Knowing how to plan savings is an essential skill for achieving your financial goals. If your priorities are wealth creation and securing the financial future of your family, then you can opt for a savings plan that offers the dual benefit of wealth building with life insurance. Let’s understand the savings plan meaning in some detail.
Individuals with a low-risk appetite who prefer a safe investment option find an ideal solution in a savings plan. One of the most popular financial products when it comes to investments, a savings plan is designed to encourage discipline for saving and provides a decent return to the holder.
For individuals wondering how to plan savings for their specific goals, insurance providers now offer savings plans that are designed for milestones such as higher education, travelling, home purchase, wedding, etc. One can also rely on their savings plan to clear debts or take care of financial emergencies such as loss of job or health emergencies.
Now that we know the savings plan meaning, let’s take a look at the different types of savings plans so you can choose the best monthly savings scheme for yourself.
Savings plan meaning is better understood when you know how the policy works. The working of a savings plan is similar to that of an insurance policy. The insured member pays a fixed premium for the savings plan. This money is invested in non-market instruments and yields predetermined returns. Funds grow over time, and at maturity, the individual receives income periodically or as lump sum.
Now that we understand what is a savings plan, let’s explore the different types of savings plans so you can opt for the best monthly saving scheme for yourself.
Here are additional benefits of a savings plan that every individual should be aware of:
Simply knowing what a savings plan is not enough. To find the best monthly saving scheme, individuals must identify their financial goals, analyse their risk appetites, and choose a plan accordingly.
A convenient way to start creating your savings is through a savings scheme that grows wealth in long term. So, take a look at PNB MetLife’s Long-Term Savings Plans and choose the one that suits you best.
Early saving establishes a solid financial foundation, fostering disciplined money habits and enabling you to achieve long-term goals, handle emergencies, and enjoy a more comfortable future.
Begin by saving for an emergency fund to cover unexpected expenses. Once established, focus on high-interest debt repayment, followed by long-term goals like retirement and major purchases.
Plan savings by setting clear goals, evaluating income and expenses, creating a budget, and automating regular contributions. Adjust as needed and prioritise emergency funds and long-term objectives.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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Terms & condition apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale. Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time. The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks. Call us Toll-free at 1-800-425-6969, Phone: 080-66006969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra. Phone: +91-22-41790000, Fax: +91-22-41790203.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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