Traditional Money Savings Plan

For the modern you who values tradition!

A savings plan can help you achieve your financial goals and aspirations. Traditional Money Savings Plans by IndiaFirst is the best savings plan that can help you attain them much faster, with assured returns.

Learn how our Traditional Savings Plans can help you reach your goals while looking out for your family’s future.



    Investing in a traditional plan helps you build a corpus that in turn, helps you achieve your life goals and desires.


    Begin your savings journey to add up to a large sum over the years. Investing in traditional plans is a great tool to create both stability and security.


    Enjoy tax benefits on the premium you invest as well as the maturity of those, under Section 80C and Section 10(10D) as per prevailing Income Tax Laws.


  • Determine your financial goals

  • Choose the right plan

  • Choose your investment horizon

Know More

Determine your financial goals

Each life stage is different and your priorities change from time-to-time. It’s important to understand your short-term and long-terms goals and the time that you would take to achieve them. This in turn would help you understand the amount of cover you need to insure yourself with.

Choose the right plan

There are several traditional plans with very specific needs available in the market. Each plan fulfills a different aspect of your life. It is important to choose a plan that suits the life stage you are at and will benefit you in the long-run.

Choose your investment horizon

Choosing your investment horizon as per your long-term goals and financial needs enables you to choose the right plan. Also, having an investment horizon in mind allows you to ensure that your cover is available when you need it the most.

What are savings plans?

The right savings policy can turn your dreams into reality while securing your family’s future, even in your absence. Savings plans are protection-cum-investment policies that are designed to aid in disciplined and periodic savings. They also ensure that you earn steady returns during the period of the policy.

As a traditional life insurance product, a savings policy also offers life cover, and riders can be added to reap myriad benefits. When choosing between types of savings plans, make sure you select one with competitive features, and optional riders such as death benefit, critical illness rider, and liability cover.

A policy that combines savings with life insurance offers you the best of all worlds—a tool to help you begin your savings journey with plans that are tailor-made for those who are risk-averse. Options of traditional life insurance savings plans in India fall under these categories:

Endowment Savings Plans

An endowment plan allows you to save money over a period of time while giving you the benefit of having your life insured. In such a plan, you typically receive a lump sum pay-out upon maturity if the insured person survives the period covered in the plan. If the policy holder suffers an untimely demise during this time, the nominees/beneficiaries receive the sum assured in the policy.

Endowment plans could be of two different types depending on whether or not the insurance company is offering a part of its profits in the form of returns. Profit endowment plans pay you a part of the profit that the company has made by investing the premiums you have paid. These plans are comparatively expensive because you are likely to get much higher returns as bonuses during the term of the plan. A without-profit plan charges lower premiums but the insurance company does not share the profits made by investing your funds, if any.

Money-back Savings Plans

Overall, money-back policies are similar to endowment plans. They offer traditional life insurance coverage along with a systematic savings schedule. They differ from endowment plans mainly in their mode of pay-out.

Instead of receiving some bonuses and a lump sum amount at maturity, a money-back plan offers pay-outs periodically every few years. This is a great option for those who have expenses coming up as it allows you to save up for a few years in a row, and gives you access to the funds right in time.

With an endowment policy, you would get the balance of the sum assured after deducting the pay-outs already made if the policy holder survives till maturity of the plan. However, with money-back policies, a complete pay-out of the sum assured is made to the beneficiaries, regardless of the periodic payments already made to the policy holder, if the insured does not survive. These flexible savings policies are a preferred insurance-cum-savings option because they offer liquidity, security, and life cover.

ULIP (Unit-linked Insurance Plans)

If you are looking for market-linked investment options that are cost-effective and versatile, a ULIP or Unit-linked Insurance Plan is likely to be a good fit for you. Offering the dual benefit of life insurance and investment, ULIPs can be configured to suit your risk appetite.

What are the types of savings plans and investment options in India?

The urge to save for a rainy day is ingrained in us from an early age. Children who were taught to squirrel away coins in a piggy bank have now grown up to put aside a part of their salary in fixed deposits. The progress of time has only reinforced the importance of saving with as much discipline as possible.

Today, the focus is also on making your money work for you so you can get the greatest possible gains from what you put in. Before you invest, it is important for you to understand the types of savings plans and investment options available to you in India. With the plethora of plans available, it is understandable to be confused. Managing your finances is about ensuring that your current needs are being met while you continue planning for your future desires. You also have to consider your own risk appetite. The right investment option is one that meets all your requirements at the same time.

Here’s a macro picture of the investment options available in India: On the risk spectrum, earning interest from your savings bank account or putting money aside in Fixed Deposits are low-risk ventures. However, these are not the most effective ways to save because along with low risk, you also have to contend with low returns, negligible growth, and the impact of tax and inflation.

PPF (Public Provident Fund) and NSC (National Savings Certificate) offer tax benefits but require your money to be locked in for specific periods.

With mutual funds, there are myriad options from debt funds that present a lower risk to high-risk equity funds. There are other riskier options to grow your money, too.

With traditional insurance plans, there is a life protection element added to the investment component. A smart savings plan is one that helps protect the financial future of your family while ensuring that you get dividends in the here and now.

What are the benefits of investing in savings plans?

One of the most sought-after benefits of traditional insurance savings policies is that they guarantee an assured income. You get the benefits of assured returns upon maturity, monthly income pay-outs, and bonuses while saving in a systematic way.

With the right savings policy, you can build a nest-egg that will take care of your financial concerns today, tomorrow, and even in your absence.

Insurance and Savings

By adding life insurance to a guaranteed savings plan, you get the perfect tool to safeguard your current financial health and your family’s future.

Guaranteed Savings in any Circumstances

While a pure protection plan is a dedicated life insurance product, a traditional insurance savings plan serves a dual purpose. Not only do you get life protection, but you can also bank on guaranteed returns on your investment upon maturity of the policy.

Flexible Term

A savings policy is a flexible insurance and investment product. Depending on the plan you choose, you can select a policy term that meets your financial needs in the short and long term.

Specified Premium Term

Depending on the plan you choose, you can sign up for a fixed premium payment term. This way, you would make fixed payments for a specific term and then, enjoy periodical pay-outs throughout the policy duration.

Added Riders

Advanced rider including waiver of premium and terminal illness rider can sweeten the deal to make it a savings plan that is tailor-made for you.

Choice of Pay-out

Savings plans are a financial planning tool. These traditional insurance plans help you anticipate your future needs, decide when you could best use an influx of money, and stagger your pay-outs so you get your money when you need it the most. You can choose to get your pay-outs in monthly, annual, and periodic instalments.

Tax Benefits

An assured income plan comes with certain tax benefits which may be available on the premiums paid and benefits received, as per prevailing tax laws.

Added Bonuses

From a simple reversionary bonus to a terminal bonus, a guaranteed savings plan could offer you many added benefits. Your policy document will contain the relevant details.

Policy Loan Option

Once a savings policy reaches its surrender value, you can take a loan against it. As compared to other loans, policy loans offer better interest rates. If you need money in an emergency, a policy loan option can help you make the arrangements at a short notice.

Key features of a Savings Plan

Life cover with Death Benefit: The savings plan pays the sum assured to dependents, should something unfortunate happen to the policyholder.    

Wealth Creation: Save, invest, and grow your money with this savings plan that is designed to create long term wealth. 

Assured Returns: Earn risk-free, regular returns that can be further reinvested in another money saving plan, to grow your savings. 

Tax Benefits: The premium amount, maturity benefit, and death benefit of a savings plan is tax-free under Section 80C of Income tax Act 

Easy Steps for Online Savings Plan Purchase

A saving insurance plan helps develop disciplined savings to create long term wealth.  

  1. 1) List your financial goals and the funds your dependents would need, should something unfortunate happen to you. 

  2. 2) Research and compare different savings plan for cover and premium amounts.

  3. 3) Check the insurer’s credentials, service quality and compensation credibility. 

  4. 4) Check the eligibility criteria and documents required. 

  5. 5) Submit the form online with the documents. 

  6. 6) Check your email for any notification or the final savings policy document. 

Who should invest in savings plans?

Saving for a rainy day is a habit that every person must inculcate. Whether you are married or single, young or old, putting money aside is a necessity. How you save money is open to you—leave it stationary in your bank account or invest in a savings plan that puts your money to use without risking the corpus you are accumulating. Make the smartest choice for your financial needs.

Buying a traditional life insurance savings plan is a good option for you if:

  • You want to accumulate substantial money that will secure your family’s financial future, even in your absence

  • You want to create a corpus of funds for later use
  • You want to save in a disciplined and organised way
  • You want your savings to return to you in the form of regular income
  • You want life insurance coverage that does more than just insure your life

How to choose the best savings plans for you?

To choose from the best savings plans in India, you need to first understand your own financial needs, hopes, and risk appetite. Here are a few steps to help you select optimal traditional insurance plans for you:

Determine your financial goals

Each life stage is different and your priorities change from time-to-time. It’s important to understand your short-term and long-term goals and the time that you would take to achieve them.

Make a checklist of your financial needs—today, in the short-term, and at later stages in your life. This will help you reverse engineer how much you need to put away in a savings plan to get the funds you want in the future.

Make an informed choice of plan, riders, and fund utility

It is important to choose traditional insurance plans that suit the life stage you are at today and where you hope to reach in the long run. Understand the terms you are choosing in your savings plans. Read the fine print to know all the inclusions and exclusions, so you can make an informed choice.

Choose competitive features that will expand to meet your future needs. Ensure that your chosen savings plans offer you the flexibility to access your funds in case of an emergency. Check for facilities to get a loan against the funds. Also, consider maximising your life coverage by opting for the right riders.

Choose your investment horizon

Setting up your investment horizon as per your long-term goals and financial needs enables you to choose the right plan. Also, having an investment horizon in mind allows you to ensure that your cover is available when you need it the most.

Review the traditional insurance plans available to you, and diversify your financial portfolio. If you have a higher risk appetite, diversify your investments to include traditional savings plans as well as ULIPs that offer higher returns.

What are the savings plans offered by IndiaFirst Life?

No matter what your protection and saving needs are, IndiaFirst Life has a solution. Explore the different types of traditional life insurance savings plans offered: 

IndiaFirst Life Cash Back Plan

  • Guaranteed pay-outs at regular intervals
  • Assured maturity pay-out
  • Benefits of long-term investment with limited premium payments
  • Tax benefits under prevailing tax laws

IndiaFirst Maha Jeevan Plan

  • Participating, non-linked endowment plan
  • Assured maturity amount
  • Any reversionary bonus and terminal bonus declared
  • Waiver of Premium Rider option
  • Tax benefits under prevailing tax laws

IndiaFirst Simple Benefit Plan

  • Guaranteed maturity amount + bonus (if any)
  • Loan of up to 90% of surrender vale
  • Tax benefits under prevailing tax laws

IndiaFirst Life Guaranteed Monthly Income Plan

  • Non-linked, participating, limited premium plan
  • Guaranteed monthly pay-outs after term completion
  • Optional gap year
  • Tax benefits under prevailing tax laws

IndiaFirst Smart Pay Plan

  • Best of liquidity + life cover
  • Shorter payment tenure
  • 103% of one annual premium back as survival benefit
  • Waiver of Premium Rider option
  • Tax benefits under prevailing tax laws

IndiaFirst Life Long Guaranteed Income Plan

  • Regular assured income
  • Definite Income option for guaranteed pay-outs for 20 years fixed
  • Guaranteed income till 99 years of age option
  • Return of total premiums paid
  • Rider options for maximum benefits
  • Tax benefits under prevailing tax laws

IndiaFirst Life Guaranteed Benefit Plan

  • Completely customised benefits—income, policy term, premium payment term
  • Income benefit option
  • Waiver of Premium Rider option
  • Tax benefits under prevailing tax laws

Documents required for buying savings plan

  1. 1) Identity Proof: Aadhaar card, passport, PAN card, driving licence or Voter ID card. 

  2. 2) Address Proof: Passport, PAN card, ration card, bank statement, electricity or    telephone bill. 

  3. 3) Income Proof: Bank statements, previous Income Tax Returns (ITR) and salary slips. 

  4. 4) Medical Reports: Past records as well as any tests required by the insurer. 

  5. 5) Photograph: Recent passport size 


  • How can a savings plan help me?

    Some people save money as a safety net, while others save up to invest and watch their money grow. With market-linked funds, there is always the worry of fluctuating fund values. A savings plan is a perfect medley of life coverage and investment. Additionally, you can save up for important goals without worrying about unstable market conditions as traditional life insurance plans are not linked to the market.

    Most plans also offer loan against the policy as well as partial withdrawal facilities. Regular pay-outs offered by traditional savings plans serve as an influx of funds right when you need it. With IndiaFirst life savings plans, you can invest and watch your money grow, while enjoying the peace of mind that comes with comprehensive life coverage.

  • Is it a good idea to combine insurance and savings?

    Once you pay off your current expenses, the money that is left over goes towards saving and investment. This is how you hope to secure your family's present and future. Keeping inflation and rising expenses in mind, it is difficult to be certain that you have put away enough to ensure your family's financial security.

    You may be actively investing to meet your future goals. However, in case of premature demise, these funds are likely to be liquidated or withdrawn so your family can continue meeting their needs at the moment.

    Even the best investments cannot help in case of untimely demise. This is where a traditional savings plan that marries insurance with investment / savings comes in - not only will you be saving, but you will also have the peace of mind that your family will be taken care of even in your absence.

  • Who should invest in traditional savings plans?

    In a savings plan, you have to invest a pre-determined amount periodically for a specific amount of years. Those who have regular income and upcoming expenses should invest in traditional life insurance savings plans in India. People who have long-term obligations and liabilities such as business owners, working professionals, parents, self-employed folk looking for security, and young professionals should consider a savings plan.

    The systematic schedule helps you become more financially disciplined. For those who are averse to risk and want to save by investing in safe products, a traditional life insurance savings plan is the answer to all your questions.

  • How much money should I save each month?

    While this is a subjective question, saving money should be an indispensable monthly financial goal. It is recommended that you put aside at least 20% of your total monthly income as savings. A financial nest egg of approximately 10 times your annual income is a good goal to aim at.

  • Is a savings plan a good idea for retirement planning?

    Buying savings plans is a great idea for successful retirement planning. With a traditional life insurance savings plan, you would be investing your money for some time, and reaping the benefits for years to come. This is especially important for those who have liabilities, are widowed, or are planning for their retirement. The periodic pay-outs and monthly income option offered by India First life plans can ensure your financial security after retirement.

  • What is a good age to start a savings plan?

    When it comes to investing in financial products, the earlier you start, the better it is for you. The power of compounding ensures that even when you invest small amounts over a long enough period of time, the returns far outweigh your expectations. By investing early, you will be giving your money ample time to accumulate compound interest. Every small contribution towards your financial security in the future counts - start where you are and with whatever you have.

  • Do savings plans offer tax benefits?

    Traditional insurance plans and savings plans offer tax benefits on the premium you invest as well as the sum assured received at the time of maturity, under Section 80C and Section 10 (10D) as per prevailing Income Tax Laws.

  • How to plan savings

    Set your goals: What are your goals and by when do you want to achieves them? Answering these will help find the right savings plan. 

    Risk appetite: High returns may involve high risk. Choose an insurance saving plan depending on how much risk you can afford. 

    Premium flexibility: Some savings plans offer annual or periodic premium payments. Choose a frequency which helps you plan your finances, to avoid missing payment. 

    Riders: When investing in a savings plan it is better to choose a money saving plan that offers additional riders and free withdrawals. 

  • When investing in a savings plan it is better to

    When investing in a savings plan it is better to ask the right questions and read the fine print. Read all the terms and conditions in detail. Check for all charges and find one that is not expensive but generates better returns. After investing, review your portfolio regularly to evaluate its performance and maximise returns. 

  • Why is a savings plan important

    A savings plan is important for many reasons.  

    1. 1) It makes long term, high-investment goals affordable and achievable.  

    2. 2) It keeps dependants financially secure, should anything unfortunate happen to the breadwinner.  

    3. 3) It grows savings systematically and securely, due to risk-free assured returns.  

    4. 4) It offers a regular stream of income in addition to your earned income, enabling a better quality of life.  

    5. 5) The returns are tax free, which adds to your income. 

    6. 6) Flexible premium payment enables better management of finances. 

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