When money is kept in a liquidated form, it tends to lose its value over time. While this loss might be negligible for a small amount, the difference is evident from a macroscopic point of view. Moreover, even if you keep your capital in a bank account, the interest offered cannot help you beat the rate of inflation. Thus, come investment plans in the picture.
To protect your hard-earned money from losing its value over time, you must invest it in a reliable investment product that offers good returns over a specified period. Talking about investment products, several savings insurance plans help you with the purpose.
With these plans, you not only gain the ability to grow your capital but also gain a cover against the risks associated with your life. Numerous insurance providers offer different savings plans with ranging features. Here’s a list of some of the best Investment plans to consider in the pandemic era:
Aviva I-Growth Plan
The Aviva I-Growth is a unit-linked insurance plan that offers dual benefits of investment in market-linked instruments and life insurance under the same plan. To zero in this policy, you should be at least eighteen years old and the maximum tenure offered by this plan is sixty years.
It allows you to make your investments even more personalized by allowing you to choose from various policy terms like 10 years, 15 years, and even 20 years. You can even choose varying fund options as per your risk-taking capacity.
Max Life Monthly Income Advantage Plan
Max Life’s monthly income advantage plan is a non-linked and participating savings plan that helps you accumulate a significant amount of monetary resources for your dependents and help them sustain a normal lifestyle in the event of your unfortunate demise.
This plan offers various excellent features that make it one of the best saving plans available in the market. It offers a recurring monthly income as soon as you complete the tenure of your policy for more than 30 years.
On top of that, the plan also promises numerous accrued benefits along with the policy such as a terminal bonus upon the maturity of your plan that makes this investment opportunity a lot more promising. In addition to wealth generation, the plan also provides your dependents a death benefit upon your demise.
Edelweiss Tokio Life Active Income Plan
The Active Income Plan by Edelweiss Tokio Life Insurance is yet another savings plan that helps you live a financially free lifestyle through recurring monthly payouts. This plan offers two different options with varying features and benefits.
In addition to the standard benefits offered by a savings plan this investment policy also allows you to save money on taxes as per section 80c of the Income Tax Act of India. If you are looking to accumulate a great amount of wealth for your future then this plan is certainly a perfect match for you.
Canara HSBC OBC Guaranteed Savings Plan
Whether you want to accumulate funds for your child’s marriage or seek financial security for your loved ones, this savings plan offered by Canara HSBC OBC is the perfect choice for you. It offers guaranteed benefits that are payable upon the maturity of this policy.
Moreover, you can enjoy a life cover for the entire term by paying only a limited number of premiums, which makes it one of the best investment plans available in the market that helps you build wealth and attain financial security. Therefore, make sure you check this plan out.
IndiaFirst Life Cash Back Plan
If you have any goal or aspiration that you want to achieve in the future, then the IndiaFirst Life Cash Back Plan is a must-purchase for you. This plan provides you with assured payouts at regular intervals for a specific period, which makes it one of the most convenient investment plans available in India.
The policy also provides you maturity benefits and allows you to make a long-term investment with a very affordable premium rate. Moreover, you can also avail of tax benefits with this plan as per the prevailing norms of the Income Tax Act of India.
This plan is very promising because of its assured benefits and higher returns over the long term. If you want to build a large financial corpus for your future, then this plan is highly recommended to you.
ICICI Pru Guaranteed Income For Tomorrow
The ICICI Pru Guaranteed Income for Tomorrow is a savings cum protection plan that helps you achieve all your future dreams and aspirations by offering guaranteed benefits to you. You can choose to receive benefits either in form of a lump sum or recurring income based on your monetary requirements.
With this plan, you can choose to start gaining recurring income after the second year itself. Moreover, the plan also offers exciting benefits for women and non-smokers in form of additional discounts on premiums. You can even choose your preferred date to begin receiving the guaranteed income through this plan.
Furthermore, as per the section 10D and 80C of the Income Tax Act of India, the premiums paid for the benefits of this policy are also exempted from taxes. In case of any financial emergency, the policy can also be used as collateral for banks to gain loan facilities.
It’s a no-brainer that you need a good amount of monetary resources for all the major requirements of your life such as a child’s education or business. With consistent and long-term investments, you can enjoy financial security, but you must make sure that you choose the best investment plan. With proper research and analysis, you can easily find a good plan that fits the bill for you.
Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.