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Immediate Income Option
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Guaranteed1 Returns + Tax saving up to ₹46,80015
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Flexibility of 3 Plan Options
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Life Cover up to 20x of Annual Premium
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(All Days, from 9am to 9 pm, Toll Free)
Savings Plan Guide
Basis your desired financial goals you can explore the following options:
Benefits of Savings Plans
When you purchase the best savings scheme, you benefit from:
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.
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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.
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Meeting Financial Goals
You can use a savings plan to steadily build up a corpus for your financial goals. With the best savings plan, you can save up money to purchase your dream car, take a vacation, pay for your child’s education, and even contribute towards your retirement plan.
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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.
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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.
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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.
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Add the icing on the cake with these Savings Plan riders
They are the sweet spot of your insurance planning.
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.
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.
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
Need Help to Buy a Right Plan?
Our expert will assist you in buying a right plan for you online.
Reach us between 9 AM - 9 PM IST.
For existing policy related assistance, click here.
A certified expert of HDFC Life will help you.
99.68% Claim Settlement Ratio
For FY 2024-2025
~5 Cr. Number Of Lives Insured
For FY 2024-2025
Reach us between 9 AM - 9 PM IST.
Disclaimer: By submitting your contact details, you agree to HDFC Life's Privacy Policy and authorize ...Read More
99.68% Claim Settlement Ratio
For FY 2024-2025
~5 Cr. Number Of Lives Insured
For FY 2024-2025
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.
HDFC Life
Reviewed by Life Insurance Experts
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.
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.
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
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.
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.
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)
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Tel No: (022)67516666.
The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited.
HDFC Life Click 2 Protect Super (UIN: 101N145V08) is a non linked, non participating, individual, pure risk premium/savings life insurance plan. Life Insurance Coverage is available in this product.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
ARN: PP/06/25/24253
