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6. Kisan Vikas Patra (KVP)

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Conclusion

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Financial Planning - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Savings and Investment Plans from Canara HSBC Life Insurance

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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4. Post Office Monthly Income Scheme

Post Office Monthly Income Schemes (MIS) a moderate-risk monthly income plan where a small sum is invested every month along with the payment of interest. It additionally creates a regular income as funds invested is protected till the maturity period as this scheme is an initiative of the Government of India.

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10 Best Saving Plans and Schemes for a Secure Future

Post Office Monthly Income Scheme: It is a low-risk monthly income scheme where a small amount is invested, and interest is paid monthly. It also generates a steady income while the money invested is completely safe until it matures since the Government sponsors the scheme. You can either withdraw the amount or invest again in the scheme after the maturity period is reached.

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3. Senior Citizen Savings Scheme

This savings plan is mainly designed for senior citizens who have attained 60 years of age. However, people who are between 55 to 60 years of age can also invest their funds in a Senior Citizen Savings Scheme if they have taken Voluntary Retirement Scheme (VRS) or superannuation .

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10 Best Saving Plans and Schemes for a Secure Future

Senior Citizen Savings Scheme: It is an excellent tax-saving investment plan. It offers its investors very high safety, regular income. This savings scheme is available through post offices and verified banks across India. It is for senior citizens aged at least 60 years, although individuals between 55 to 60 can also invest if they have chosen the Voluntary Retirement Scheme or Superannuation. The investment should be made within a month after receiving the retirement benefits. There's also an option for investment for retired defence personnel aged 50 or above. In SCSS , tax deduction up to ₹ 1,50,000 can be claimed as per Section 80C of the Indian Income Tax Act. It is one of the safest and most reliable schemes, as it is under the sponsorship of the Indian government.

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2. Recurring Deposits

If due to any circumstance, a person wishes to withdraw funds from an RD account before a fixed term, the bank would levy a penalty. It further extends the higher interest rate for senior citizens, and it can additionally be utilised as security for obtaining loans.

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10 Best Saving Plans and Schemes for a Secure Future

Recurring Deposits: It is a term deposit offered by banks. This money-saving plan requires regular deposits and upon maturity, generates substantial returns. Individuals have the freedom to choose the period, the amount, and the number of monthly deposits as per their convenience. It is one of the savings plans where mid-term and premature withdrawals are not allowed, and if anyone requires an early withdrawal, the bank may charge a penalty. It offers high interest rates for senior citizens and also be used as collateral for taking loans. The main drawback is that the monthly amount you decide on cannot be changed, and thus, you need to have a steady income source to opt for their savings plan.

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5. PPF (Public Provident Funds)

Public Provident Fund (PPF) is another government-supported money-saving scheme that is the most secure and popular investment option. A person investing in a Public Provident Fund will further receive a tax exemption on the payment made under Section 80C of the IT Act, 1961.

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10 Best Saving Plans and Schemes for a Secure Future

Public Provident Fund: It is the safest and most popular government-backed savings option in India. The PPF benefits are payable in lump sum form or up to 12 instalments per financial year. It is a flexible savings option as one can also transfer the PPF account from one post office or bank to another.

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3. Senior Citizen Savings Scheme

Senior Citizen Savings Scheme is another money-saving investment plan that extends higher security and steady income. You can easily get this money-saving plan from your nearest post office or any leading bank or financial institution.

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10 Best Saving Plans and Schemes for a Secure Future

Senior Citizen Savings Scheme: It is an excellent tax-saving investment plan. It offers its investors very high safety, regular income. This savings scheme is available through post offices and verified banks across India. It is for senior citizens aged at least 60 years, although individuals between 55 to 60 can also invest if they have chosen the Voluntary Retirement Scheme or Superannuation. The investment should be made within a month after receiving the retirement benefits. There's also an option for investment for retired defence personnel aged 50 or above. In SCSS , tax deduction up to ₹ 1,50,000 can be claimed as per Section 80C of the Indian Income Tax Act. It is one of the safest and most reliable schemes, as it is under the sponsorship of the Indian government.

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2. Recurring Deposits

Apart from this, people hold the liberty to pick the term period, the sum they wish to spend, and frequency deposits as per suitability. However, one important thing that you must keep in mind while investing funds in a Recurring Deposit (RD) is that financial institutions and banks do not allow investors to withdraw funds prematurely.

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10 Best Saving Plans and Schemes for a Secure Future

Recurring Deposits: It is a term deposit offered by banks. This money-saving plan requires regular deposits and upon maturity, generates substantial returns. Individuals have the freedom to choose the period, the amount, and the number of monthly deposits as per their convenience. It is one of the savings plans where mid-term and premature withdrawals are not allowed, and if anyone requires an early withdrawal, the bank may charge a penalty. It offers high interest rates for senior citizens and also be used as collateral for taking loans. The main drawback is that the monthly amount you decide on cannot be changed, and thus, you need to have a steady income source to opt for their savings plan.

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1. National Savings Certificate

This National Savings Certificate (NSC) is a relatively low-risk investment plan that yields fixed and higher returns. However, one important thing that an investor must keep in mind is that to avail the National Saving certificate; a person must be over 18 years of age.

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10 Best Saving Plans and Schemes for a Secure Future

National Savings Certificate (NSC): It is a fixed-income savings plan that can be opened with any post office in India. National Saving Certificate is an initiative of India's government to encourage investors mainly from small or mid-income categories to invest their money while saving on income tax. It is a low-risk investment and gives fixed returns. The minimum age requirement for a money investor is 18 years. For minors, a joint account can be opened with an adult. One main advantage is that there is no limit on the maximum number of NSCs that one can purchase. An investment up to Rs. 1,50,000 annually in this plan can earn a tax break, as per Section 80C of the Income Tax Act. The investor can even nominate a family member for the savings plan, even if the family member is minor. The NSC savings plan is free to open by anyone except Hindu Undivided Families (HUFs), trusts, and non-resident Indians.

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1. National Savings Certificate

National Savings Certificate is another fixed income saving policy that you can get from your nearest post office. This money-saving scheme was initiated by the Government of India that encourages people, principally from low or mid-income levels, to invest their funds and save on income tax.

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10 Best Saving Plans and Schemes for a Secure Future

National Savings Certificate (NSC): It is a fixed-income savings plan that can be opened with any post office in India. National Saving Certificate is an initiative of India's government to encourage investors mainly from small or mid-income categories to invest their money while saving on income tax. It is a low-risk investment and gives fixed returns. The minimum age requirement for a money investor is 18 years. For minors, a joint account can be opened with an adult. One main advantage is that there is no limit on the maximum number of NSCs that one can purchase. An investment up to Rs. 1,50,000 annually in this plan can earn a tax break, as per Section 80C of the Income Tax Act. The investor can even nominate a family member for the savings plan, even if the family member is minor. The NSC savings plan is free to open by anyone except Hindu Undivided Families (HUFs), trusts, and non-resident Indians.

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