the same, upload the documents needed and make the payments online. Policies are usually despatched over e-mail and you can get notifications on your mobile phone as well.
Here are some simple steps you need to buy savings plans online
Step 1: Assess your financial goals and requirements. Knowing the approximate amount of funds you could need for a big expenditure in future or the funds required to sustain your dependents after you are not around will help you fix an amount that needs to be assured.
Step 2: Do your research thoroughly. Most insurers detail out their different savings plans on their websites, complete with inclusions and exclusions. Read the fine print about claim settlements and other terms and conditions before you decide on the savings plan you want to buy.
Step 3: Do a due diligence on the insurer you have shortlisted to evaluate the insurer's financial strength, reputation, service quality, reviews and discounts offered.
Step 4: Check the eligibility criteria, including the minimum and maximum ages at which you can opt for the policy, income brackets and the various proofs needed to buy a savings plan online.
Step 5: Submit the online forms, relevant proofs - including that of address, identity, income, and age.
Step 6: Receive the policy documents over email and relevant notifications over your mobile phone. Keep a record of all your investments in a folder so that you can refer to them easily whenever needed in an emergency.
How Long Should Be The Term Of Your Savings Plan?
Savings plans serve a variety of purposes - from insurance cover to long term wealth creation to meeting life goals. Each individual has different financial needs and different risk appetite. The term of investment in a savings plan should be determined after taking into consideration the following factors
- Long term goals like retirement planning, purchase of house, child's education or marriage
- Expected duration of employment
- Targeted wealth creation or the corpus you wish to accumulate in a certain period
- Since savings plans primarily offer insurance cover, you can opt for maximum coverage so that your productive life is covered
The function of savings plan is to help your family members meet their regular expenses and future needs even in your absence. Therefore, the ideal term of an online savings plan should end at a time when you have met all your life goals and saved enough for retirement.
It is typically difficult for you early in life to determine till when you will have accumulated enough savings to take care of all your needs for the rest of your life. This is the time when you will not need life insurance coverage. Since many of your large expenses such as your child’s higher education and marriage are likely to happen in your 40s and 50s, it makes sense to have your savings plan coverage all the way upto your retirement at the age of 58 or 60.
Of course, there are people who aspire to, and there are some who actually do, retire much earlier, say, in their 40s. The guiding principle remains the same. You keep the life cover as long as you don’t have enough savings to take care of you and your family for the rest of your life.
Why taking the longest tenure, early in life makes sense. A smart approach is to buy the savings plan plan early on in life, opting for the longest possible coverage. This ensures you benefit from the low premium during the long tenure of the savings plan. For instance, at the age of 25 you can take a term of 40 years as it would last till age 65. In this case, you would enjoy the low premium till the end of the term. Of course, as your income increases and lifestyle gets enhanced, besides you taking up loans, to cover all of them, you will need to periodically enhance your savings plan cover.
To sum it up, it is not only important for you to have adequate life insurance coverage but also to ensure that it stays that way till the time your family needs it. It is your responsibility to ensure that your family is financially prepared to face any eventuality.
Savings Plan FAQ's
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How much should I have in savings at 25?
There’s no magic number of exactly how much you should have in savings by the time you are 25. Assuming you have started working by this age, a good rule of thumb is to put aside 10 % of your salary each month into savings. If you get a raise or a bonus, you can put aside that much more. A smart way to go about this is to make a list of everything you spend money on every month, including the 'must spends' like rent, groceries and fuel to the 'feel good' expenses like eating out and spending on clothes, and then decide how much can be saved. Ideally, the amount you need to save should be put away at the start of each month before other expenses are met.
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How much does the average person have in savings?
While Indian millennials do not save as much as their elders used to, expert estimates put the average savings of the Indian middle-class person at around ₹10,000 per month. Some simple thumb rules for savings say you should save 2 times your annual salary by age 35, or simply, save your age. This means that if you are in your 20s, you need to save 20% of your income, 30% if you are in your 30s and so on. In an uncertain world, it is better to save 30% of earnings to be prepared for any contingency.
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How much money should I save before investing?
Several experts recommend saving 20% of your income every month. According to this analysis, which is known as the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent, food and essentials, 30% for discretionary spending, and at least 20% for savings. Merely saving money allows you to put away part of your earnings regularly, but earns a lower return although with lower risk. On the other hand, investing allows you to earn a higher return, but you take on the risk of loss in order to do so. Experts say you should save an amount equal to six months of expenses before you start investing. Some experts advise an eight-month emergency fund because that's about how long it takes an average person to find a job if you lose one and this amount can cover your expenses.
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How to save tax by using saving insurance plans?
Savings plans can help you save tax while giving you insurance cover as well as growing your wealth. This helps build up your insurance portfolio while giving you tax benefits. Life insurance premiums are deductible, and come with life insurance tax benefit under Section 80C of the Income Tax Act. Premiums you pay towards life insurance in a savings plan are deductible up to a maximum of Rs 1.5 lakh. Also, proceeds received upon the death of the policy holder or upon maturity are tax free under Section 10 10(D).
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Who should invest in Savings Plans?
Persons who have a regular income and who know they would require a lump sum amount after some years should invest in a savings plan. Savings plans are also good for working professionals, self-employed persons as well as business persons so that their long-term financial obligations can be fulfilled easily. For individuals who do not want to risk much and would like to grow their wealth through relatively safer mediums, savings plans are a good choice.
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How do I get started with a long term Savings Plan?
Long-term investments give superior returns whenever they mature. This kind of investment is good if you are planning financially for the future of your child - education, marriage, and lifestyle. There are several long term investment options available and you must choose one carefully depending on your financial goals. You can choose one that gives you premiums that you can afford easily, and one in which you can stay invested for a certain number of years. Reading up on information about the various savings plans available with HDFC Life can help you get started on your journey.
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How do I check my Fund Value of my policy? (only for Unit-linked policies)
You can check the Fund Value of your policy under Policy Summary Section of My Account. To register for My Account, click here. You may also register for the SMS on the Move facility, where you can check the policy Fund Value via SMS. You can register for this service by typing "REG [space] [policy number]" and send it to 5676727 (charges applicable as per the service provider). To keep you updated about the performance of your policy fund, an Annual Unit Statement is also sent to your mailing address. You may even check the fund value via our IVR service by doing the following: Select Option 1- Policy Information and Press 1. You may also use our Missed Call service by giving a missed call on 08000006609 and wait to receive the Fund value of your policy via an SMS text.
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What is Partial Withdrawal?
Most unit linked plans offer you the option of making lump sum withdrawals anytime during the "In force" and “Paid Up” status of the policy subject to the conditions explained in the policy document. Kindly refer to your policy document to know about the eligibility & charges levied for partial withdrawal.
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How can I Pay the Investment Plan Premiums?
You can pay your investment plan premiums online via:
Netbanking
Credit card/ Debit card
Debit Card with PIN
SI on card
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Whom should I contact for queries?
In case of any queries related to plan or form filling pls call our toll free number 1800 266 9777 or contact us at [email protected]
For submitting documents or any other query after premium payment, you can write us at [email protected] or call us on toll free number 1800 266 0315.
Post policy Issuance you can reach out our customer service desk on 1860 267 9999 (Local call charges apply) or write to us at [email protected]
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