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    Does an Assured Savings Plan offer Tax Benefits to the Buyer?

    Julia_RockzBy Julia_RockzNovember 29, 2022 News No Comments3 Mins Read
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    Over the years, life insurance has evolved significantly. With the changing needs of the people, insurance companies nowadays offer new-age plans that do more than just offering insurance coverage against the uncertainties of life. Today, you can find many life insurance policies that cater to buyers’ insurance and savings needs. These plans are called assured savings plans. 

    As the name suggests, an assured savings plan is a form of life insurance that allows you to save and accumulate funds for future purposes. They also offer you a life cover and thus provide financial security to your family. These savings plans also offer guaranteed returns that help you meet your financial goals without taking too much risk. 

    Another important aspect of buying an assured savings plan is its tax benefit. As an investor, you would know tax saving is a critical part of a sound financial plan. In the investment market, it is said, ‘every penny counts.’ And, with an assuring savings plan, you can enjoy tax benefits and reduce your overall annual tax liability. 

    The premium you pay for the assured savings plan is eligible for tax deductions up to Rs. 1.5 lakhs in a financial year under Section 80C of the Indian Income Tax Act. Also, the death benefits your family may receive in the event of your demise are tax-exempt. Thus, a savings plan is considered one of the best tax savings schemes. 

    Other benefits of an assured savings plan

    • Helps you become financially disciplined

    You may understand the importance of savings, but saving regularly can be pretty challenging without the proper means, motivation, or goal. However, when you purchase an assured savings plan and tie it with a particular purpose, you feel more encouraged and committed to savings. Also, you become more disciplined as you must pay the premium regularly. 

    • Insurance coverage and guaranteed payout

    As mentioned earlier, an assured savings plan is primarily an insurance plan. Along with coverage against uncertainties, it also provides you with maturity benefits. Depending on the type of savings you plan you purchase, you get yearly additions to the sum assured and loyalty additions. 

    Thus, with a guaranteed payout from the plan, you can be assured of fulfilling all your long-term goals. 

    • Offer you flexibility

    As an individual, you may have your own set of priorities and financial goals that you want to achieve at different stages of life. The assured savings plans address the fact that every person has different savings needs and provide many flexibilities that can be tailored to suit your specific needs. 

    You can choose the policy period, the premium payment term, the sum assured, the premium payment mode, etc. Some plans even offer you the option to select the payout mode. If your savings plan invests in different money market schemes, you may change your investments as and when your risk appetite and goals change. 

     Final Word

    If you are looking for the best assured savings plan, you can compare multiple policies online and find the one that best suits your needs. 

    Julia_Rockz

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