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What is a Savings Insurance Plan?

A savings plan is a type of life insurance plan designed to help you save and grow money in a disciplined manner. With the benefit of returns on investment, it helps you build a significant corpus to secure your financial future. Read More

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What is a Savings Insurance Plan? 

A savings plan is a type of life insurance plan designed to help you save and grow money in a disciplined manner. With the benefit of returns on investment, it helps you build a significant corpus to secure your financial future. For example, a savings plan can help you amass enough capital to start a new business, pay for your child’s education, plan for an extravagant vacation, or even pay for your dream house! Long term savings can also help you mitigate financial emergencies and pay off any medical bills during serious health scares. Moreover, a savings insurance plan provides a safety net in the form of life cover to safeguard your family’s financial future in your absence. 

Why Having a Savings Plan Is Important? 

The word, "Savings" is introduced to us during our childhood days. You may recall the habit of putting those spare coins in a piggy bank, saving for rainy days. As you grow up and your responsibilities increase, it is even more important to have a robust savings plan for your life. 

Along with meeting various life goals like supporting your dreams or providing a comfortable lifestyle for your family, one thing we always overlook is living a stress-free life. For example, having a secure income in the form of your monthly salary assures that all your short-term goals are fulfilled. But what about your long-term goals like buying your dream house, planning for your child’s higher education, or a peaceful retirement for you and your spouse? A savings plan can help you fulfil these goals. 

A savings plan recognizes your hard work and makes every attempt to provide a comfortable life for your loved ones, today and in the future. These life insurance savings-oriented plans provide returns in the form of a lump sum or regular payments over time. It is important to understand the key elements of saving plans before investing in them. 

Unbeatable Features of Savings Plan

  • Multiple Investment Options: Savings plan come in three major categories – Income Plans, Endowment Plans and Unit Linked Insurance Plans. Each comes with a different set of advantages. Income Plans are saving instruments which provide you with assured returns at fixed intervals. An endowment plan is a type of life insurance product which either pays a lump sum on its maturity or on death or/and, regular amount to you after a specific term, also, known as survival benefit. Unit Linked Insurance Plans or ULIPs, on the other hand, offers financial security with a life cover and market-linked returns through various funds and gives flexibility to choose your own funds. You can choose between the two based on your requirements.  
  • Investment Flexibility: Most savings plans offer a range of investment tenures or policy durations, ranging from mid-term to long-term, to suit your purpose. There is an option to adjust investment amount or premium and its payment frequency- monthly, quarterly, or annually. You also get an option to choose how you want your income to be- lumpsum, monthly, quarterly, or annually.  
  • Tax Savings³: Annual tax saving is one of the most unique features of a savings plan. Investments in life insurance savings plans are eligible for tax benefits³ up to ₹1.5Lacs under Section 80C of the Income Tax Act, 1961. In addition, both the maturity amount and the death benefit received from a life insurance policy are exempted from tax under section 10(10D). These factors make savings plans a tax-efficient option for long term savings. 
  • Savings for Your Retirement: By allocating a little sum at regular periods, you may transform a monthly savings plan into a formidable retirement savings engine. You can use a savings strategy over a few years to have a significant amount that can be utilized to produce a pension for your retirement.

Savings Plans from Edelweiss Life Insurance

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Savings Ke Liye Effective Solution!

The affordable way to start growing your wealth, fulfilling your goals and protection needs.

  • All you need to start is Rs. 1000 p.m.

  • Life cover till you’re 100

  • Option to get maturity benefits in just 5 years

  • Tax Benefits³ u/s 80(C) on premiums paid & u/s 10(10D) on maturity benefit

Future Guaranteed¹ Income, now possible!

Makes sure nothing gets in the way of you and your dreams.

  • Guaranteed¹ Income + Protection + Tax Benefits³ in one plan

  • Pick from 4 plan options basis life goals – Lumpsum, Short Term Income, Long Term Income & Retirement Income

  • Family Income Benefit option ensures your family doesn’t have to compromise dreams

  • 6 Riders available to enhance your plan⁹

Har Sapna Karo Poora with Guaranteed¹ Savings!

Guaranteed¹ returns, enhanced cover option, tax benefits³, and more… all with premiums just Rs. 3,000/month^².

  • Choice to receive guaranteed¹ returns as lumpsum or in 5 equal annual instalments

  • Enhanced Cover option to secure your family with 20x the premium^⁴ paid

  • Guaranteed¹ savings & life cover for a policy term as high as 40 years

  • Family Income Benefit option to ensure your family doesn’t have to compromise on dreams

Why Do You Need a Savings Plan?

In today’s time, everyone wants to live an extravagant life, and there is no issue with that. However, one thing that people need in life is ‘balance’ and that comes from a disciplined savings routine. Money helps us to be financially secure today as well as in the future. Below are some of the reasons as to why you need a savings plan. 

  • For a Better Future:  Money is a super powerful tool when it comes to helping you in fulfilling your dreams. To begin a new project, to learn something new, to buy something new, you need money. Your savings can enable all these goals and aspirations no matter what stage of life you are in. For example, with a ULIP plan like Edelweiss Life Wealth Secure+, you can start small with ₹2,000 per month. Once you invest this amount consistently for 12 years you may receive ₹7.21⁺ Lacs, assumed at a return of 8%⁵ per annum or ₹4.18⁺ Lacs, assuming a return of 4%⁵ per annum. This comes with additional life cover and tax benefits³.  
  • Financial Security: It’s important to be well prepared for everything in life, especially during today’s unprecedented times of economic crisis, health issues, recession etc. In a hire and fire economy, it is important to have a corpus for the future needs of you and your family. If you are someone looking for guaranteed¹ future returns, a Guaranteed Income Plan is suitable for you. Let’s consider an example of a 25-year-old man. He buys a guaranteed returns plan like Edelweiss Life - Guaranteed Savings STAR. By paying a small amount of ₹3,000 per month for 12 years, he will receive a maturity benefit of  ₹10.90^ lacs at the end of the 25th policy year. This amount can help him in accomplish his goals and maintain his lifestyle even in tough situations. 
  • Family Security: A savings plan offers a life cover to secure your family through a financial corpus that they receive in case of your demise. This ensures that your family stays comfortable without any burdens or financial debts in your absence. Our Edelweiss Life Guaranteed Savings STAR offers an ‘enhanced cover option’, through which you can safeguard your loved ones’ futures with up to 20x the premium⁴ paid in case you’re not around to look after them.
  • Flexibility & Options: A savings plan can be tailored to suit your needs. No matter what stage of life you are in, whatever your objective is, there is a plan for you. Investing in a flexible income plan like Edelweiss Life – Flexi Savings Plan offers income Start Year (ISY) as early as 2nd policy year under Flexi-Income Option and Flexi-Income PRO Option. With these options, you can choose to start receiving your income on the 2nd year, 5th year, or 1 year after the premium paying term ends.
  • Wealth Creation: A savings plan not only helps you in saving systematically for the future but can also help you in growing your wealth. For example, a ULIP can help you save money while also providing life cover and tax benefits³. Moreover, ULIPs invest your money into the market, which allows you to grow your wealth over time according to the market rates. Some plans allow you to also select funds according to your risk appetite.
  • Fund Withdrawal: The future is always uncertain, and sometimes you need cash on hand rather than in a savings fund. This is why many savings plans allow you to pull out your funds during tough times. Usually, Unit Linked Insurance Plans (ULIPs) have a lock-in period of five years post which you can fully or partially withdraw funds basis your plan terms and conditions. Some savings plans also offer ‘loan on policy’ benefits, which allow you to liquidate your savings as per terms & conditions of the Policy.
  • Helps Save on Taxes³: Premiums paid towards a insurance plan can help you save taxes up to ₹46,800* every year u/s 80C. The maturity amount received is also covered under tax benefits³ u/s 10(10D) of the Income Tax Act, 1961. 

Selecting the Best Savings Plan for You

Once you have decided to buy a savings plan, these pointers will help you decide the best one for you. 

  • Have clarity on your goals! Goal setting, whether long or short term, you should be able to draw those on paper. Your short-term goals may be buying a car or paying a debt in the next 2-3 years. While long-term goals can be your child’s higher education, buying a house, or saving for your peaceful retirement. Once the timelines and monetary requirements are clear, you can be sure about the kind of plan that is suitable for your needs.  
  • Your Risk Appetite! Depending on the stage of your life and your financial backup, you need to decide what level of risk you are ready to take. Example, if you are young and do not have many responsibilities, you can take risks and hence, it is recommended to go with a Unit Linked Insurance Plan. Or, if you are in your 40s with a family to take care of and at a stage of life when you cannot take risks, then a guaranteed income plan is a better choice. without prior notice, liquid cashflow becomes important during such events.  
  • One Step at a Time! Investing is something that one keeps learning from throughout one’s life. Hence, it’s important to start small and start now. As you gradually move through different stages of life, your income increases and so can your premium pay capacity. Always evaluate your financial commitments and accordingly adjust your premium paying frequency (monthly, quarterly or lumpsum) and amount. 
  • Do Your Research! It is important to be thorough in your research while choosing any kind of savings plan. There are various insurance players in the market including Edelweiss Life. You can get it touch with our team and get solution to all your insurance and financial queries from the comfort of your home.

Why Choose Savings Plan Offered by Edelweiss Tokio Life?

Why Choose Savings Plan Offered by Edelweiss Life?

Factors Affecting Savings Plan Premium

It will be wise to understand the factors that affect your savings plan premiums so that you invest smartly. 

  • Expected Returns: As an investor you may have different financial goals. If you are looking for higher returns you may want to invest a slightly higher amount to achieve the required returns to meet your goals. 
  • Policy Duration: Long-term savings plans tend to have a higher overall premium, but in return, long-term plans also provide regular income payouts for decades, basically turning into a second source of income for your family. Some savings plans may also be whole life plans, providing you with survival benefits for the rest of your life. This is ideal for those who want to fulfil their long-term life goals or for those who want to have a consistent income after retirement. Keep in mind that not all policies follow this trend, so it is important to understand the terms and conditions of any insurance plan before purchasing one.   
  • Premium Frequency: Generally, in most savings plans you pay less overall premium for single-pay policies than you do for regular pay or limited pay policies. 
  • Riders: With a nominal addition to your premium, riders9 provide enhanced protection. Edelweiss Life provides a range of riders, including accidental total and permanent disability rider, critical illness rider, waiver of premium rider etc. 
  • Lifestyle: You might be surprised to hear that the amount of your premium is influenced by your lifestyle and smoking habits. Tobacco, alcohol, and other intoxicants are hazardous to one’s health and raise the risk of mortality as a result. To compensate for the life risk, higher premiums are charged. 
  • Health: If you suffer from pre-existing health conditions, your premium for a savings plan could potentially be much higher as compared to a healthy person with no ailments.
  • Profession: The premium you pay may also be influenced by your profession. If you work in a high-risk activity like piloting, driving, mining, or fishing, for example, you'll pay a higher premium to insure your life as compared to someone with a desk job.

A Buying Guide for Edelweiss Tokio Life Savings Insurance Plans

A Buying Guide for Edelweiss Life Savings Insurance Plans

1

  • Choose your preferred Savings Plan from Edelweiss Life
2

  • Choose a premium amount you are comfortable with 
  • Choose your policy term 
  • Choose your premium paying term 
3

  • Choose from available optional riders9 
  • Get enhanced protection with the rider(s) selected
4

  • Submit the requested documents 
  • Let us verify your details so you can start getting a guaranteed1 income!

Types of Savings Plans from Edelweiss Life

Types of Savings Plans from Edelweiss Tokio Life

Endowment Plans

If you are looking for a plan to protect your long-term goals with the help of a corpus along with an insurance cover, then an endowment plan is the right choice for you. Endowment Plans are unquestionably a great choice for anyone seeking to build a corpus and inculcate a discipline of growing money.

Following are the benefits of an endowment plan:  

  • Guaranteed¹ Lumpsum Returns on Maturity 
  • Option to select premium paying term and frequency. The premium payment in an endowment policy can be made on a monthly, half-yearly and annual basis.  
  • Endowment plans are low risk, and you can continue to enjoy the benefits if your premiums are paid on time.

In simple words, once you pay your first premium, your policy commences. In case you pass away, the life cover is paid out to your family. If you survive the policy term up to the date of maturity, you receive the survival benefit – a lump sum amount assured¹ to you at the beginning of your term. This way, you’re protected both in life and death.

Money-Back, Guaranteed¹ Income Plans

Guaranteed Income Plans  offer the dual benefit of life cover and guaranteed income at regular intervals. If you are someone who requires money at certain intervals in their lifetime to meet fixed short-term and long-term financial requirements, such buying your dream house, your child’s education, a peaceful retirement and many more goals that you may have nurtured over the years, a Guaranteed Income Plan is the right choice for you! In the event of the death of the policyholder, the beneficiary gets the full sum assured, irrespective of the payouts already made.  

The following are the benefits of investing in a Guaranteed Income Plan. 

  • Guaranteed income plan offers returns on the invested premium, thereby enabling wealth creation

  • Some regular income or monthly income plans, offer a regular payout to supplement your primary income and boost your earnings

  • Monthly amount for investment is affordable to make guaranteed income plans accessible for all income groups

Unit Linked Insurance Plans (ULIPs)

A ULIP combines the safety of a life cover with wealth creation opportunities. If you are someone looking to enter the stock market with the added advantage of life cover and tax benefits³, then a ULIP is a great choice for you. ULIPs offer diverse investment funds to choose from, which allow for unlimited flexibility to shift between equity and debt funds based on market conditions and one’s risk profile.

Benefits of a ULIP include: 

  • Market-linked returns, life cover and tax benefits³ in one plan to ensure wealth creation 

  • Option to choose from a bouquet of diverse funds with unlimited switches if opted for Self-Managed Strategy 

  • To maximise your savings, some plans offer you additional allocation 

  • Some plans may even offer additional benefits to further safeguard your family’s finances  

  • You can withdraw some of your funds from your unit linked plan once the five-year lock-in period is over

Retirement Plans

Retirement plans are savings plans that allow you to set aside a portion of your savings to grow over time and provide financial security once you retire. These plans are also perfect for fulfilling your financial needs in your golden years, as they combine protection and investment benefits. The high cost of living and growing inflation has made retirement planning more important. If you are someone looking to build a corpus for peaceful retirement, a retirement plan is suitable for you. Following are the benefits of investing in a retirement savings plan: 

  • Option to select your vesting age (age when you begin to receive your pension payment), to get these payments monthly or as per your preferred frequency. 
  • Build a financial corpus by investing through lump sum or regular periodic payments. Your funds are accumulated over a long tenure, to create a substantial financial corpus for your future. 
  • If you surrender a retirement plan before its maturity date and have paid the required minimum premiums, you will get the agreed surrender amount. However, please note you will lose the benefits of your plan, including the life insurance coverage, if you surrender it.

Key Benefits of Buying a Savings Plan

Savings Plan are considered as one of the best choices for people who are looking to save money in a disciplined manner.  

Here are a few benefits of the savings plan that one must know. 

  • Regular Savings: With the fast-paced lifestyle, it sometimes becomes difficult to save money. Our busy schedules, spending habits and ever-changing trends make it difficult to invest systematically. A savings plan requires you to set away a pre-determined amount to pay your premium at a pre-determined time interval in a disciplined fashion. This enables you to save on a regular basis toward your objectives. 
  • Tax Advantages³: With a savings insurance plan, you enjoy various tax benefits3. A savings plan provides tax advantages under section 80C of the Income Tax Act, 1961.  
  • Additional Bonus²: Some Participating Savings plans provide guaranteed loyalty enhancements, commonly known as bonuses, to policyholders based on the sum assured and policy term. 
  • Life Cover: Because the savings insurance plan is, at its core, an insurance plan, it will provide you with insurance coverage if the need arises. It is important for the financial security of you and your loved ones in case of an unprecedented situation or in the event of your demise. 

Key Benefits of Buying a Savings Plan

Key Benefits of Buying a Savings Plan

Regular Savings

Regular Savings

With the fast-paced lifestyle, it sometimes becomes difficult to save money. Our busy schedules, spending habits and ever-changing trends make it difficult to invest systematically. A savings plan requires you to set away a pre-determined amount to pay your premium at a pre-determined time interval in a disciplined fashion. This enables you to save on a regular basis toward your objectives.

Tax Advantages³

Tax Advantages³

With a savings insurance plan, you enjoy various tax benefits3. A savings plan provides tax advantages under section 80C of the Income Tax Act, 1961.

Additional Bonus²

Additional Bonus²

Some Participating Savings plans provide guaranteed loyalty enhancements, commonly known as bonuses, to policyholders based on the sum assured and policy term.

Life Cover

Life Cover

Because the savings insurance plan is, at its core, an insurance plan, it will provide you with insurance coverage if the need arises. It is important for the financial security of you and your loved ones in case of an unprecedented situation or in the event of your demise.

Key Benefits of Buying a Savings Plan

Regular Savings

Regular Savings

With the fast-paced lifestyle, it sometimes becomes difficult to save money. Our busy schedules, spending habits and ever-changing trends make it difficult to invest systematically. A savings plan requires you to set away a pre-determined amount to pay your premium at a pre-determined time interval in a disciplined fashion. This enables you to save on a regular basis toward your objectives.

Savings Plans - Fire Away Queries

Savings Plans - Fire Away Queries

Like teachers say, there are no silly questions

Who should invest in a savings plan?

No matter what stage of life you are in, a savings plan is a must. A savings plan is crucial for future financial security and to fulfil your goals. If helps you to build a corpus over time and ensure financial security for your loved ones' future when you won't be around. Your choice of savings plan will depend upon the kind of financial goals you have, the stage of life you are in, and your risk appetite. If you are someone who has any long-term or short-term goal in mind, then a savings plan is the right choice for you.

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Under Section 80C of the Income Tax Act, 1961, all premiums paid by a policyholder towards such life insurance savings plans are exempt from taxes up to ₹1.5 lakhs. However, the premiums should be less than 10% of the sum assured. Further, all maturity and death benefits received under such plans are free from income tax under Section 10(10D). This is inclusive of any bonuses received against the policy.

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First things first, there is no one size fits all when it comes to savings. No matter what age you are, one thing that holds true for all is it’s never too late or too early to start your savings journey. However, there is a rule of thumb that you can take into consideration, to find out how much you must be roughly saving when you are in your 20s. It says, “save your age”, which means, if you are in your 20s you need to save 20% of your income, 30% if you are in your 30s and so on.

Also, the quantity of money you save should be determined by your personal circumstances. Create specified target amounts and dates to help you attain your savings goals. And, then choose a savings plan to help you save some money for your future goals in a disciplined manner.

Let’s understand it with the help of an example. Let’s consider that a 25-year-old earns ₹10 lakh per annum as income (that grows at 10% per year), spends 80% on current needs and saves 20% for the future. He does this for 35 years (till retirement)—his income increases each year and so does his savings (20% of income). Below is an illustration of his cumulative savings over the course of 35 years for both 4% and 8% rate of growth:

 

Age  

Income 

Expenditure 

Savings 

Previous Saving with growth (assumed at 4%5 p.a.) 

Cumulative Saving (assumed at 4%5 p.a.) 

Previous Saving with Growth (assumed at 8%5 p.a.)  

Cumulative Saving (assumed at 8%5 p.a.) 

25 

           1,000,000  

             800,000  

                     200,000  

200,000.00  

200,000.00  

26 

           1,100,000  

             880,000  

                     220,000  

208,000 

 428,000.00  

216,000 

 436,000.00  

27 

           1,210,000  

             968,000  

                     242,000  

445,120 

 687,120.00  

470,880 

 712,880.00  

28 

           1,331,000  

          1,064,800  

                     266,200  

714,605 

 980,804.80  

769,910 

 1,036,110.40  

29 

           1,464,100  

          1,171,280  

                     292,820  

1,020,037 

 1,312,856.99  

1,118,999 

 1,411,819.23  

30 

           1,610,510  

          1,288,408  

                     322,102  

1,365,371 

 1,687,473.27  

1,524,765 

 1,846,866.77  

31 

           1,771,561  

          1,417,249  

                     354,312  

1,754,972 

 2,109,284.40  

1,994,616 

 2,348,928.31  

32 

           1,948,717  

          1,558,974  

                     389,743  

2,193,656 

 2,583,399.20  

2,536,843 

 2,926,586.00  

33 

           2,143,589  

          1,714,871  

                     428,718  

2,686,735 

 3,115,452.93  

3,160,713 

 3,589,430.64  

34 

           2,357,948  

          1,886,358  

                     471,590  

3,240,071 

 3,711,660.58  

3,876,585 

 4,348,174.63  

35 

           2,593,742  

          2,074,994  

                     518,748  

3,860,127 

 4,378,875.50  

4,696,029 

 5,214,777.09  

36 

           2,853,117  

          2,282,493  

                     570,623  

4,554,031 

 5,124,653.86  

5,631,959 

 6,202,582.60  

37 

           3,138,428  

          2,510,743  

                     627,686  

5,329,640 

 5,957,325.69  

6,698,789 

 7,326,474.88  

38 

           3,452,271  

          2,761,817  

                     690,454  

6,195,619 

 6,886,072.96  

7,912,593 

 8,603,047.12  

39 

           3,797,498  

          3,037,999  

                     759,500  

7,161,516 

 7,921,015.55  

9,291,291 

 10,050,790.55  

40 

           4,177,248  

          3,341,799  

                     835,450  

8,237,856 

 9,073,305.80  

10,854,854 

 11,690,303.43  

41 

           4,594,973  

          3,675,978  

                     918,995  

9,436,238 

 10,355,232.63  

12,625,528 

 13,544,522.30  

42 

           5,054,470  

          4,043,576  

                 1,010,894  

10,769,442 

 11,780,335.99  

14,628,084 

 15,638,978.14  

43 

           5,559,917  

          4,447,934  

                 1,111,983  

12,251,549 

 13,363,532.90  

16,890,096 

 18,002,079.86  

44 

           6,115,909  

          4,892,727  

                 1,223,182  

13,898,074 

 15,121,256.02  

19,442,246 

 20,665,428.05  

45 

           6,727,500  

          5,382,000  

                 1,345,500  

15,726,106 

 17,071,606.25  

22,318,662 

 23,664,162.29  

46 

           7,400,250  

          5,920,200  

                 1,480,050  

17,754,471 

 19,234,520.49  

25,557,295 

 27,037,345.26  

47 

           8,140,275  

          6,512,220  

                 1,628,055  

20,003,901 

 21,631,956.30  

29,200,333 

 30,828,387.87  

48 

           8,954,302  

          7,163,442  

                 1,790,860  

22,497,235 

 24,288,095.04  

33,294,659 

 35,085,519.39  

49 

           9,849,733  

          7,879,786  

                 1,969,947  

25,259,619 

 27,229,565.37  

37,892,361 

 39,862,307.47  

50 

         10,834,706  

          8,667,765  

                 2,166,941  

28,318,748 

 30,485,689.18  

43,051,292 

 45,218,233.26  

51 

         11,918,177  

          9,534,541  

                 2,383,635  

31,705,117 

 34,088,752.05  

48,835,692 

 51,219,327.23  

52 

         13,109,994  

       10,487,995  

                 2,621,999  

35,452,302 

 38,074,300.97  

55,316,873 

 57,938,872.24  

53 

         14,420,994  

       11,536,795  

                 2,884,199  

39,597,273 

 42,481,471.73  

62,573,982 

 65,458,180.74  

54 

         15,863,093  

       12,690,474  

                 3,172,619  

44,180,731 

 47,353,349.20  

70,694,835 

 73,867,453.80  

55 

         17,449,402  

       13,959,522  

                 3,489,880  

49,247,483 

 52,737,363.62  

79,776,850 

 83,266,730.56  

56 

         19,194,342  

       15,355,474  

                 3,838,868  

54,846,858 

 58,685,726.66  

89,928,069 

 93,766,937.50  

57 

         21,113,777  

       16,891,021  

                 4,222,755  

61,033,156 

 65,255,911.08  

101,268,292 

 105,491,047.85  

58 

         23,225,154  

       18,580,124  

                 4,645,031  

67,866,148 

 72,511,178.40  

113,930,332 

 118,575,362.56  

59 

         25,547,670  

       20,438,136  

                 5,109,534  

75,411,626 

 80,521,159.51  

128,061,392 

 133,170,925.54  

60 

         28,102,437  

       22,481,949  

                 5,620,487  

83,742,006 

 89,362,493.26  

143,824,600 

 149,445,086.95  

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Most savings plans have a minimum and maximum age limit for eligible customers. Generally, the minimum age is 18 and the maximum range can be anywhere between 50-65. Some policies don’t have a minimum age at all! However, the person purchasing the policy still needs to be over 18. The account is operated by the policy buyer until the minor turns 18, after which they can operate their account independently. This is a great choice for parents who want to create a corpus for their child’s future requirements. The returns from a savings plan can be used for various purposes such as college education, marriage or buying a new house.

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There is no solution for quick wealth creation. It’s a process where patience, commitment, and your attention are required. Both long-term and short-term savings are important to meet different goals in life. Short-term investing allows you to reach your minor financial goals in a short period of time. These goals can be buying a car, paying off small debts etc. Long-term investment options, on the other hand, are suitable for those who have long term financial goals or who want a second source of reliable income. These help you in saving for goals like child’s marriage, buying a house or planning for your retirement etc.

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No, a savings plan does not help with immediate cash needs. However, a short-term savings plan can help you grow your wealth over a period of time so that you can fulfil some of your minor financial goals.

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When it comes to the topic of how much money to save, there is no one-size-fits-all solution. The general recommendation is that you should have enough money to cover six to eight months' worth of living expenditures. However, how much that is depends on your way of life.

If putting aside such a huge sum of money appears frightening, know that it is possible with the right plan in place. Also, considering the uncertainties we face in our life and the economic ups and downs that lead to financial crisis, having a corpus in place helps you manage a bad day in the future.

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After you've paid off your current debts, you can use the money you have left over to save and invest. You may be investing right for long-term financial goals, but that money will mostly be redeemed in case of your untimely death. Investing in a combination of life insurance and savings plan is a good idea. Let’s consider the inflation and future expenses, it's difficult to determine if you've saved enough to ensure your family's financial security. Insurance savings plan will financially protect your loved ones in your absence, while also providing financial benefits to your savings while you are still around.

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If you are someone looking for a systematic and disciplined investment along with life cover and investment benefits, a savings plan is the right choice for you. If you are a sole bread-earner, young professional, self-employed or a business owner, a savings plan is the right choice for you. It allows you to save a pre-determined amount of money on the basis of your goals over a fixed period.

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1- This is applicable only if all due premiums are paid and the policy is in-force. 

2 – Cash Bonus is a non-guaranteed benefit in the form of cash payout, payable annually in arrears every policy year, starting from the Income Start Year till maturity or death, whichever is earlier, while the policy is in-force. 

3 - As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws. 

4 – On selecting plan option Enhanced Cover, the Sum Assured on Death at any point of time, provided the policy is in-force is highest of: - 20 times the annualized premium or any absolute amount assured to be paid on death or 20 times the annual premium. Annualized Premium shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. Annual Premium shall be the premium payable in a year chosen by the Policyholder, including loadings for modal premiums and the underwriting extra premiums, if any but excluding the taxes, rider premiums, if any. 

5 - Some benefits are guaranteed, and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed benefits, then these will be clearly marked "guaranteed" in the illustration table on this page. If your policy offers variable benefits, then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed, and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance. 

9- Riders are Optional and available at extra cost. Please refer rider brochure for more details. 

+ Illustration for Life Insured - Age: 25-year-old (male) | Annualized Premium: Rs. 24,000 (excluding taxes) | Policy Term: 20 years | Premium Paying Term: 12 years | Premium Paying Frequency: Monthly| Plan Option: Base| Investing For: Himself | Fund Management: Self-Managed | Systematic Withdrawal Plan: No | Distribution Channel: Online | Maturity Benefit Received by Policyholder: Rs. 7,21,713 at 8% and Rs. 4,18,881 at 4% 
 
^ Illustration for Life Insured - Age:25-year-old (male) | Annualized Premium: Rs. 34,091 (excluding taxes) | Policy term: 25 years | Premium Paying Term: 12 years | Payment Frequency: Monthly| Plan Option: Base | Maturity Benefit: Lumpsum | Employee of Edelweiss: No | Distribution channel: Online | Lumpsum received at the end of the 25th policy year | Total Amount received by the Policyholder: Rs. 10,90,238 

* Tax benefit of ₹ 46,800 is calculated at highest tax slab rate of 30% (in addition to income tax, cess of 4% is also applicable) on life insurance premium u/s 80C of ₹ 1,50,000. As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws. 

** - Claim statistics are for Financial Year 2022-23 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website. 

Edelweiss Life - Guaranteed Savings STAR (UIN: 147N074V02) is a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan. Tax benefits are subject to changes in the tax laws. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India.  

Edelweiss Life – Flexi-Savings Plan (UIN: 147N075V02) is a Non-Linked, Participating, Individual, Savings, Life Insurance Plan. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India. 

The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year. 
Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. Edelweiss Life Insurance Company Limited is only the name of the Insurance Company and Edelweiss Tokio Life – Wealth Secure+ (147L062V02) is only the name of a Unit-Linked Life Insurance contract and does not in any way indicate the quality of the contract, its prospects, or returns. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary or policy document of the Insurer. The premium paid in unit linked life insurance policies are subject to investment risk associated with capital markets and the unit price of the units may go up or down based on the performance of investment fund and factors influencing the capital market and the policyholder is responsible for his/her decisions.  

Tax benefits are subject to changes in the tax laws. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale.  

Flower & Edelweiss are trademarks of Edelweiss Financial Services Limited; Tokio is Trademark of Tokio Marine Holdings Inc. and used by Edelweiss Life Insurance Co. Ltd. under license. 

Edelweiss Life Insurance Company Limited | IRDAI Regn. No.: 147 | CIN: U66010MH2009PLC197336 | ARN: CP/3689/Mar/2024

Registered & Corporate Office: 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai 400070. 

Toll Free No.: 1800 212 1212 | Fax No.: +91 22 6117 7833 | www.edelweisslife.in

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