Traditional Money Savings Plan

For the modern you who values tradition!

Get life protection and long-term investment benefits from a traditional life insurance savings policy. IndiaFirst Life’s traditional savings plans offer you multiple ways to save, invest, and grow your money. Reap all the benefits of a conventional insurance plan, get periodic pay-outs, and securing your financial future with assured income. Take zero risks with IndiaFirst Life’s savings plans.

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

WHY CHOOSE TRADITIONAL SAVINGS PLANS OFFERED BY INDIAFIRST?

  • LONG-TERM VALUE CREATION

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

  • CREATE FINANCIAL SECURITY

    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.

  • TAX BENEFITS

    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.

SOME FACTORS TO CONSIDER

  • 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 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 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 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.

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: (each plan on an individual card with ‘Read more’ linking to product page)

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

FAQs

  • How can a savings plan help me?

    कुछ लोग एक सुरक्षा-उपाय (सेफ्टी नेट) के रूप में धन की बचत करते हैं, वहीं कुछ लोग निवेश करने के लिए धन की बचत करते हैं, और अपने धन को वृद्धि करता हुए देखते हैं। मार्केट-लिंक्ड फंड्स में हमेशा फंड वैल्यू में उतार-चढ़ाव आने की चिंता बनी रहती है। एक बचत योजना, लाइफ कवरेज एवं निवेश का परिपूर्ण सम्मिश्रण है। इसके अतिरिक्त, आप अस्थिर बाजार स्थितियों के बारे में चिंता किए बिना अपने जीवन के महत्वपूर्ण लक्ष्यों के लिए बचत कर सकते हैं, क्योंकि पारम्परिक जीवन बीमा योजनाएं शेयर बाजार के साथ लिंक्ड नहीं होती हैं।t.

    अधिकांश योजनाओं में पॉलिसी के विरुद्ध लोन दिया जाता है, और आंशिक आहरण सुविधा भी मिलती है। पारम्परिक जीवन बीमा योजनाओं द्वारा प्रदान किए जाने वाले नियमित पे-आउट आपकी जरूरत के समय एकमुश्त धनराशि की भूमिका निभाते हैं। इंडियाफर्स्ट लाइफ बचत योजनाओं के साथ, आप अपने धन को वृद्धि करते हुए देख सकते हैं और उसके साथ मिलने वाले व्यापक लाइफ कवरेज की मन की शांति का आनंद उठा सकते हैं।

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

    जब आप अपने वर्तमान खर्चों का भुगतान कर लें, तो बची हुई धनराशि बचत एवं निवेश में प्रयोग करें। इस प्रकार आप अपने परिवार के वर्तमान एवं भविष्य को सुरक्षित करने की आशा कर सकते हैं। मुद्रास्फीति एवं बढ़ते हुए खर्चों को ध्यान में रखते हुए यह सुनिश्चित करना कठिन है कि क्या आपने अपने परिवार की वित्तीय सुरक्षा सुनिश्चित करने के लिए पर्याप्त धनराशि जमा कर ली है।

    आप अपने भविष्य के लक्ष्यों को पूरा करने के लिए सक्रिय रूप से निवेश कर सकते हैं। वैसे, असामयिक मृत्यु की स्थिति में इन निधियों को प्राय: तरलीकृत या आहरण कर लिया जाता है, ताकि आपका परिवार अपनी जरूरतों को लगातार पूरा करता रह सके।

    असामयिक मृत्यु की स्थिति में अच्छे से अच्छा निवेश भी सहायता नहीं कर सकता। यहां पर एक पारम्परिक बचत योजना में बीमा और निवेश / बचत के संयोजन की बात आती है—ना केवल आप बचत करेंगे, बल्कि आपके पास मन की शांति होगी कि आपकी अनुपस्थिति में भी आपके परिवार का ध्यान रखा जाएगा।

  • Who should invest in traditional savings plans?

    In a savings plan, you have to invest a pre-determined amount of money at fixed intervals for a certain number of years. Those who have regular income and some future expenses, they should invest in traditional life insurance savings schemes in India. People who have long-term obligations and liabilities, such as business owners, working professionals, parents, self-employed people who need protection, and young professionals should also consider savings plans.

    A well-organized schedule can help you become more disciplined financially. The answer to all the questions of those who do not want to take risks and want to invest in safe products is a traditional life insurance plan.

  • How much money should I save each month?

    हालांकि यह एक व्यक्तिपरक प्रश्न है, लेकिन पैसे की बचत करना एक अपरिहार्य मासिक वित्तीय लक्ष्य होना चाहिए। यह अनुशंसित किया जाता है कि आपकी कुल मासिक मासिक आय के कम से कम 20% हिस्से को बचत के रूप में अलग रखा जाना चाहिए। एक वित्तीय पोर्टफोलियो में आपकी वार्षिक आय का 10 गुणा धनराशि रखना एक अच्छा लक्ष्य हो सकता है।

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

    सफल सेवानिवृत्ति नियोजन के लिए बचत योजना खरीदना एक अच्छा तरीका है। एक पारम्परिक जीवन बीमा बचत योजना में, आप कुछ समय के लिए अपना धन निवेश करेंगे, और आने वाले वर्षों में उनका लाभ उठाएंगे। यह खासतौर पर उन लोगों के लिए महत्वपूर्ण है, जिनके पास कोई दायित्व है, विधवा महिलाएं, अथवा जो लोग अपने सेवानिवृत्ति की योजना बना रहे हों। इंडियाफर्स्ट लाइफ प्लान के आवधिक पे-आउट तथा मासिक आय विकल्प सेवानिवृत्ति के बाद आपकी वित्तीय सुरक्षा सुनिश्चित कर सकते हैं।

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

    जब वित्तीय उत्पादों में निवेश करने की बात आती है तो आप जितनी जल्दी शुरुआत करें, उतना ही बेहतर रहेगा। चक्रवृद्धि की शक्ति यह सुनिश्चित करती है कि यहां तक कि जब आप पर्याप्त लम्बे समय तक छोटी-छोटी धनराशि निवेश करते हैं, तो उसमें आपको अपनी अपेक्षा से काफी अधिक प्रतिफल मिल सकता है। जब आप जल्दी निवेश करेंगे, तो आप अपने धन को चक्रवृद्धि ब्याज संचित करने के लिए पर्याप्त समय देंगे। भविष्य में आपकी वित्तीय सुरक्षा के लिए प्रत्येक छोटा-बड़ा योगदान मायने रखता है—आप जहां हैं और आपके पास जो भी हैं, वहां से और उतने से शुरुआत करें।

  • Do savings plans offer tax benefits?

    पारम्परिक बीमा योजनाओं और बचत योजनाओं में आप जिस प्रीमियम का निवेश करेंगे, वर्तमान आयकर कानूनों के अनुसार धारा 80सी तथा धारा 10 (10डी) के अन्तर्गत उस पर और उसकी परिपक्वता पर मिलने वाले बीमाधन (सम एश्योर्ड) पर भी आपको कर लाभ मिलेगा।

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