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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 invest in a savings plan?

Why Do You Need Savings Plan?

A savings plan plays a vital role in achieving your financial goals and ensuring long-term security. It helps you stay prepared for life's uncertainties, whether it's handling emergencies, purchasing a home, or funding education. Additionally, an investment plan is crucial for retirement planning and safeguarding your family's future. By starting early and choosing a plan that aligns with your risk appetite, you can steadily build a strong financial foundation. Prioritizing savings today sets the stage for a stable and prosperous future for you and your loved ones. Take the first step now and invest in your future security!

List of Best Savings Plan in India

Here is the list of the best savings plans in India 2025, 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

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, all of which are part of the investment process.

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 Plans

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Savings Plan Guide

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

 

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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:

Life Coverage with Savings Investment plans

Life Coverage

Your savings plan offers a life insurance component. If anything were to happen to you, your family will receive the payout ensuring financial protection during a time of need. To determine the right amount of coverage for your family, you can use a life insurance calculator. This tool helps you estimate the necessary life insurance based on your financial goals, ensuring you provide the best protection for your loved ones.

...Read More

Financial Discipline with Savings Investment plans

Financial Discipline

Your savings plan encourages you to put money away regularly. It helps you build a financial habit that will prove useful even later in life.

...Read More

Meeting Financial Goals with Savings Investment plans

Meeting Financial Goals

You can use a savings plan to steadily build up a corpus for your financial goals. With a best savings plan, you can save up money to purchase your dream car, take a vacation, and pay for your child’s education and even plan for retirement.

...Read More

Financial Flexibility with Savings Investment plans

Financial Flexibility

You can customise your savings plan as per your unique needs and requirements. Depending on the plan you choose, you also have the ability to choose how and where your funds get invested for your future. You can pick funds as per your risk appetite and even makes changes depending on your dynamic financial situation.

...Read More

Save Tax

Save Taxes

Savings plans provide life insurance benefits, so they offer tax savings under ' deductions under 80C ' of the Income Tax Act, 1961. You can avail a deduction of up to INR 1,50,000 u/s sections 80C of the Income tax Act, 1961 per year against the money you invest in your savings plan.

...Read More

Guaranteed Returns with Savings Investment plans

Guaranteed Returns

Depending on the plan you purchase, you will enjoy returns on your investment when the plan matures. Most often, you can opt for payouts at regular intervals while keeping the plan active.

...Read More

How Long Should You Invest in a Savings Plan?

image-star image-star image-star image-star image-star image-star image-cloud image-cloud image-cloud moon Invest in a Savings Plan

There is no simple answer to this question. The length of your investment depends on your financial objectives. You may have a savings plan to help you build a corpus for a short-term goal, such as buying a car. If this is the case, you may only need to stay invested for a few years. If you’re looking to save up excess funds for your retirement, you might have to invest for a few decades. You must decide your timeline based on your unique financial goals. You can then find a plan that helps you build a corpus for your needs.

Factors to Consider Before Investing in a Best Savings Plan

Before you go ahead and purchase a savings plan, you need to:
Set Your Goals - Investing in Savings Plan

Set Your Goals

Before you can invest, you need to know why you’re putting money away. Think about your financial goals and what you hope to achieve. Once you know what you’re saving for, you can pick a plan that helps you achieve your goal.

Consider the Risk when purchasing Savings plan

Consider the Risk

Depending on where you are in life, you may be okay with risks or might want to keep them at a distance. Think about whether you’re okay to take a few risks with your investment. Remember, plans that offer high returns may come with high risks. Once you understand your risk appetite, you can look for plans that suit your needs. Ideally, look for plans that offer steady returns.

Payment Flexibility when investment in savings plan

Payment Flexibility

Most savings plans provide you with the flexibility to choose your premium frequency. You can choose to pay the premium monthly, quarterly, every six months, or annually. While browsing for plans, check for policies that provide some flexibility as it will make planning your finances easier.

Additional Features Check when purchasing Savings plan

Additional Features

Savings plans don’t have to limit themselves to returns and insurance. Search for policies that offer additional benefits like optional riders or free withdrawals. Ideally, look for a name that is trusted in the market. By choosing a brand with a good reputation, you can rest easy knowing that your money is in expert hands.

Charges to check when buying savings plan

Charges

Most companies that offer saving plans levy a small charge to manage your money. Some companies have a higher fee than others. You should look for a plan that allows you to grow your money without impacting your wallet. Compare plans and charges from various companies before you make a decision.

View More Features

Disciplined savings to help achieve life goals in an uncertain world

  • Listing Bullet Protect your capital invested while you save money
  • Listing Bullet Get regular returns on your savings structured as per your need
  • Listing Bullet Make no compromise on an important life goal for yourself or family
Disciplined savings to help achieve life goals in an uncertain world

How to choose the right savings plan?

Each individual has different financial needs and risk appetites. You have to consider the following factors before you choose the best Savings Plan that is right for you.

Evaluate financial goals

Evaluate financial goals

Goals change for every person at different stages in life. Assess your short term and long goals, the time you need to achieve them and the funds required to fulfil them. This will enable you to work out how much you need to start putting away in a Savings Plan to accumulate the funds you desire. The goals can range from funding your children's education to building a house, to building a corpus for the retirement years.

...Read More

Check Features, Riders and Flexibility

Check features,riders and flexibility

Select features that are affordable for you and can meet your future needs. Make sure your plan can give you the flexibility to access your funds in case of an emergency, and whether you can get a loan against the funds. Check for various riders like accident, disability and illness that help you get additional coverage. With the right coverage and flexible options, one can enjoy protection as well as growth through best savings scheme.

...Read More

Determine investment horizon

Determine investment horizon

Choosing an investment horizon helps to ensure that the cover you have opted for is available when you need it. It also helps you map your long term goals and financial requirements which helps you choose the right plan accordingly.

...Read More

Assess risk appetite

Assess risk appetite

Savings Plans offer a variety of choices that cater to all risk appetites. Age and personal factors determine the amount of risk people can take while investing in Savings Plans. People who have a higher risk appetite can choose plans that offer lucrative returns and can choose more aggressive plans, while those who are risk averse can opt for conservative Savings Plans that offer more security but give relatively lower returns.

...Read More

Review and compare

Review and compare

Do not go for the first savings plan that appeals to you. It is better to review and compare different plans, their features and benefits and then choose one that aligns with your future needs. Ideally, use a savings calculator and income calculator to determine the ideal coverage and premium payable towards the savings plan

...Read More

Benefits of Savings Plans Benefits of Savings Plans


Who should buy a Savings Plan?

Savings plans are an attractive investment option for individuals of all ages and income levels. They come with a low premium, making them an accessible choice for everyone. Moreover, the savings plans offer a variety of features and benefits that make them an attractive choice for investors looking to make a secure and long-term investment.
 

  1. Savings plans are also a great way to save for retirement, as they can provide a steady stream of income during retirement.
  2. Additionally, they can be used to save for other financial goals, such as buying a house or starting a business.
  3. If you're a conservative investor with a low-risk appetite, or you're looking for a way to save money for a non-negotiable goal, a savings plan may be ideal for you. With a savings plan, you can grow your money over time and benefit from the security that it provides. It's a great way to build a nest egg that will ensure your financial stability for the future. You can rest assured that your money will be safe and secure, while also getting the most out of your investment.

If you are looking for an affordable way to save, a savings plan may be the perfect choice for you. A savings plan is an effective way to secure your financial future, and it is worth considering if you're looking for a secure yet affordable way to save. 

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 best savings scheme 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 dispatched 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.

1
1

Assess your Financial Goals

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.

...Read More

2
2

Do your Research Thoroughly

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.

...Read More

3
3

Do a Due Diligence on the Insurer

Do a due diligence on the insurer you have shortlisted to evaluate the insurer's financial strength, reputation, service quality, reviews and discounts offered.

...Read More

4
4

Check Eligibility Criteria

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.

...Read More

5
5

Submit Forms Online

Submit the online forms, relevant proofs - including that of address, identity, income, and age.

...Read More

6
6

Receive the Policy Documents

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.

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Factors Impacting Savings Plan Premium

A number of crucial factors can impact the premium you pay on the plan you choose.
Age impacts Savings Investment Plan Premium

Age

This is the primary factor that decides the premium you pay, although some savings plans are age agnostic as well. At a younger age, a person is less likely to suffer from an age-related disease and pass away prematurely, hence the premiums are lower. You can lock in a good savings plan at lower premium rates when you opt for a savings plan at a younger age. The insurer increases the premium rates as your age goes up, as the chances of a claim (due to death) also increase.

Policy period and sum assured

Policy period and sum assured

There's usually a higher premium if you opt for a longer policy period, since the probability of claims is higher.Choosing a term that terminates with your retirement and a policy amount that is enough to protect your family's financial needs is the wise option.

Medical history impacts Savings Investment Plan Premium

Medical history

A history of diseases that have tendency to run in the family and your own medical records as well as parameters like height and weight can raise flags about potential illness or obesity, and can impact the amount of premium you pay.

Smoking and drinking habits

Smoking and drinking habits

Since research indicates that people who smoke are likely to contract more illnesses than those who do not and also have a higher mortality rate, insurance premiums for smokers tend to be higher than for non-smokers. The same goes for excessive drinking habits. It is prudent to disclose your smoking and drinking habits to the insurer before purchasing a plan.

Occupation impacts Savings Investment Plan Premium

Occupation

Some professions or lines of work carry more risk and hence, insurers might charge a higher premium. It is important to make proper disclosures about your work and income to the insurer before finalising the policy.

Riders impacts Savings Investment Plan Premium

Riders

Additional riders like critical illness or accidental death cover can attract an additional premium since you are opting for extra benefits by opting for such riders.

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Common Mistakes to Avoid in a Savings Plan

Savings plans offer a valuable tool for building a secure financial future for yourself and your family. However, strategic investment decisions are crucial to maximise returns and minimise risks. Here, we explore some common pitfalls to avoid when investing in a savings plan:

 

Over-Exposure to Single Market Instrument

Over-Exposure to Single Market Instrument

Many savings plans offer investment in a variety of market instruments like equity, debt, or gold. While focusing on a single asset class might seem appealing, it exposes your portfolio to undue risk. 

Moreover, economic fluctuations can significantly impact a single market. Diversifying your investments across asset classes mitigates risk and fosters a more balanced portfolio growth.

Over-Investing

Over-Investing

Over-enthusiasm can lead to neglecting essential financial buffers. While contributing to a savings plan is commendable, prioritise building an emergency fund first. Experts recommend having 3-6 months' worth of living expenses readily available to handle unexpected situations.

This financial safety net allows you to continue investing in your savings plan with peace of mind, knowing you can address emergencies without derailing your long-term goals.

Why You Should Buy Savings Plan?

Why You Should Buy Savings Plan?

Life insurance has become more important than ever due to the unpredictability of life. Accidents, illnesses, and death can leave your dependents without financial support for emergencies, liabilities, or future goals. Savings plans offer a death benefit that ensures your beneficiaries are financially secure after you pass away. This is especially important if you are the sole breadwinner. A savings plan can help cover their regular expenses and pay off debts.

Savings plans are a great way to build a disciplined savings habit. They help you budget your expenses and save for the future with regular premium payments. With a fixed amount of maturity at the end of the policy term, these plans can help you achieve life goals like buying a dream home or funding your child's education. Some plans also provide a regular stream of income, helping you to supplement your earnings and live a better lifestyle.

During your lifetime, savings plans help you reach goals and save taxes. They are flexible and can be tailored to fit your risk appetite and future financial needs. Regardless of your life stage, they are a valuable tool for building wealth and ensuring financial security for your family.

 

How to Compare Saving Plans in India?

India offers a diverse landscape of savings plans catering to various financial goals and risk appetites. Selecting the most suitable option requires careful consideration of several factors. Here are the three most crucial aspects to guide you to compare savings plans in India:

1
1

Premium Amount

Savings plans often involve regular premium payments. Assess your monthly income and existing financial commitments to determine a comfortable premium amount. Consistency in premium payment is crucial for reaping the plan's benefits. Savings plans offer flexibility in premium payment frequency (monthly, quarterly, and annually). 

Choose an option that aligns with your cash flow and avoids any potential strain on your finances. Plans often have minimum and maximum premium limitations. Ensure the chosen plan aligns with your budget and allows you to invest an amount that meets your long-term goals.

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2
2

Size of Life Cover

Many savings plans come bundled with a life cover benefit. This provides financial safety for your loved ones in case of your unfortunate demise. Consider your dependents and financial obligations when determining the required life cover amount. Ideally, the life cover should be sufficient to sustain your family's needs in your absence. 

Savings plans might offer term life cover (providing cover for a specific period) or whole life cover (lasting your entire lifetime). Choose the type that best aligns with your life stage and financial goals.

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3
3

Company's Background

Research the company's reputation and financial stability. Opt for a well-established and financially sound insurance provider with a proven track record of honouring claims. Evaluate the company's customer service channels and their responsiveness to inquiries. 

A reliable and accessible customer service infrastructure is crucial for a smooth experience. A company with a high claim settlement ratio should always be preferred. This indicates the percentage of claims they approve and pay out to policyholders.

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Documents Required to Purchase a Savings Plan

If you’re ready to purchase a savings plan, ensure you have the following documents:
1
1

Policy Form

You need to fill up a policy form application. The document provides the company with information about your finances and medical history. Based on your answers, the company will decide on your premium and sum assured.

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2
2

Income Proof

You must showcase your income documents to prove you have the means to pay your premiums. Typically, you will have to share bank statements, previous Income Tax Returns (ITR) and salary slips with the company.

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3
3

Identity Proof

As part of the KYC process, you will need to provide documents that verify your identity and address. You can choose to submit the following documents:

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Sr. No

Documents

Identity Proofs

Address Proofs

1

Passport

Y

Y

2

Voter’s Identity Card issued by Election Commission of India

Y

Y

3

Permanent Driving License

Y

Y

4

Aadhaar Card

Y

Y

5

Central KYC Identifier (can be accepted, if the downloaded documents are from the list of Officially Valid Documents (OVD) reflecting across Sr. No. 1 to 4 and there is no change in the address basis the document downloaded from Centralized KYC Registry (CKYCR) database as mentioned on the proposal form)
 

Y

Y
View Complete List of KYC Proofs HERE

Add the icing on the cake with these Savings Plan riders

They are the sweet spot of your insurance planning.

Income Benefit on Accidental Disability Rider – Non Linked

HDFC Life Income Benefit on Accidental Disability Rider – Non Linked

 

UIN: 101B041V01

Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident.

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Health Plus Rider – Non Linked

HDFC Life Health Plus Rider – Non Linked

 

UIN: 101B031V02

Get lump sum benefit equivalent to Rider Sum Assured on diagnosis of any of the covered 60 Critical Illnesses or benefit as a proportionate of the Rider Sum Assured on diagnosis of Early Stage Cancer / Major Cancer depending on the plan option chosen.

DOWNLOAD
HDFC Life Protect Plus Rider

HDFC Life Protect Plus Rider – Non Linked

 

UIN: 101B040V01

Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer

DOWNLOAD
Talk to an Advisor right away for saving plans

Not sure which insurance to buy?

Talk to an
Advisor right away

Talk to an Advisor right away for saving plans

We help you to choose best insurance plan based on your needs

Why Choose HDFC Life’s Top-Selling HDFC Life Sanchay Plus?

Multiple Customisations

Multiple Customisations

Choose your premium-paying term, payout period, and benefits based on your requirements.

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Guaranteed Benefits

Guaranteed Benefits

Enjoy guaranteed 1 benefits with HDFC Life Sanchay Plus, and rest assured of the benefits.

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Life Long Income

Life Long Income

HDFC Life Sanchay Plus allows you to choose a life-long income, so you never have to worry about outliving your savings.

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Death Benefit

Death Benefit

Protect your family’s financial future with the life insurance coverage and death benefit offered by HDFC Life Sanchay Plus.

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Tax Benefits

Tax Benefits

Enjoy tax deductions and savings per the conditions stipulated by the Income Tax Act of 196112.

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Enhanced Benefits

Enhanced Benefits

Choose from the available riders to boost your life protection coverage.

 

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Explore plan
Buy Online

Savings Plan Buying Guide

Savings plans come in a wide variety of products and many savings plans can be bought online. First, you need to assess your financial requirements, and sort out your long term and short term goals. You should also determine your investment horizon and evaluate your risk appetite. Factors such as the best savings scheme’s unique features, the flexibility it offers and additional benefits such as add-on riders should also be considered before buying online savings plans.

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1

Financial goals

Goals change with each life stage and hence it is important to understand your short-term and long-term goals and the time that you estimate it would take to achieve them. Set an amount against each goal and then reverse plan to decide how much you need to put into a savings plan that will get you those funds in the future.

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2
2

Riders, features and flexibility

Assess the benefits and features of the savings plan you choose to understand if it fits your requirements and risk taking appetite. Know the rider options that come with different plans to be able to choose the one that is right for you. Read the fine print in order to understand the eligibility criteria, various inclusions and exclusions and the documents you will need to buy the plan, so that you can make an informed choice.

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3
3

Investment horizon

Decide your investment horizon in accordance with your long-term goals and financial needs. It will also help to decide whether the cover you have opted for is available to you need it.

 

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How Savings Plan By HDFC Life Helps You?

How Savings Plan By HDFC Life Helps You?

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.

Savings Plans - FAQ's

We'll tell you everything you need to know about Savings Plans
 

1 What is a good savings plan?

A good savings plan aligns with your financial goals, offers steady growth, and provides flexibility. It should have competitive returns, low fees, and suit your risk appetite while ensuring easy access to funds when needed.

Below are some of savings and income plans available to depending on the above factors.

  • Unit Linked Insurance Plans (ULIPs)
  • Endowment Plans.
  • Atal Pension Yojana.
  • Voluntary Provident Fund
  • Capital Guarantee Plans.
  • Pradhan Mantri Jan Dhan Yojana.
  • EPF
  • NPS

2 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.

3 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.

4 What documents are required to buy a saving plan online?

Following are the documents needed to buy a saving plan online.


# Identity Proof & Address Proof - An official photo identity proof in the form of Aadhaar card, passport, driving licence or Voter ID card. Official proof of your permanent address is required, in the form of your passport or other documents for identity mentioned above. 

 

# Mandatory Proof - PAN Card

 

# Age Proof - Age proof can be gathered from most of the documents submitted for identity proof. Apart from these, you can also submit proof such as birth certificate, school or college leaving certificate or marriage certificate, which has the date of birth mentioned.

 

# Income Proof - Since income proofs help determine the amount of the sum assured for your saving plan, this is crucial proof needed. It can take the form of salary slips for the past 3 months or your bank statement for the past 6 months with the salary entries recorded in it. Relevant tax-related documents such as the latest Form 16 or your Income Tax returns over the past 2-3 years can also be submitted.


# Medical Reports - Your past medical records as well as the results of any medical tests your insurer may require are also needed to be submitted to buy saving plan online.


# Photograph - A specified number of your latest passport size photographs for verification are needed to be submitted along with the documents while buying saving plan online.

5 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 80C13 of the Income Tax12 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)14. 

6 Who should invest in saving 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.

7 How do I get started with a long-term savings plan?

If you’re ready to put your money in a long-term savings plan, you need to:
 

  • Compare available plans to find the one that suits your finances and needs.
     

  • Pick the policy tenure. Ideally, choose the maximum tenure since it is a long-term plan.
     

  • Select the frequency of premium payments and set up an auto-debit facility.
     

  • Decide how and when you want to receive the maturity benefit based on your goals.

8 Which savings plan is best to start with – long-term or short-term?

There’s no right answer to this question. You should pick a savings plan or investment tenure based on your goals. If you have more short-term financial goals, short-term plans will work better. If you’re focused on long-term goals like retirement, you can opt for a long-term plan instead.

9 What is a basic savings plan?

A basic savings plan is a financial strategy that involves setting aside a portion of your income each month to build a savings account for the future. This plan can help you save money for a rainy day, retirement, or other goals you may have. It also provides stable returns, making it a low-risk investment. Savings plans provide death benefits to nominees in the event of an unfortunate event.

10 How do you plan for future savings?

Planning for future savings should involve creating a budget, setting financial goals, tracking your spending, and researching different types of savings accounts. Additionally, you can automate your savings and make regular deposits into your account to ensure you reach your savings goals.

11 How to save money for 2024?

To save money for 2024, you should create a budget and determine how much you can save each month. You should also research different types of savings accounts that offer the best return on your investment. Additionally, you can automate your savings and make regular deposits into your account to ensure you reach your goals.

12 Which is a type of savings plan?

A type of savings plan is a financial strategy that involves setting aside a portion of your income each month to build a savings account for the future. These plans can be tailored to meet your specific financial goals, such as retirement, emergency funds, or future investments. Some examples are Unit Linked Insurance Plans (ULIPs), monthly income plans and endowment plans.

13 What are the potential risks involved in a monthly savings plan?

A monthly savings plan is an excellent method to establish financial stability, but it has some risks. Inflation can lower the value of your savings over time, and if your plan is linked to assets, fluctuations in markets may affect returns. Some plans may impose withdrawal limitations, making it more difficult to access your funds when needed. Interest rate fluctuations may also have an impact on your earnings. Choosing the correct investment strategy might assist to mitigate these risks.

14 Which Plan is best in HDFC Life Saving Plan?

HDFC Life offers a variety of plans, such as long-term savings, retirement, and children’s education plans. The best plan for you will depend on your specific financial goals and needs.

15 How to start saving?

You can start saving by first creating a budget and determining how much you can save each month. You should research different types of savings plans to find one that fits your needs and offers the best return on your investment. You can also automate your savings by making regular deposits into your savings plans account to ensure you reach your savings goals.

16 What is the best savings plan in India for high returns?

Generally, the best savings plan is decided based on risk appetite and individual financial goals. Nonetheless, equity mutual funds offer the highest returns over the long term with a significant amount of risk. Whereas, you can expect stable returns with low risk by investing in a Public Provident Fund (PPF), providing tax benefits as well. However, the National Pension System (NPS) and Unit Linked Insurance Plans (ULIPs) also maintain a good balance between risk and return respectively, making them some of the best saving options in the country.

 

VIEW ALL FAQ'S

Here's all you should know about Saving Investments.

We help you to make informed insurance decisions for a lifetime.

The ₹1.2 Crore Question: Is Your Financial Plan as Strong as Your Dream Home?

The ₹1.2 Crore Question: Is Your Financial Plan as Strong as Your Dream Home?

Financial Plan as Strong as Your Dream Home: Ensure your family's security with a solid plan, including life insurance, savings, and investments for future growth.

Feeling Stuck in Life & Money? The Power of Doing Less Could Mean Doing More

Why Your Savings Strategy Needs an Upgrade (Hint: It’s Not Just About Returns)

Savings Bank Account vs Insurance Plans: Why You Need Both in Your Portfolio

Learn importance of savings bank accounts and insurance plans in a financial portfolio, as they help protect assets and grow wealth through security and planning.

Savings Bank Account vs Insurance Plans: Why You Need Both in Your Portfolio
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HDFC life

HDFC Life

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HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

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Disclaimers

1. Provided all due premiums have been paid and the policy is in force.

3. Applicable on choosing a policy term as (100 - age at entry) years.

2. Lump sum benefit is available under Guaranteed Maturity option. Regular Income is available under Guaranteed Income, Long Term Income and Life Long Income options.

4. This applies to Income Variant, whereby guaranteed income is paid on survival of Life Assured during the policy term, provided all due premiums are paid during the premium payment term

5. ROP – Return of Premiums. This applies to Income variant, whereby all base premiums are returned to policyholder on survival of Life Assured at maturity, provided all due premiums are paid during the premium payment term.

6. This feature is available in select products under the savings category. Please read the product brochure of your selected product to know the details.

7. The Guaranteed Additions will accrue at the rate of 3% p.a. of Sum Assured on maturity during the first 5 policy years and are payable at maturity or death, whichever is earlier. 

10. Total Premiums Paid is the total of all the premiums received, excluding any extra premium, any rider premium and taxes.

11. 1 to 10% Simple Interest per annum, depending upon the increasing income percentage chosen. Applicable for Early income and income structure.

12. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

13. Subject to conditions specified u/s 80C of the Income tax Act, 1961.

14. Subject to conditions specified u/s 10(10D) of the Income tax Act, 1961.

15. Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

17. Quantum of benefits is guaranteed irrespective of the experience.

16. Guaranteed Income Benefit (GIB) is paid on survival during the income payout term, provided all due premiums are paid during the premium payment term. The last installment of GIB is paid as part of maturity benefit and other installments are paid as part of survival benefits during the policy term

18. Annualized Premium shall be the premium amount payable in a year excluding taxes, Rider premiums, Underwriting extra premiums and loadings for modal premiums.

19. Calculation for 30 year old male for HDFC Life Sanchay Plus Long Term Income Plan option, policy term 10 years.

20. Premium for HDFC Life Sanchay Plus. It is subject to change depending on final plan option and product selected. (Monthly premium of 2500/30=83.33)

a. https://www.nsiindia.gov.in/(S(dig1wpnemg5uhcadaa44gtrf))/InternalPage.aspx?Id_Pk=182

b. https://www.nsiindia.gov.in/(S(5aa02f55d10whxigo1v0vr55))/InternalPage.aspx?Id_Pk=181

c. Interest Rate for Recurring Deposit varies Bank to Bank.

d. https://www.myscheme.gov.in/schemes/pomis

e. https://www.nsiindia.gov.in/(S(xtipmgvtru5mqyadqbe14iyr))/InternalPage.aspx?Id_Pk=178

f. https://www.nsiindia.gov.in/(S(o5tv2brtddrodu320pttuz45))/InternalPage.aspx?Id_Pk=180

g. https://www.nsiindia.gov.in/(S(r5bn21jhnl21ol45mo4vyvn2))/InternalPage.aspx?Id_Pk=179

h. https://www.pmjdy.gov.in/aspirational/pdffiles/Overdraft-facility.pdf

i. https://www.icsi.edu/media/portals/25/IPO.pdf

j. https://www.epfindia.gov.in/site_docs/PDFs/MiscPDFs/InterestRate_OnPFAccumulationsSince1952.pdf

k. Rate of Interest for stocks/funds may vary depending on the market value.

#The afore stated views are based on the current Income-tax law. Also, the customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax liabilities under the Income-tax law.

ARN: PP/03/25/22441