Guide to Savings Insurance Plan with Guaranteed Future Plan

From putting coins in piggy banks to opening a fixed deposit in the bank, the habit of saving is instilled in us from an early age. However, there comes a time when you might want to make the switch from conventional saving systems to new-age, rewarding ones. In today’s times, there are ways to not only save but also grow your wealth in a risk-free manner with a future savings insurance plan. Read on to know how to do it.

What is a savings insurance plan?

A savings plan often referred as endowment assurance plan is a type of life insurance product that gives you the dual benefit of life protection and the opportunity to create wealth. It does this by investing a portion of the premium into investment avenues of your choice. A premium is a monetary sum that you pay to the insurer to receive coverage under a policy.

With a savings insurance plan, you can secure the future of your loved ones (called beneficiaries) by receiving a guaranteed payout (called sum assured) at the end of the policy term or after the premium payment. Moreover, in case of your demise, your beneficiaries receive the sum assured.

A savings insurance plan also provides you with the option to add extra covers/riders that provide financial support in the case of unfortunate incidents like accidental death, permanent disability, or a terminal illness.

Benefits of a savings insurance plan

The benefits of a savings insurance plan are plenty. They provide:

1. Financial safety and security to your loved ones

2. The support to fulfil your life goals and milestones like:

• Welcoming a new life or life partner
• Paying for the education or marriage of your children
• Buying a car or home
• Taking care of your elderly parents or dependent siblings
• Saving for your retirement

3. A guaranteed and/ or increased pay-out

4. The choice to select how you receive the payout

5. life protection with a guaranteed death benefit to your beneficiaries

6. The option to add extra covers

7. Tax benefits on premiums paid under the policy (as per the relevant sections of the Income Tax Act, 1961)

Secure your future with PNB’s Guaranteed Future Plan

If you are an earning member of your family, one of your biggest priorities might be to save for the well-being and security of your loved ones, especially in your absence. With PNB’s Guaranteed Future Plan, you can ensure the protection of not just your family but also of yourself as it provides you:

• Guaranteed benefits The choice to choose from 4 plan options:
  • Endowment option – that gives a lump sum payout at maturity
  • Income option – that gives a guaranteed income payout in instalments (monthly, half-yearly, or yearly instalments)
  • Income + Lumpsum option – that gives a guaranteed Income payouts and a Guaranteed lumpsum at maturity
  • Income + Boosters option – that gives a guaranteed income payouts in instalments and additional Booster payouts in specific years during the term of the policy
• A higher benefit payout for higher premium payments
• life coverage throughout policy term to ensure financial security of your loved ones
• The option to add extra covers like an accidental death benefit rider or a terminal illness rider
• Guaranteed wealth additions that accumulate after the payment of the premium
• A survival benefit under all plans except the endowment plan

You can find a range of several profitable future savings plans and life insurance plans at PNB.

To sum it up

A savings insurance plan works as a dual instrument by providing life insurance and savings. Investing in such a plan also instils the habit and discipline of saving consistently, thus setting a good example for your family. You can rest assured knowing that it will ensure your loved ones' financial stability at all times.

Visit PNB MetLife website to know more about savings plans, term plan & term insurance