Savings

Why are endowment plans the preferred savings tool?

In a world facing pandemics, rising inflation, job cuts, soaring cost of living, we are all facing a rather unpredictable future. Ensuring your financial protection and that of your family therefore becomes extremely essential to remain unfazed by such conditions. Saving is the best way to make sure you’re protected because it helps systematically accumulate your money by creating a store of wealth over time that you can use to achieve long-term goals like raising children. and/or getting married or buying a car or a house. It also covers you for unforeseen circumstances or future emergencies, helping you lead a safe, stress-free and financially independent life.

One of the low-risk savings tools that might turn out to be your best investment option is an endowment plan. By investing in one, you get yourself an investment as well as insurance in one policy. Although it guarantees death benefits, tax benefits and flexible premium payments, the highlight of this life insurance policy is the maturity benefit it offers.

These savings plans on objectives allow you to accumulate a large corpus over a long period of time that you can receive in the form of a lump sum at the end of the contract. Since financial goals may be different for different people, whether it is raising a child or getting married, buying a house, or simply reinvesting money or its use to enjoy life after retirement, you can use this lump sum at maturity to achieve such goals according to your needs and desires. In addition to providing financial stability, endowment plans also help impulse buyers build a disciplined savings path. Some of the other benefits of getting this scheme are that it pays a lump sum to the applicant in case of any unfortunate event with the policy holder, provides tax exemption under Sections 80C and (10D) of the Act income tax, in case of emergency, you can also avail the loan facility against the policy.

There are several endowment plans in the market. How do you know which one to invest in? Choosing an appropriate endowment plan will not be difficult if you fully consider your individual needs, income, current life stage, risk appetite and potential future events involving money. . One of the best endowment plans that can cover almost all your needs is the HDFC Life Sanchay Plus plan.

This unlinked, non-participating savings insurance plan was designed to provide flexibility, regular income, assured returns, rider options to enhance coverage and more, providing a secure future for your family and, in fact, shaping a legacy. for them:

Flexibility: The HDFC Life Sanchay Plus plan gives you the option to claim the guaranteed benefit in which the insured within the HDFC Sanchay Plus can use it as a regular income or a lump sum.


Long Term Income Option:
This plan offers a long-term income alternative in which the insured can obtain guaranteed income for a fixed term of 25 to 30 years.

Lifetime income option: The insured will most likely receive the guaranteed income to age 99 under the HDFC Life Sanchay Plus and a refund of the full premium paid at the end of the payment period upon payment of all premiums due and the insured surviving the term of the policy.

Guaranteed income option: This scheme offers the guaranteed income alternative in which the insured can get a guaranteed income for a fixed term of 10 or 12 years.

Jumper options: You can upgrade HDFC Life Sanchay Plus coverage and choose rider options such as accidental disability or critical illness coverage upon payment of the additional premium.


Free examination period:
The purchaser of the HDFC Life Sanchay Plus enjoys a free consultation period of up to 15 days, during which the policy can be canceled in case it does not meet your needs.

Fiscal advantages: The HDFC Life Sanchay Plus premium paid remains tax exempt in Section 80C.

Investing in a savings plan is considered investing in peace. Mainly because it allows you to worry less about finances, as it leaves little room for uncertainties or financial setbacks. More importantly, it empowers you to make better life decisions with ease. Apart from the features, what makes the HDFC Life Sanchay Plus plan even more lucrative is the ease with which it can be purchased online in
five quick and easy steps. So start your first steps towards a financially secure future today with HDFC Life Sanchay Plus. The sooner the better.

To learn more about this savings plan, click on
here.