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Buying a car, owning a home, seeing your child attend the college of their choice, month-long vacation in a far-off country – dreams can make for a long, never-ending list. All people dream but what you do to turn your dreams into reality is what sets you apart. In a world where prices are skyrocketing each day, it can be hard to sustain on just a salary. It is your investments that can help you achieve your goals. And a guaranteed savings plan can be an excellent investment option that can help you fulfill your dreams. Let’s find out how.

What is a guaranteed savings plan?

A guaranteed future plan is a life insurance product that combines the benefits of investment and insurance. Guaranteed savings plans can offer you a low-risk investment option to save for your future needs with systematic contributions. At the same time, the life cover ensures that your loved ones are financially secure in your absence.

Under such a plan, you pay premiums to the insurance company to build a corpus. This corpus is paid out to you at maturity if you survive the term or given to your nominee in your absence.

How does a guaranteed future plan help?

A guaranteed savings plan can help you in many ways, such as:

• They offer guaranteed income: As the name suggests, these plans offer guaranteed income in the form of guaranteed benefits and other bonuses like income boosters, high premium rewards, wealth additions, etc. These boosters are added to the policy at select intervals in the term and help to grow your fund significantly.
• They offer safety: Guaranteed savings plans are low-risk investment options. You do not have to stress over market volatility. Your money multiplies overtime at low risk and offers high returns that can help you beat inflation.
• They are highly flexible: Guaranteed income plans are extremely flexible. You can choose to receive the benefits in a lump sum or as regular income, depending on your needs. You can also make a lump sum withdrawal and take the rest in regular installments. The choice is entirely yours.
• They allow you to save for specific goals: Guaranteed savings plans are ideal for goal-based savings. Whether you are saving for retirement or a child's wedding expenses, the flexible payouts and policy terms can be suitable for any and every goal.
• They provide you with tax benefits: Not only does a guaranteed future plan offer good returns, but it also lets you save money on tax. You can claim a tax deduction of up to Rs. 1.5 lakh on the premiums paid towards a guaranteed savings plan in a financial year under Section 80C of the Income Tax Act, 1961. The maturity benefit is also tax-free under Section 10 (10D) of the Income Tax Act, 1961, thereby maximizing your profits.
• They come with the option to add riders: The best guaranteed savings plan can offer you suitable riders to enhance your coverage. For example, you can add a serious illness rider that acts as a health insurance plan and offers financial assistance against illnesses. You can also add an accidental death rider that offers an additional payout to your loved ones in the unfortunate event of death in an accident.
• They offer a life cover: The life cover in a guaranteed savings plan helps you safeguard your loved ones and their future needs. This way, they get to carry on with their lives comfortably even when you are not around to provide for them.

To sum it up:

The best guaranteed savings plan can help you save for the future and offer assured returns. Moreover, since the risk involved is low, you can be at ease and live a stress-free life, knowing your future is financially secure. So, go ahead and turn your dreams into reality by investing in a guaranteed savings plan.

Disclaimer:

The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

PNB MetLife India Insurance Company Limited
Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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