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Tax Saving Investment Plans

Looking for tax savings investment plans to meet your long-term and short-term financial goals? Understand various investment instruments and saving schemes in India, and then choose the best plan at Deal4Insurance.

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Best Tax Saving Investment Plans in India

1. SBI Life Smart Wealth Builder Plan

2. HDFC Life Pension Super plus Plan

3. Future Generali Select Insurance Plan

4. MetLife Money Back Plan

5. Birla Sun Life Insurance Bachat Endowment Plan

6. Max Life Platinum Wealth Plan

7. ICICI Pru Subh retirement Plan

8. Kotak Classic endowment Plan

9. Aegon Life Rising Start Plan

10. HDFC Life Pro Growth Plus Plan

There are several types of life insurance policies available in the market. Broadly, there are three categories. Some offer pure protection (insurance), others offer protection as well as investment while some only have investment as their objective. In India, however, life insurance has been used more for investment purposes in one’s overall financial planning.

The tax savings investment plans help build a large corpus and also beat inflation. We at PolicyBazaar help you compare investment plans offered by all major life insurance companies in India and assist in selecting a plan most suited for you. Though each plan is unique, certain important factors must be kept in mind while selecting a savings investment plan:

Risk Profile: It is important to determine one’s risk appetite to find the best saving plan. Age and personal factors are important determinants of the kind of risk one can take. Generally, young people in their 20s and early 30s can opt for the higher risk but lucrative return options. They can choose investment plans which are more aggressive – those which invest one’s money more in the equity segment of the stock market and lesser in debt. A Unit Linked Insurance Plan (ULIP) is more suited for young customers who are willing and able to take such financial risks. On the other hand, a traditional endowment or a money-back plan is better suited for the needs of a conservative investor, who prefers to have the guarantee of the money being secure even though it generates lower returns.

Investment Tenure: Insurance plans offer a mid-to-long term investment horizon and serve as one of tax saving investment options. The ULIPs are very good as they help build up a significant corpus over the life of the policy. The insured party can start with a small premium amount and build it up over the policy tenure. This is possible as most insurance companies understand the fluctuating nature of earnings and savings depending on the age of the investor and provide options where the premium and the investment amount can be increased or decreased as per the person’s convenience.

Final Goals: One should be clear about the reason for selecting a savings investment plan. The final objectives help in determining the tax saving investment options. Goals range from building a corpus for retirement or having sufficient money for child's higher education or marriage to building a house.

Plan Features: Different plans have different features. The best tax saving investment plans allows one to make partial withdrawals by surrendering a certain portion of the policy while retaining other benefits. Some of investment options have a fixed cover ranging from 5/10 years to 30/35 years depending on what one wants. Others provide cover for entire life. With comprehensive cover and flexible options, one can enjoy protection as well as growth through savings. Some plans also offer bonuses, the amount of which is decided by the insurance companies based on the performance of their investments in the market.

Flexibility of the Plan: For long term goals, this plan allows one to take care of unexpected short term needs. They offer the flexibility of surrendering the policy if the situation so demands. However, it is better to stick with the tax saving plan for the longer term so that they give better returns.

Charges of the Best Investment Options: Understanding the costs and charges involved is vital when selecting a saving plan in India. These best savings plans have minimum charges and provide flexibility in terms of cash withdrawal, bonus receipt and term of the policy. Also, the long-term effect of these charges is much less and makes a tax saving investment plan a great way to increase wealth at low cost.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
Responsive service
Caring mindset at all customer touch points
Continuous improvement in customer processes

Important Things to Remember While Investing in a Saving Plan Policy

1. Set Financial Goals: Setting financial goals - both short term and long term, brings a lot of clarity. It helps lay down in black and white what one wants to achieve and, in turn, helps in deciding what kind of insurance plan to buy. Goal setting may appear tedious, but once one goes through the process, one is able to make use of the best investment plans in India. Divide financial goals in terms of time frame and overall objectives. One can set goals for 1 year, 3 years, 5 years, 10 years, and so on. Broad objectives of a best saving plan may include purchasing a house, saving enough money for child’s higher education and marriage and planning well for retirement.

2. Maintain Balance Between Risk And Returns in These Best Investment Options: It is important to invest carefully and strike a right balance between risk and returns in a best saving plan. One can afford to invest in an aggressive insurance plan offering the possibility of higher returns, albeit with higher risk when young. It is advised that people in their 20s and early 30s go in for riskier investment options. With age and greater responsibilities, one may taper the risk element and opt for safer investment options. Funds should be allocated accordingly.

3. Investments Should Be Both Liquid and Fixed in a Saving Plan: Life is fraught with uncertainty. No amount of planning can predict what will happen next. Unforeseen situations and emergencies strike without prior intimation. Therefore, it is wise to have fixed as well as liquid investments. This enables one to have required support during emergencies and also avoids overspending. If the situation demands, liquid investments provide much-needed cash in times of need.

4. Start Small in These Tax Saving Investments: Investing is an art and it takes years to become good at it. It is best to start small and gradually increase the invested amount with experience. Age also plays a role in investing. As we age, our income levels increase and so does money at disposal for investing. One can choose premium payment option, ranging from monthly to annual to single premium depending on how much money is at hand, keeping in mind other financial commitments.

5. Research Thoroughly These Best Savings Plans: There are hundreds of tax saving investment insurance plans available in the market, each having different features and benefits. To avoid choosing a wrong insurance plan, one should spend sufficient time researching before investing. The internet is a great way to research about available investment options. One can go to leading online insurance comparison portals and also visit individual insurance policy websites. Financial newspaper, magazines and periodicals are pretty good sources of information related to best investment options and best saving plans in India. One can even take professional help of a certified financial planner and invest in the best investment plans.

6. Review Portfolio periodically to find the Best Saving Plan in India: Buying the best savings plan is not enough. The investment portfolio has to be reviewed periodically, atleast once every year, so that changes can be made as per the situation at that point in time. Circumstances change – both personal and external. The markets and economy may be performing better and stock markets may be on the rise. In such a situation, one may want to increase exposure to equity. Periodic review allows one to calibrate investments to provide best possible returns.

7. Ask Questions to Find the Best Investment Options: Insurance plans have become complex. They come with terminology which may be Greek to someone new to investing. Even for people who have purchased insurance plans in the past and have experience with investing, it is a good idea to clear any doubt regarding a particular plan. Understand from the insurance advisor/agent or company representative, details about the policy so that there is no ambiguity left. One can make use of an investment calculator India to calculate the exact premium before buying an insurance policy.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
Responsive service
Caring mindset at all customer touch points
Continuous improvement in customer processes

Things to Avoid When Investing In an Insurance Plan

1. Over Exposure to Single Market Instrument: The old idiom to avoid putting all eggs in one basket holds true for investing in saving plans as well. One should avoid over-exposure to a single market instrument. It is wise to spread investment across a range of investment instruments to hedge against extraordinary loss in a particular instrument.

2. Over Investing: Over investing can burden finances for present needs. Many times people invest more than what they can comfortably put aside for meeting regular expenses, resulting in the cancellation of policies. The cumulative effect of such cancellations is the loss of hard earned money in penalties.

Why People Choose Deal4Insurance.com for Insurance
Lowest Premium In India
24 x 7 Instant Policy Issue
Free Insurance Consultation
Online Insurance Glossary
Bias for long-term customer relationships
Responsive service
Caring mindset at all customer touch points
Continuous improvement in customer processes
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