A savings plan is a great way to build a financial cushion. It allows you to set aside money regularly and build up your funds. This will help you accumulate funds for future goals, such as retirement or to purchase an expensive item. Having a savings plan also allows you to feel more in control of your finances, which can boost your confidence.
Furthermore, whatever approach you take, it’s important to be consistent and disciplined so that you can build up your savings over time. You can also consider a savings investment plan or savings insurance plan to build savings. One such option is HDFC Life Sanchay Plus.
What is HDFC Life Sanchay Plus?
HDFC Life Sanchay Plus is a savings insurance plan that is non-linked and non-participating. This plan can financially secure the policyholder’s future.
There are four plan options under this policy-
- Guaranteed Maturity Option
- Guaranteed Income Option
- Life Long Income Option
- Long Term Income Option
Guaranteed Maturity Option
Maturity Benefit Under this Plan-
The maturity benefit received under this plan will equal to the guaranteed sum assured on maturity along with accrued guaranteed additions.
Death Benefit Under this Plan-
If the policyholder dies during the term, then his/her nominee will receive the death benefit. The death benefit is equal to the sum assured on death, along with accrued guaranteed additions.
Guaranteed Income Option
Maturity Benefit Under this Plan-
Guaranteed income for the fixed term of 10 or 12 years beginning from (policy term+1)th year, in arrears after the payment of due premium(s) is done.
Death Benefit Under this Plan-
In case the insured person dies during the term of the plan, his/her nominee can receive the death benefit that is equal to the sum assured on death.
Life Long Income Option
Maturity Benefit Under this Plan-
Guaranteed income up to the age of 99, along with the return of premium(s) paid at the end of the payout term.
Death Benefit Under this Plan-
The nominee will receive the death benefit if the policyholder passes away during the tenure of the plan.
Long Term Income Option
Maturity Benefit Under this Plan-
The policyholder will receive guaranteed income for the tenure of 25 or 30 years beginning from (policy term+1)th year, in arrears upon payment of all due premium(s).
Death Benefit Under this Plan-
The nominee will receive the death benefit if the insured person dies during the tenure of the policy.
The Importance of a Savings Plan
A savings plan is a great way to build a secure financial future. Putting money aside each month can help you build wealth over time, and it can also provide financial protection to your family. Plus, savings can help you cope with unexpected expenses in the future, such as medical bills. So, whether you’re trying to save for retirement or to fund your child’s education, a savings plan can go a long way.
Invest in HDFC Life Sanchay Plus to Secure Your Future
The purpose of a savings plan is to set aside money regularly and build up your savings. This can help you reach your financial goals, such as paying for a house’s down payment or starting a business.
There are a number of different ways to save money. You could open a savings account or put money in a savings plan like HDFC Life Sanchay Plus, as it can provide you with life insurance as well as savings benefits.