Savings Plan (Par & Non-Par)
Savings plans offered by life insurance companies are long-term financial products designed to help individuals build a disciplined saving habit while providing life insurance coverage. These plans come in Par (Participating) and Non-Par (Non-Participating) variants.
What are the Benefits?
Savings Plans cater to different life goals like retirement (pension plans), child’s education (child plans), wealth creation (endowment plans), and legacy planning (whole life plans). These plans combine investment with insurance, making them ideal for risk-averse individuals seeking stable returns with life cover.
Coverage Details
What's Covered
- Life cover during policy term
- Maturity benefits (lump sum or income)
- Tax benefits under Sec 80C & 10(10D)
- Guaranteed income in some plans (Non-Par)
What's Excluded
- Death due to suicide within 1 year
- Partial withdrawals not allowed
- No coverage for critical illness unless rider is taken
- Surrendering early may lead to loss or minimal value
Get In Touch
