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Savings Plans

Realize your life goals without any risk. Enjoy guaranteed returns1 from your policy at regular intervals to meet your various financial goals6.

Buy a Savings Plan today. Get regular returns as you stay covered.

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What are saving plans?


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.

Savings plans usually give a fixed amount of maturity benefit when the policy term ends. Some savings plans also ensure a regular income throughout the duration of the policy or as a part of maturity proceeds. Savings plans essentially help you in reaching your life goals, protect your family in case of any unforeseen circumstances and help create a corpus to pay liabilities in the future. Choosing the right savings plan that offers flexible features and caters to your specific requirement, can be one of the best investment decisions you make.

Savings plans are basically traditional life insurance products which can be clubbed with riders that can provide additional benefits in case of unforeseen emergencies. These optional riders include death benefit, critical illness rider, among others. Savings plans can be a great tool to help begin your savings journey with low risk plans that also give insurance cover.

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

Savings Plans

Plan for your future as you enjoy guaranteed returns1 at regular intervals6.

Hdfc Life Sanchay Plus

HDFC Life Sanchay Plus

A traditional Savings Plan with guaranteed1 regular returns to fulfill your family’s dreams with ease, whilst safeguarding their future against the unforeseen events.

UIN: 101N134V17

KEY FEATURES

  • Enjoy steady guaranteed1 income up to 99 years of age with our Life Long Income option.

  • Flexibility to choose guaranteed1 income as a lump sum or as regular income for 10/12/ 25/30 years or upto 99 years based on your needs.

  • Choose to receive guaranteed1 returns as lumpsum2 to meet your various financial goals, or as a regular income.

  • In case of the death of the insured during the policy period, the nominee  has the option to receive death benefit as lump sum or regular income as per benefit payout schedule

  • Enjoy enhanced benefits for policies with Annual Premium greater than ₹ 1.5 lakh.

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Plan your savings for better returns.

Use our quick and simple calculator to know what’s ideal for you.

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The values shown here are only for illustration. The results are generated based on the information provided. It is not intended to be and must not alone be taken as the basis for an investment decision.
HDFC Life Saral Jeevan Bima

HDFC Life Sanchay Fixed Maturity Plan

A Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan that ensures you and your loved ones are financially protected.

UIN: 101N142V03

KEY FEATURES
  • Single/ Joint Life Cover - Option to choose cover on Single Life or Joint Life basis
  • Guaranteed1 Savings – Stay assured of the returns
  • Optional Riders – Enhance your protection coverage with rider options on payment of additional premium
  • Flexibility of Premiums –Option of single premium/limited pay/regular pay premium payment option
  • Choice of Policy Terms – Option to choose from a range of Policy Terms upto 40 years
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How Long Should You 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.

Benefits of Savings Plans


When you purchase a savings plan, you benefit from:

1. 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.

2. 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.

3. Meeting Financial Goals
You can use a savings plan to steadily build up a corpus for your financial goals. With a 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.

4. 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.

5. Save Taxes
Savings plans provide life insurance benefits, so they offer tax savings under section 80C of the Income Tax Act, 196113.You can avail a deduction of up to INR 1, 50,000 u/s sections 80C of the Income tax Act, 196113 per year against the money you invest in your savings plan.

6. 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.

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 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

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.

Features of Savings Plans


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

1. Policy Tenure and Entry Age
In most cases, you can purchase a savings policy from a very young age. In fact, you can even purchase a policy for your child from the time they are just 90 days. You can select a policy term as per your personal requirements. Some plans offer only long-term savings, while others have short-term options as well. When it comes to savings and investments, the longer you stay invested, the better it is for you and your finances.

2. Guaranteed Returns
A savings plan provides low-risk investment opportunities. Over time, you can rest assured of steady returns on your investment. These plans provide a good maturity benefit and steady returns, which allows you to make prudent financial choices in the future.

3. Riders and Life Cover
Savings plans offer guaranteed 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.

4. 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 savings plan allows you to save for the future, while saving on taxes# today.

Factors to Consider Before Investing in a Savings Plan


Before you go ahead and purchase a savings plan, you need to:

  • 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
    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
    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
    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
    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.

Documents Required


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

  • 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.

  • 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.

  • 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:

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

Savings Plan Buying Guide

1 Why Do You Need Savings Plan?

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.

2 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.

3 Why You Should Buy Savings Plan?

The importance of life insurance has grown manifold in recent times with uncertainties around health, environment and professions. Unforeseen events like accidents, illness or death cannot just rob you of life, but your dependents can be left without an income and continued financial support for meeting emergencies, paying off liabilities or planning future goals.

Savings plans have a built in death benefit which ensures that the beneficiaries of your policy are financially secure even after you are no more. This becomes more crucial if you are the sole breadwinner and the family is dependent on your income. A savings plan will make them financially secure for their regular needs and help them pay off liabilities, even in the event of your untimely demise.

Savings plans help build a disciplined savings habit, thanks to the regular premium that need to be paid, ensuring that you put aside a regular sum at determined intervals. They help you budget your current expenses while ensuring that you have enough saved for the future. Savings plans also offer a fixed amount of maturity when the policy term ends, helping you to plan life goals like the purchase of a dream home. Long term financial goals like a child's education or marriage can also be met with the help of a prudent savings plan. Some plans also offer regular stream of income through the term of the plan, thus helping to supplement your income and helping you to lead a better lifestyle.

During your lifetime, savings plans help you meet your goals effectively, while helping you save taxes at the same time. Since savings plans have flexible features, they allow you to choose the right one depending on your risk appetite and your future financial requirements. Regardless of the life stage you are at, savings plans are an important tool to build your wealth while ensuring financial security for your family.

4 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 savings plan’s unique features, the flexibility it offers and additional benefits such as add-on riders should also be considered before buying online savings plans.

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.

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.

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.

5 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 Savings Plan that is right for you.

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.

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 Savings Plans.

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.

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.

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 and income calculator to determine the ideal coverage and premium payable towards the savings plan.

6 Factors Impacting Savings Plan Premium

A number of crucial factors can impact the premium you pay on the plan you choose.

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

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

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

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

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

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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Know more about Savings Plans in a jiffy!

Tune in to this video to know all about Savings Plans.


Add the icing on the cake with these Savings Plan riders

They are the sweet spot of your insurance planning.
  • icon

    HDFC Life Income Benefit on Accidental Disability Rider

    UIN: 101B013V03

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

    DOWNLOAD
  • icon

    HDFC Life Critical Illness Plus Rider

    UIN: 101B014V02

    We pay a lump sum amount equal to Rider Sum Assured upfront if diagnosed with of any of the specified critical illnesses.

    DOWNLOAD
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Savings Plans - FAQ's

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

1 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.

2 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.

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

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

# Identity Proof- An official photo identity proof in the form of Aadhaar card, passport, PAN card, driving licence or Voter ID 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.

# Address Proof - Official proof of your permanent address is required, in the form of your passport, PAN card or other documents for identity mentioned above. Address proof can also be in the form of ration card, bank statement as well as utility bills, including an electricity or telephone bill.

# 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.

4 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.

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 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). 

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 saving investment 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 are the best saving schemes with high interest rates?

When it comes to savings schemes, the interest rates can change. Typically, savings schemes like the Employee Provident Fund (EPF), National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS) offer high returns. If you opt to purchase a market-link savings scheme, you can enjoy high returns. But you must remember that high returns are often linked to risks. Before you pick a policy, check what kind of returns each company and plan offers.

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Disclaimers

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

  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.

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

  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.

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

  2. 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.

  3. Premium amount excludes any underwriting extra premiums, any loading for modal premium and taxes and levies as applicable.

  4. Please refer Auto Cover Continuance section in the brochure.

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

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

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

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

  1. 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

# 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/04/23/1711