These days having a savings insurance plan is a must. As the expenses are soaring, it is essential for one and all to have a savings plan in hand. The financial requirements are also changing with time. Gone are the days when having one source of income was sufficient to take care of all the expenditures. Hence, it is ideal to go for multiple sources of income in order to meet the expenditures as well as have liquidity in hand. Thus, one of the most sought-after options is a savings plan.
If you are planning to invest your money, then choose a good saving insurance plan that can promise longevity and flexibility. In addition, higher returns and risk assessment are other important features that one should consider before choosing life insurance plans. The market is cluttered with innumerable savings options, such as the Savings Insurance Plan by Tata AIA Insurance, which can offer you a wide variety of services with good returns. Apart from this, we have also listed some more options that can be considered.
Thus, to make it simple for you, we have provided some ready-to-buy investment options which will help in saving your money.
Some Of The Preferred Savings Plans
1. National Saving Certificate [NSC]
A national Saving Certificate or NSC is one of the most popular government-supported saving investment plans that can offer good returns and tax-saving options. Before investing in NSC, one should note that interest gained on the saving insurance plan is taxable according to the guidelines issued by the government. You can start your investment with a minimum of ₹500, and the interest rate offered by the National Saving Certificate is 7.9%.
2. Personal Provident Fund [PPF]
PPF is a popular type of savings and investment plan option among the population of the country. You can start saving by opening an account in a bank or a post office as per your choice. The money is invested for a 15 years period, and it can be extended for 5 years of time according to the requirements of the investor. One can start the investment even with a minimum amount of ₹500. With an interest rate of 7.10 percent, one can try PPF if planning to save money.
3. Recurring Deposit [RD]
Are you one of those who like to invest your money regularly? If yes, then Recurring Deposit can be the ideal option for you. You can deposit your money monthly according to your convenience to save money. One can expect good returns upon the maturity of the plan. In addition, the flexible options offered by the policies related to RD help the investors in choosing the time period they are interested in investing in, as some of you may have short-term goals, whereas others can be interested in saving for the long term. So, depending on your needs recurring deposits can help you in saving money.
4. Savings Insurance Plan
Amongst all the other options, there is one such option that is gaining popularity; it is the Savings Insurance Plan. This plan promises numerous benefits which aid the policyholder in securing the future of loved ones. Moreover, it helps in meeting life goals and requirements. Important goals such as a child’s education, marriage, etc., can be met with the help of a savings insurance plan. For example, one can check the Guaranteed Return Insurance Plan and other plans of Tata AIA Insurance, etc.
Key Takeaway
Your investment journey will start the day you choose, so just take that first step for financial security. The options given above are ideal for investors who want to plan their financial futures. Options such as recurring deposits, PPF, etc., must be bought by investors who want to earn higher returns. It is always recommended that before investing your money, one should dig deeper into the market for the best options and pieces of advice.
