Savings Plan Build Wealth and Stay Secure with Assured Savings Plan
Financial emergencies can occur at any time without any warning. While you cannot prevent such a situation, you can be prepared to face it head-on. One of the best ways to do it is to start saving as soon as you start earning. Over the years, you may have many unfortunate situations and harbour long-term goals for all these purposes you need – SAVINGS.
To save money, build wealth and stay secure against contingencies, it is advisable to start investing in an assured savings plan from the day you get your first paycheque.
What is a savings plan?
A savings plan is a unique financial instrument that offers you insurance coverage and lets you build wealth over time. These plans have savings and insurance components. With insurance, you can be assured that your family will never face financial hardship, even in your absence. And the savings aspect allows you to build a significant corpus so that you can meet your future financial goals like buying a new home, sending your child overseas for education, building a retirement fund, etc.
How does an assured savings plan help you build wealth?
· Guaranteed annual and loyalty additions
One of the significant features of an assured savings plan is that it pays a maturity benefit, and it includes a guaranteed annual addition. The yearly addition accumulates throughout the policy premium payment period. This means you get these additions every year as long as you keep paying the premium.
Although you get the guaranteed annual additions yearly, it is payable only on policy maturity. If you pass away during the policy period, your family will receive the amount along with the basic sum assured. Generally, the insurance companies pay guaranteed annual additional in the range of 7% to 10% of the annual premium amount.
Similarly, you get loyalty additions every year which are payable on maturity or your demise. The insurers decide the loyalty addition amount based on the sum assured amount, and it usually ranges between 7-10%.
Thus, an assured savings plan allows you to build wealth over time and stay on course to achieve your long-term financial goals.
· Stay financially disciplined
Many people aspire to save and build a corpus for the future, but only a few succeed. However, with an assured savings plan, which is one of the best savings plans in the market, you can stay focused and committed to your savings goal.
Remember, an assured saving plan is a long-term instrument, and you must pay the premium for about 10-20 years or more. Thus, as you keep paying the premium, you keep contributing to your savings.
· Tax benefits
Apart from offering guaranteed additions, assured savings plans allow you to save taxes yearly. You can get a deduction of up to Rs. 1.5 lakhs in a financial year. You can use the amount you save on taxes to invest in other schemes and continue to build wealth.
Final Word
Thus, an assured savings plan allows you to build wealth and stay financially secure in more than one way. So, go ahead and purchase an assured savings plan now and enjoy its benefits.
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