Why Should You Have a 35-Lakh Investment Plan?
Everybody understands the importance of saving and planning for the future. A savings plan can effectively help you achieve financial security. When you purchase a 35-lakh savings plan, you work towards building up a significant corpus to meet your financial goals. Additionally, the policy provides life insurance coverage, securing your family’s future. Let’s better understand how a 35-lakh investment plan works and what to consider before investing.
What is a 35-Lakh Savings Plan?
A 35-lakh savings plan is a financial tool that helps you build a corpus of Rs. 35 lakhs within a defined period. It offers growth and security by combining savings with insurance.
How Does a 35-Lakh Savings Plan Work?
A 35-lakh savings plan typically involves regular premium payments over a predetermined policy term. Policyholders pay premiums to the insurance company. The amount earns interest, which gets reinvested into the policy through compounding. Eventually, the returns generated help the policyholder meet their future financial needs.
Additionally, a 35-lakh savings plan provides life insurance coverage. Your beneficiary or heir will receive the payout if anything happens to you during the policy term. The amount helps them maintain their standard of living or deal with outstanding debt. Insurance coverage helps your loved ones maintain financial stability at a difficult time.
Benefits of a 35-Lakh Savings Plan
Let’s better understand the benefits of incorporating a savings plan into your financial strategy.
- Future Security
A 35-lakh savings plan secures your financial future. You can grow a corpus that helps you meet your financial goals and aspirations. The life coverage ensures your family’s financial future remains secure, regardless of what happens to you.
- Fulfils Your Goals
The savings plan helps you grow a corpus of 35 lakhs. You can use the amount to meet various financial obligations and achieve your goals.
- Boosts Wealth Accumulation
Your saving plan uses the power of compounding to build wealth. Over time, you enjoy exponential growth since the returns get reinvested.
- Tax Planning
Savings plans provide tax benefits under Section 80C and Section 10(10D) of the Income Tax Act. You can use these plans to grow wealth while planning your taxes.
- Financial Flexibility
Savings plans let you take charge of your finances. You select the premium payment frequency and policy tenure. Ensure you choose plan terms that align with your financial goals and current income.
What to Consider When Investing in a 35-Lakhs Savings Plan
Evaluate the following factors while creating your 35-lakh investment plan.
- Financial Goals
Outline your future financial goals. Evaluate how much you would need to fulfil them. Give yourself a realistic timeline to achieve these goals. Select plans that align with your objectives.
- Additional Benefits
Evaluate the benefits of various savings plans. Identify options that offer better returns or boost your coverage through riders.
- The Company’s Reputation|
Look into the insurance company’s reputation. Evaluate their claim settlement ratio and customer reviews. Ensure you find a credible company to help grow your wealth while safeguarding your capital and your family’s financial future.
- Historical Performance
Examine the historical returns of multiple savings plans. Check returns over the years for insights on potential returns. Select policies that offer consistency and stability.
- Additional Costs
Read the terms and conditions carefully to understand the costs associated with the savings plan. You may have to pay management and mortality fees. Identify plans that offer high returns at low costs.
Assess whether plans provide partial withdrawals before the maturity period. Consider options that allow some liquidity to help you deal with financial emergencies.
Investing in a 35-lakh savings plan can be a significant step towards securing your financial future. These plans combine wealth accumulation with life coverage, offering a comprehensive approach to long-term financial stability. Before selecting a plan, consider your financial goals, policy features and the insurance company’s credibility. Identify options that safeguard your wealth while protecting your family and helping you fulfil your aspirations.
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