Let an alternate source of savings take care of you. Read more

Insurance is a financial product that provides protection against unforeseen events or risks. It can be a valuable tool for managing financial risks and ensuring financial security. While it’s not uncommon to think of an insurance policy as a necessary expense, it can also serve as an alternate source of savings.

By purchasing an insurance policy, you are essentially transferring the risk of certain events happening to the insurance company. In exchange, the insurance company agrees to pay out a predetermined amount in the event that the insured risk does occur. This can provide peace of mind and financial protection for you and your loved ones.

In this blog, we will explore how you can add an alternative source of savings into your life.

What are Savings Schemes?

Savings schemes are financial products that allow individuals to save money over a specific period of time, often with the goal of achieving a particular financial goal or objective. Savings schemes can be a useful way to manage and grow your money and can be suitable for people of all ages and income levels.

Best Monthly Saving Scheme in India

India has several monthly saving schemes that can be suitable for individuals looking to save money on a regular basis. These schemes can offer a range of benefits, including tax benefits, fixed rates of interest, and the potential for higher returns. Here is a more in-depth look at some of the best monthly saving scheme in India:

1. Public Provident Fund (PPF)

This is the best monthly saving scheme offered by the Government of India. It allows individuals to save money on a monthly basis, with a minimum contribution of INR 500 per month. The PPF offers a fixed rate of interest, which is revised by the government on an annual basis. 

2. National Savings Certificate (NSC)

This is a fixed-income investment offered by the Government of India. It allows individuals to save money on a monthly basis, with a minimum contribution of INR 100 per month. The NSC offers a fixed rate of interest, which is revised by the government on an annual basis.

3. Senior Citizens Savings Scheme (SCSS)

This is the best monthly saving scheme specifically designed for senior citizens aged 60 years or above. It allows individuals to save money on a monthly basis, with a minimum contribution of INR 1,000 per month. The SCSS offers a fixed rate of interest, which is revised by the government on an annual basis. 

4. Recurring Deposits (RD)

These are savings schemes offered by banks and financial institutions. They allow individuals to deposit a fixed amount of money on a monthly basis, and earn interest on the accumulated balance. RDs offer a higher rate of interest than regular savings accounts and often have a flexible tenure ranging from six months to ten years.

5. Unit Linked Insurance Plans (ULIPs)

These are savings schemes that combine insurance coverage with investment. They allow individuals to save money on a monthly basis and invest the savings in a range of investment options such as stocks, bonds, and mutual funds. 

How does the iSelect Guaranteed Future Plan work as an alternate source of savings to take care of you?

Canara HSBC Life Insurance iSelect Guaranteed Future plan is the best monthly saving scheme to consider if you are looking for an alternate source of savings to take care of your financial goals. It offers guaranteed benefits with the flexibility to choose plan options, premium amount, premium payment term, policy term, and premium payment mode basis the customer’s saving needs.

The plan helps you with a guaranteed maturity benefit and guaranteed income payouts to take care of recurring expenses in the near future. You can also select your life cover depending upon your financial need, either 10 or 1.25 times the single premium. You can even opt for Payor Premium Protection Cover to secure your family’s future.

Here are five ways that the iSelect Guaranteed Future Plan works as an alternate source of savings to take care of you:

  • It provides financial protection
  • It offers a guaranteed return on investment
  • It has flexible policy terms
  • It has flexible premium payment terms
  • It has customizable coverage amounts

Wrapping It Up

An insurance policy can be a valuable tool for managing financial risks and ensuring financial security. By purchasing an insurance policy, you are transferring the risk of certain events happening to the insurance company, in exchange for a predetermined payout in the event that the insured risk does occur. This can provide peace of mind and financial protection for you and your loved ones.

It can provide financial protection and peace of mind in case of unforeseen events, allowing you to focus on other aspects of your life without worrying about potential financial risks.

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