A famous man once said, “Save money, and money will save you.”
Regularly setting aside a part of your income will give you the financial freedom to fulfil your life’s aspirations. And saving plans enable you to save money systematically, creating wealth over time. An endowment plan is one such savings tool. With an endowment plan you get the best of both worlds – opportunity to save & grow your money and financially secure your family’s future with a life cover.
Are you unsure about investing in endowment plans? Here’s an overview of its benefits and features to help you make an informed decision.
Features of Endowment plans
Who should buy an endowment plan?
Endowment plans can help build adequate corpus through disciplined savings. Thus, these can help you meet your long-term financial goals. Do you plan on buying real estate, or need to save for your child’s college fees? Or you may have foreign trips in your bucket list. Or wish to create corpus for your retirement needs. Endowment plans can help fulfil all such objectives.
Moreover, if you have financial dependents, losing the support of your income can cause financial distress for them. The life cover provided by endowment plans secures your family against such unfortunate events.
Why should you buy an endowment plan?
Endowment plans offer triple benefits:
- Safeguards your loved ones against economic hardships in case of an unfortunate event
- Helps create corpus for your life goals through regular savings
- Keeps your savings secure against fluctuations in the capital market
Hence, endowment plans are smart savings options. You must surely consider including it in your financial portfolio.
The right circumstances for buying an endowment plan
Are you looking for goal-based savings? And want to ensure financial security for your family too? Then you should invest in endowment plans as early as possible. As soon as you have a steady flow of income to be able to pay the premium, you can buy an endowment plan.
Buying early gives you a longer time to stay invested and helps build a larger corpus.
An endowment plan proves to be a smart buy to achieve your financial targets. It helps create corpus for any hefty expense that might arise in the future. Moreover, it provides financial security for your family against life’s uncertainties. Hence, you can consider buying a new age savings plan like ICICI Pru Assured Savings Insurance Plan. It provides a Guaranteed Maturity Benefit along with yearly 9% - 10% Guaranteed Additions of total premiums paid will be added to your policy benefits depending on your policy term.
People like you also read ...
*Every year an amount called the Guaranteed Addition is added to the policy. Guaranteed Addition (GA) is equal to the predetermined Guaranteed Addition rate multiplied by the sum of all premiums paid till date (excluding extra mortality premiums and taxes).
#Tax benefits: Tax benefits under the policy will be as per the prevailing Income Tax laws. We recommend that you seek professional advice for applicability of tax benefit on premiums paid and benefits received. Goods & Services Tax and Cess (if any) will be charged extra as per prevailing rates. The tax laws are subject to amendments from time to time.
Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time.
Guaranteed benefits are payable subject to all due premiums being paid and the policy being in force on the date of maturity. ICICI Pru Assured Savings Insurance Plan (UIN: 105N144V07)