Have you saved enough for your family?

Life is a beautiful journey that comes along with various important milestones you aspire to achieve for a happy and secured family life. These milestones could be your house, your child’s education and marriage, your retirement plans, business plans etc. However, with the growing inflation rates, improved lifestyle measures, high-end socializing and for getting best of the amenities just dreaming and saving some money in your piggy bank won’t work. For this you need a careful planning and a regular savings approach. A savings plan is a non–participating limited pay endowment assurance plan that allows you to enjoy the benefits of a long term savings plan ensuring that you and your family are free of any financial worries. Savings plan helps individuals secure financial protection and attain their financial goals. The suitability of savings plans vary from person to person, as it depends on factors like budget, age, income sources, needs and wants of an individual.

The article guides you through some of the savings plan that we all require at different stages of life. 

Emergency Savings Plans: This fund is much desperately needed when there are unexpected events, such as car and home appliance repairs and medical expenses etc. It is advisable since it is a small term goal you could use savings accounts to grow your emergency fund.  The good point is that it allows you to withdraw money quickly. One could set a maximum limit for emergency savings. When that limit is crossed, the excesses can be transferred to goal-oriented savings plan.

Retirement Plans: Retirement Plan is investment insurance plan which allows you to save systematically and build up the much needed lump sum to provide yourself a regular income after your retirement. A person pays fixed amount, known as the premium, to the insurance company, over a pre-determined period of time, known as the term of the policy. The premium will be invested by the insurance company in various instruments to earn returns and build a corpus over the term of the policy. The amount paid as premium is also eligible for tax benefits.  

Goal-Oriented Savings Plans: These savings plan are aimed at generating funds for meeting a specific goal, such as the purchase of a car, a house, going for a holiday etc.  Such plans typically involve savings funds in financial instruments such as equities, debt and mutual funds that yield high returns.

Child Savings Plans: As the name suggest it is for the better future of your child. In this highly unpredictable  world it is extremely important that you keep no stone unturned for secured future of your child right from the day he or she arrives. You can opt for growth oriented child plans which are tax free products built for child safety and secured future aspect.

Short-term saving plans usually meet your needs which arrive in a span of one to two years while you work, run a business or earn in any form. These could be setting up a savings account, Certificates of Deposit, Money Market Deposit Accounts, Government Tax-Saving Bonds etc.

However, when you wish to achieve your long-term goals especially thinking about the day your earning machine comes to halt or you perish from this world then the only solution lies is guaranteed Best savings plan. This savings plan enables you to save money for the long term, while receiving the benefits of a life insurance. The assured sum is paid out in addition to bonuses accrued over the years, as a lump sum either when the plan matures or in the event of the death of the insured person.