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All You Need To Know About Assured Savings Plan

Everyone from any income group should focus on investing in an Assured Savings Plan that is the most suitable for them. Understand the dynamics of the money-saving schemes profoundly and go through all the terms and conditions before opting for them.

  • 5,342 Views | Updated on: May 22, 2024

The significant types of assured savings are as follows:
Someone with a good insight into financial planning and income management systems would always invest in an assured saving plan and best saving scheme as it gives them lifelong benefits. A good investment in a money-saving scheme is a mandated requirement in these times of inflation, as it can help you guarantee a secure future and provide you with collected resources in a time of difficulty.

What is a Savings Plan?

  • Financial Protection
  • Throughout the tenure of the savings plan, the dependent is provided with financial protection and security. The savings plan provides you with lifelong cover and security to tour closed ones in times of need. Along with its financial stability, it also incorporates discipline in your life as it commits you to saving.

  • Tax Savings
  • Savings plans offer tax1 benefits under Section 80C of the Income Tax Act. Saving plans give out an exemption of up to ₹1.5 lakhs towards your premium payments.

  • Retirement Savings
  • Assured Savings plans and money-saving schemes can help you collect ample economic resources for your retirement. You can turn a monthly savings plan into a powerful retirement savings engine by keeping aside a small amount at regular periods. Then, you can use your considerable savings over a few years as a pension after retirement.

Advantages of Savings Plan

  • Public Provident Fund (PPF)
  • Public Provident Fund (PPF) was introduced and raised in India in 1968 to muster little savings in investment and assets associated with a return on it. It can also be termed as a savings-cum-tax savings investment vehicle that enables you to enhance your savings and meet your financial goals. If you are looking for a secure investment prospect to save taxes and earn assured returns, open a PPF account. PPF is one of the safest money-saving schemes.

  • National Savings Certificate (NSC)
  • An NSC is the best savings scheme and fixed-income option you can fetch from any post office branch. As a scheme, NSC primarily encourages people from low to mid-income groups, allowing them to save while reducing their tax liability.

    You can create an NSC account for yourself, even for a minor, or a joint account at your local post office. The tenure for NSC is five years. Investments of up to ₹1.5 lakh qualify for a tax credit under Section 80C of the Income Tax Act. There is no upper limit for the purchase of NSC.

  • Senior Citizens’ Saving Scheme (SCSS)
  • Senior Citizen Savings Scheme is termed as a government-sponsored savings vehicle for individuals of and above the age of 60. The Government of India familiarised the world with this scheme in 2004 to provide the elderly post with their retirement phase with secure and steady resources of income and savings. It can be defined as one of India’s most lucrative and best money savings schemes and offers comparatively notable returns to its dependents. Furthermore, the risk factor becomes negligible since the government backs it. Individuals can apply for SCSS through post offices and private and public banks.

  • Unit Linked Insurance Plan (ULIP)
  • Unit Linked Insurance Plan is a kind of insurance plan that delivers the double benefit of investment to satisfy your long-term financial goals and provides you with a life cover to protect your family in case of a tragic event. The premium paid towards a ULIP is sectored into two components.

    The first part is contributed to your life cover, and the second is investment bases which are invested in the funds of your choice. You can invest in debt, equity, or a combination of the funds per your risk tolerance and financial goals. This makes ULIPs an ideal investment option for you and your family’s long-term goals.

Conclusion

It is important to realise how important it is for you to understand that a good savings plan can make your future much more relaxed and stress-free. And, your today’s investment can secure your future. It would be best if you researched well before choosing the best savings plan for yourself.

Key takeaways

  • Public Provident Fund (PPF)
  • National Savings Certificate (NSC)
  • Senior Citizens’ Saving Scheme (SCSS)
  • Unit Linked Insurance Plan (ULIP)

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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