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Guaranteed Savings Plan, Online Insurance Plan

A guaranteed savings plan assists you in achieving your long-term objectives by providing safe insurance coverage and a guaranteed return on your savings. Click to learn about the features & benefits of the guaranteed savings plan.

  • 6,325 Views | Updated on: May 24, 2024

Life is full of uncertainties, and thus planning things for achieving any goal or in case of an unfortunate event is a wise choice. Even when we aim for something bigger, we plan on how we can achieve it. Money is a basic requirement to support fulfilling all such needs and desires. From family gatherings, and marriage functions to buying a car or your child’s education, everything needs financial planning.

So, if you are among those who like to have things planned and have enough monetary resources to tackle any emergency, then guaranteed savings insurance plan are the investment tool that you must know about.

This article will discuss guaranteed return plans, the features and benefits of a guaranteed savings insurance plan, and highlight its important aspects.

Basics of Guaranteed Savings Plan

What are Guaranteed Savings Plans?

Guaranteed saving investment plans, also known as guaranteed return plans, are non-participating insurance plans that offer an endowment assurance at a fixed sum. In this insurance plan, you will have to pay premiums for a fixed period, and once the plan matures, you will receive an assured benefit. If you opt for a savings plan, you will get the sum of all your premiums assured with other additional benefits.

The additional payment benefits include interest amounts at a fixed rate added per annum. This interest rate is fixed at the commencement of the plan. In addition, you are also entitled to a maturity bonus offered by the bank. The lump-sum amount is added to the final balance at the end of the policy term.

People generally take term insurance plans as the primary option to help them save money. However, guaranteed savings plans help you save money and get guaranteed returns. Furthermore, no policy guideline or clause mentions that if the policyholder outlives the plan’s term or duration, they might not get some benefits, making it one of the most reliable, feasible, and trustworthy options among all the other insurance plans available in the market.

Benefits of guaranteed savings plan

Choice of premium payment (pay at once or in small instalments) Choice of investment duration guaranteed maturity benefits dedicated allocation in case of policyholder’s untimely demise. At the same time, the policy is not a material period for testing the policy terms and guidelines.

Features of Guaranteed Savings Plans

It is always important to understand the features of any investment avenue that you are considering as a savings option. A few important features of a guaranteed savings policy:

Discontinuation Policy

Suppose you have opted for the savings plan and want to discontinue, then you are entitled to receive an amount equal to the surrender value of the savings policy. However, this clause only applies if your policy duration has crossed the 3-year mark.

Missed Premiums

Many insurance plans charge you if you miss a premium. For example, in the case of guaranteed savings policy, if you cannot pay the premiums after 3-years of the policy duration, your plan is considered to be paid in full. So, if you have regularly paid the premiums for up to 3-years of the policy duration and then discontinue paying the premiums, your plan will be considered as paid in full. However, the interest rate and the final amount will be calculated based on the paid premiums before discontinuing the premium payment.

Policy Revival

Suppose you discontinued the premium payment for certain reasons and now want to revive the plan. In such cases, a guaranteed savings insurance plan allows you to revive your policy if it has not been discontinued for more than three years. Kindly note that the terms and conditions of the revival may vary depending on the insurer.

This unique financial instrument comes with numerous lucrative features and offers many benefits, making it one of the benefit plans for policy buyers. So, understand the nitty-gritty and invest your hard-earned money to create wealth in the most reliable and hassle-free manner using a Guaranteed Savings Insurance Plan.

Documents Required for Guaranteed Savings Plan

Now that you know how a guaranteed savings plan operates, you can use one. The following paperwork must be provided to the bank or insurer if you are thinking about one. Depending on the regulations, additional documents might be requested or needed.

1.Application Address Verification

2.Proof of identity

3.salary and employment documentation serving as KYC

4.In some circumstances, medical records demonstrating a thorough medical history may be necessary.

What to Consider When Comparing Various Banks and Insurance Providers for Guaranteed Savings Plan?

Savings strategies can differ from one another due to a variety of circumstances. To make sure that you choose what suits your financial needs, keep these points in mind while you conduct your study.

1.Minimum age requirements

2.Maximum age restriction

3.pay-for-use phrase

4.annual premium

5.Total assured

Along with the sum assured, there are additional benefits like the maturity benefit and the guaranteed addition.

Conclusion

A savings policy might not seem essential to someone who has started working for the taskforce and received their first pay check. But savings are something you should not ignore, though, whether you are simply an intern or have been working for the organisation for years.

During the challenging times of life, these can save your life. Think about the numerous savings policy available and select one that will assist you and your family in coping with any future financial shocks. To choose the best option for you, you can get advice from a specialist or browse a number of comparison websites.

- 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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