3 Tips to Buy Guaranteed Savings Plan
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

3 Tips to Buy Guaranteed Savings Plan

3 Tips to Buy Guaranteed Savings Plan
  • 27th Apr 2022 |
  • 2,918

The ultimate purpose of investing in life insurance is to ensure that our families live a worry-free and financially stable future in case of our absence. Guaranteed savings plans offer a stable financial structure that allows you to save money consistently. This helps you make sure that you have built decent monetary resources to support your family’s future. You know that term insurance is popular due to features like tax savings. However, guaranteed savings plans are a more reliable and flexible financial product that will help you save money while ensuring a guaranteed return.

In the case of the guaranteed savings plan, you continue to get the benefits even if you outlive your plan’s tenure. This makes it the most viable and safer option compared to other insurance policies in the market that come with some of the other risk factors involved.

This article will discuss the three tips to buy a guaranteed savings plan that will help you understand the key features of a guaranteed savings plan that you should look for before investing in them. However, before discussing the tips for a guaranteed savings plan, let’s briefly understand what guaranteed savings plans are.

What are Guaranteed Savings Plans?

A life insurance policy that promises a guaranteed return is also known as a guaranteed endowment plan and a guaranteed return plan. With these policies, you get systematic savings and decent returns and life insurance benefits. In addition to this, the guaranteed savings plan also offers you the flexibility to choose the policy duration and the amount of premium that fits your financial requirement. At the end of your policy, the money is paid out as a lump sum amount or through a regular instalment over a specific period. Many people consider these plans the best investment option for retirement.

3 Tips To Buy Guaranteed Savings Plan

3 Tips to Buy Guaranteed Savings Plan

Planning to buy a saving plan? Here are a few tips for guaranteed savings plans that you must consider before investing in them

1. Define your long-term goal and choose a flexible policy.

The long-term investment in any policy depends on the objective of investment. And it is this future objective that will help in choosing the best-guaranteed saving plan for you. Additionally, this will also help you determine the policy tenure and the premium amount.

Moreover, selecting a savings plan is easier once you have your financial goals defined. However, choosing a flexible plan that can adapt to your income and budget-related constraints is always advised. So, choose a plan that allows you to pay your premiums as per your choice, either in lump sum amounts or in instalments.

2. Avail riders and loan facilities.

This is one of the critical tips for guaranteed savings plans. Experts suggest that while opting for a savings scheme, you should also choose the one that offers a variety of riders fitting your need and at the same time also offers you a loan facility to meet any emergency need. So, it’s best to pick a guaranteed savings plan that offers you a loan against your investment and deducts it when the policy matures.

3. Choose your insurance provider prudently

You must have often seen that people go for options that offer marginally better returns than some of the well-established insurance companies. You need to understand that having good insurance and an established insurance service provider is important because it helps you in different operational and transactional processes. Also, if you invest in a well-established insurance company, you don’t have to worry about the safety of your capital amount.

These are the 3 tips to buy a guaranteed savings plan to help you choose the right policy for your financial goals.

Kotak e-Invest

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Features

  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Is This The Right Time To Invest In ULIP? Why or Why Not?

Early Investing and the Power of Compounding

Why Do You Need A ULIP Plan - All You Need To Know

What are the Best Investment Options for Beginners or Amateur Investors in India?

What are Tax-Deferred Savings Plans?

Different Types of Endowment Plans

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

Top 5 Investment Options in 2022 for Healthy Returns

Short Term and Long Term ULIP Plans for Wealth Creation

Beginner's Guide to Wealth Creation: Meaning, Strategies, & Importance

How To Diversify Portfolio In 2022?

ULIP Plan as a Gift

How is Compoud Annual Growth Rate (CAGR) Calculated in ULIP?

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

Things to Know Before Buying an Endowment Plan

Why is Portfolio Diversification Important? How to Diversify Your Portfolio?

What are the Best Investment Options For Females?

Asset Allocations in ULIP - Know the Top Benefits

What are Deferred Savings Plans?

Top 5 Principles That Need to be Followed for Wealth Creation

How to Cancel ULIP Policy?

Creating a second source of income with life insurance

Complete Savings Plan for Low Income Earners

Why ULIP is Better Investment for Long-Term Wealth Creation?

Savings Plan for Grandchildren

How to Manage Inheritance Money?

ULIP Benefits You Can Avail from Early Investing

What is Fund Switch in ULIP? And ULIP Fund Switching Techniques

Benefits of ULIP as a Child Insurance Plan

Difference Between Passive and Active Investing

Planning for Your Child's Higher Education? Explore These Investment Options

4 Benefits of ULIP Fund-Switching Feature

Best Long-Term Savings Plans in India in 2022

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

Debt ULIPs vs. Debt Mutual Funds: What's the Difference?

How to Start Saving Money in 10 Simple Ways?

Which is Better – FD, Mutual Fund, SIP, or ULIP?

Best Investment Options in India in 2022

Top 10 Investment Strategies to Create Wealth

Are Money Back Policies Helpful? A Complete Guide

Best Investment Options to Cover Your Child's Education

Importance of Portfolio Management

Investments Options to Buy a house in India

Important Questions You Must Ask Yourself When Buying a ULIP Plan

What are the Best Short-Term Investment Plans with High Returns?

Are Gains from ULIP Sale Taxable?

Factors Affecting Stock Markets

What is better - Guaranteed Savings Plan or Fixed Deposit?

Planning Financial Goals and Objectives of Financial Planning

Investment Options for NRIs in India

Can ULIP Help in Achieving Short-Term Financial Goals?

What is the Importance of Saving Money?

Customising investments to manage your wealth

Who Should Invest in Savings Plan?

How to Make Your Financial Portfolio?

How to Plan Savings from Salary?

Do You Know the Difference Between Savings and Investment?

Why Should You Consider Guaranteed Savings Plan for Long-Term Investment?

Top 6 Investment Plans Available in India

Endowment Plan vs Fixed Deposit?

ULIP vs FD - Which is Better and Why?

4 Important Tips to Maximize Gains with ULIP Investments

How to Manage Your Portfolio Like a Professional?

Learn About Safe Investments with High Returns in India

How Does an Endowment Plan Work?

How to Plan your Investment to Achieve Periodic Financial Goals?

What's Better for Your Child's Education? Child Plans or Mutual Funds?

What is a Savings Plan and What are is Benefits?

Best One-Time Investment Plans in India

Receiving regular payouts at various stages of life

Building wealth through regular investing

How Much Wealth Can You Create from ULIP in 10 years?

How Do One-Time Investment Plans Work?

What are Mutual Funds?

Learn About Safe Investments with High Returns in India

ULIP as an Investment for Your Child

Basics of Guaranteed Savings Plan

What is ULIP Renewal?

What are the Best Investment Options for Young Adults?

Why Should You Invest in Term Insurance And ULIP?

Difference Between Guaranteed Savings Plan and ULIP

What are Some of the Safest Investment Options in India?

Why Should Parents Invest in Endowment Plan?

Successful Financial Planning for Urban Women

How To Track ULIP Performance?

Which is a Better Investment - Mutual Funds Or ULIP?

What are the Best Investment Options for Students in India?

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?

Safe Investment Options with High Returns for FY 2018-19

How to Increase Net Worth Along with Family Protection

How to Fulfil Your Financial Goals in the Next 10 Years?

How to Plan Your Child's Education - A Step by Step Guide