The past two years have seen a tremendous change in perspective regarding life insurance, with more people realising the importance of insurance coverage. There was a record growth of 5.8% in the first half of the financial year 2022. Other than life coverage, there are plans offering the benefits of saving and wealth creation. Therefore, if you have recently started working, the best savings plan will help fulfil your future goals.

What are Savings Plans?

 

Savings plans offer life insurance along with the opportunity to save and invest. There are many types of plans with different features to meet varying investment criteria. All savings plans are tax saving plans since they offer life coverage. They encourage financial discipline and help you meet your life goals efficiently.

Here are 8 best tax-savings plans you can choose

1. Bharti AXA Life Guaranteed Wealth Pro Plan: Often considered as the best savings plan, it gives you guaranteed returns to meet any future goal. Choose from various income options—short-term, long-term, or lifelong (coverage till 100 years old). The tax-free income starts from the second year of the policy. You can also choose between income and endowment options under this plan.

2. Bharti AXA Life Guaranteed Income Pro Plan: With this plan, you get the return of the premium you have paid at the end of the term. Choose from multiple variants with differing policy terms—endowment option, short-term income, long-term income, and deferred income; to customise your plan according to your requirements.

 

3. Bharti AXA Life Unnati Plan: This plan offers multiple variants at affordable rates and flexibility in policy terms. You can choose from four income options—moneyback, immediate income, whole life income (up to 100 years), and endowment. You can even take the endowment option that has a waiver of premium.

4. Bharti AXA Super Endowment Plan: Incredible flexibility makes this the best savings plan as it comes with 10 different premium payment options and policy term options. If you choose to pay an additional premium, you can get extended life coverage. You get a survival benefit that is 50% of the sum assured; plus, a maturity benefit and a death benefit.

 

5. Bharti AXA Life Elite Advantage Plan: This comprehensive long-term savings plan gives you guaranteed pay-outs of 8.5 – 9.5% of the sum assured during the Maturity Pay-out period. Further, 100% sum assured as the Maturity Benefit at the end of the 20^th policy year. You choose from annual/semi-annual, and quarterly intervals for the guaranteed pay-outs. You can also choose to pay premium payment terms of 5, 7, or 12 years.

 

6. Bharti AXA Life POS Saral Bachat Yojana Plan: This is usually the best savings plan for breadwinners as it offers great benefits to protect your family’s future. It offers 2X life insurance cover in case of death due to an accident. You have the flexibility of choosing from 5 combinations of policy terms and premium payment terms. You also get 100% sum assured amount on maturity of the plan.

7. Bharti AXA Life Serv Suraksha Plan: This hassle-free single premium plan offers 110% of the single premium as Maturity Benefit. Your family will receive the sum assured as the Death Benefit if you pass away before the policy matures. You enjoy the policy benefits for 5 years post-issuance of the policy.

8. Bharti AXA Life Aajeevan Sampatti+ Plan: This whole life cover plan has three premium payment options of 7, 10, and 15 years. You can get coverage for up 100 years. You also receive guaranteed pay-outs of 5­­–6% of the sum assured from the 10^th year of the policy. Moreover, other than the Maturity Benefit, you get cash bonuses starting from the 6^th

Your journey to wealth creation should start as early as possible. These tax-saving plans offer wealth creation, income options, and protect your family at the same time. Choose one today!

Source: https://www.ibef.org/industry/insurance-sector-india.aspx