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Savings Plan

Savings and investments go hand in hand. In fact small amount of money saved magically compounds into a good lumpsum amount in future which can be utilised to fulfill one's financial goals and thus results in wealth creation for future.

Why is Savings / Investments required?

  1. Asset purchase needs are fulfilled :
    Savings and investments result in wealth creation for an individual. He can use his savings or the lumpsum amount that he has created for purchasing any asset he wants and can fulfill his cherished dream.
  2. Disciplined savings to curb wasteful expenditures : 
    Insurance inculcates the habit of regular and disciplined savings, which is the key to successful long term financial planning. Pay your premiums regularly and enjoy the uninterrupted benefits of wealth insurance.
  3. Tax benefits :
    Apart from protection and savings, wealth insurance plans also offer tax benefits as per prevailing tax laws.

When to start doing savings for yourself?
It is never too early to plan for oneself. Rather planning done on time helps save and create a handsome corpus after a few years. Look at the table above:
It shows the amount of money that an individual would need to save per month in order to have a corpus of Rs.32 Lacs after 20, 15 and 10 years, assuming growth rate of 10%.

The earlier one starts to plan for wealth creation, the earlier and conveniently the goals of life can be met.

  caseI caseII caseIII
Target Amount (Rs.) 3200000 3200000 3200000
Tenure (years) 20 15 10
Returns (%) 10 10 10
Annual Investment (Rs.) 55870 100716 200785
Monthly Investment (Rs.) 4656 8393 16732