5 Features of Guaranteed Savings Plan to Secure the Future of your Loved Ones

Written by : Knowledge Center Team

2021-01-12

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Everyone wants to secure their family’s future to make sure that they will not face any financial problems in their absence. In India, one of the best things a person can do for their family is to make their future secure and completely tension-free by buying the best savings plan. After the birth of a child, every father focuses on their future education and marriage. A guaranteed savings plan is one of the best plans with great returns to secure the future.

Why should you Buy the Best Savings Plan?

Policyholders can use the benefits of Guaranteed Savings Plan to secure their loved one’s future. It also offers other advantages such as guaranteed returns. In case of mishappening like death then the insurer will provide the death benefits to the beneficiary.

1. Life Cover

This unique savings plan provides a life cover for the entire term while you pay the premium for a limited period. These features secure your family’s financial conditions during the absence of the policyholder.

2. Guaranteed Returns at Maturity

You can get guaranteed returns after paying all the premiums on time at maturity. The money that you receive can be used for a wide range of purposes. For example, you can treat this as your retirement corpus or you can use the money for the higher education of your child.

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3. Multiple Premium Payment Mode

There is a flexibility to pay your premium through one of the many modes of payment like online transactions, offline deposition can be considered. As the development of the technological world is happening at a brilliant rate, so shifting from offline to online payment mode is quite helpful for the users.

4. Loan Facility

You can take out a loan using your savings plan for any contingency once the policy acquires its Surrender Value. The minimum loan amount that you can get is Rs.20,000 and the maximum can go up to 80% of prevailing Surrender Value. The Company undertakes the review of the interest rate for loans on 31st December every year.

5. High Premium Booster

High premium booster facility is a facility for those who want higher returns at the time of maturity. Paying a higher premium will automatically increase the returns on that particular premium.

Saving your valuable money with a reliable savings plan helps you lead a worry-free life. Marriage and education fees are the things every head of the house plans years before the time and a Guaranteed Savings Plan is one of the best options you can choose to plan for these events.

Death is not in our control but securing our family’s future before the death is in our hands. The head of the house should always plan the family’s future by acquiring a guaranteed savings plan. Understand and assess your needs keeping in mind your family’s future expenses. Also, consider inflation while planning your future needs.

Take an insurance cover that will well satisfy your and your family’s financial needs. In case, something happens to you, the life insurance company will pay the death benefits to the beneficiaries or nominees that you would have chosen at the time of applying for the life insurance policy.

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