Savings plan vs. investment plan: which one is better for you?
Saving and investing are two important aspects of personal finance that should not be confused with each other. While both help build wealth over time, they serve different purposes and come with different risks and rewards. Savings typically refer to the money that is set aside for short- term goals or emergencies. Investing, on the other hand, is a long-term strategy designed to grow wealth over time. Understanding the difference between saving and investing is essential to ensure financial security and a bright future.
Starting early with a financial plan that includes both savings and investments can go a long way in securing one's financial future. There are various options available for investments, but one popular choice is a Unit-Linked Insurance Plan (ULIP). ULIPs offer the dual benefit of life insurance and investment and are suitable for those who want to invest in the stock market but also want the security of life insurance.
One such ULIP plan is the Canara HSBC Life Insurance Invest 4G Plan This plan provides the benefits of financial protection for loved ones and a range of investment options to choose from. Let's take a closer look at the benefits of this plan.
Financial protection for loved ones
One of the primary benefits of the Canara HSBC Life Insurance Invest 4G Plan is that it offers financial protection to the policyholder's loved ones in the event of their unfortunate demise. The plan provides life coverage up to 99 years of age, ensuring that one's family is protected in the long run.
Return of mortality charges
One of the unique features of this plan is that it offers the return of mortality charges at the end of the policy term, which helps increase the overall investment value.
Premium funding benefit
This feature allows the policyholder to continue their investment even in the event of their untimely demise. The future premiums will be paid by the company, and the policyholder's family will receive the death benefit.
Systematic withdrawal option
The policyholder has the option to choose a systematic withdrawal plan, which allows them to withdraw a fixed amount of money periodically from their investment to meet their financial goals.
Milestone withdrawal option
This feature allows the policyholder to withdraw money at different stages of their investment, helping them meet their financial goals.
Multiple portfolio management options
The Canara HSBC Life Insurance Invest 4G Plan offers multiple portfolio management options to suit the policyholder's investment goals and risk appetite.
Flexible premium payment option
The policyholder can choose to pay their premiums monthly, quarterly, half-yearly, or annually, depending on their financial goals.
Tax benefits
The premiums paid towards Invest 4G Plan are eligible for tax benefits under Section 80C of the Income Tax Act. Additionally, the policyholder can also enjoy tax benefits on the death benefit received by their family under Section 10(10D).
Conclusion
In conclusion, the Canara HSBC Life Insurance Invest 4G Plan is a great option for those who want to invest in the stock market but also want the security of life insurance. The plan offers a range of benefits, including financial protection for loved ones, low charges, return of mortality charges, premium funding benefit, systematic withdrawal option, milestone withdrawal option, multiple portfolio management options, flexible premium payment options, and tax benefits. Those interested in exploring this plan further can visit the Canara HSBC Life Insurance website for more information.
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