Savings Plan: Features & benefits

Here is what a good savings plan typically offers. Exact benefits differ by insurer and product, so always read the policy wording.

Some plans offer guaranteed maturity or income payouts defined at the start.

Participating plans may add bonuses declared by the insurer, which are not guaranteed.

If the policyholder dies, the nominee receives the benefit and the plan usually continues or pays out as defined.

Choose single, limited or regular pay and monthly to yearly modes.

Money-back and income plans can pay at points that match education fees or other expenses.

Some plans allow loans or limited withdrawals against accumulated value.

Eligible premiums and proceeds may be tax-efficient under current law, subject to conditions.

Read the fine print. Features are subject to terms, conditions, waiting periods and exclusions. We will walk you through them before you decide.

Key terms to know