Long Term Savings Plan
If you have big dreams, which need to be fulfilled, then focusing on a long term savings plan will be your partner to work with. Now, you are relatively new in this field and don’t know what to expect from this source. What can you get from a long-term savings plan? Focusing on some selective ideas will help you to make the right choice.
- The ultimate tax benefits:
As per section 80C of the Income Tax Act 1961, the premiums that you have to pay while investing in a savings plan during the financial year can get claimed easily as a deduction from total taxable income for that said year. The deductible amount will have an upper limit of 1.5 lakhs.
- Life cover plans:
Now, you get the opportunity to protect your beloved ones with sum assured, even when you are not there. Ideally speaking, the amount is 7 times your annual income.
- The high-end growing opportunities:
Any unit linked up plan will present you with greater investment opportunities and will secure the future of your family too. Much like all the other market-linked plans, the long-term savings plans are mostly subject to the fluctuations of the market. However, they are perfect if you have an appetite for higher risk.
- The regular income:
Now, you can get the pay-outs in the form of annual or monthly income for offering the daily living expenses. Countering the expenses in a smart way will help you to save up for your goals.
- The perfect maturity benefits:
In case the saving plan is over, and you have actually survived it, then you can procure maturity benefits once you have completed the terms fully.
- Availability of flexible premiums:
Being the policyholder, you get every right to select the ways in which you are planning to pay for your premiums. So, in the end, it is not going to interfere with your daily or monthly expenses in any way. Check out all the probable options and then make way for the payment scale, which seems to match your monthly scale the best.
Get on with the benefits:
There are various benefits evolving around long term insurance plans. The benefits are vast and depend on the kind of plan you got to purchase. No matter whatever specific term you have chosen, all the saving plans will have some selective advantages up their sleeves.
- Financial growth:
Saving plans will provide you with the benefit of financial growth. So, by investing your money, you can watch it grow over the policy’s term.
- Financial protection:
Saving-based investment plans will present protective financial cover over that of the policyholder’s life. Whenever the time comes for the insured’s death, the legal heir or the nominee will be the one to receive the sum as assured by the said plan. Apart from that, the other benefits will rather depend on the scheme you have chosen.
Depending on the choice made, you get to enjoy benefits like an increase in the annual income, build-up options, regular monthly income, dependable strategy to save a child’s future, loyalty additions, and so much more.
