26 OCT 2016
Assured returns, guaranteed savings
If you have a specific goal in mind, but do not know how to go about with the financial planning for the same, start with buying an endowment plan. An endowment plan is one that gives you assured returns on maturity along with death benefit in the event of your untimely demise.
How does it work?
Endowment plans offer guaranteed tax-free returns on maturity. For instance, if you annually invest Rs.30000/- in a 10-year policy for a 5 year paying term in Edelweiss Tokio Life – Wealth Builder, you get a tax-free maturity benefit of Rs.2,16,720/- with a death benefit of Rs.3 lakhs.* This means that if you survive till the maturity of the plan, you'd get a maturity benefit of approximately Rs.2 lakhs and if you unfortunately pass away before the maturity term, your nominees would get the Sum Assured of 3 lakhs.
How does it help?
Let's assume that your daughter is now in her 10th grade. She has also shown keenness to pursue higher studies and you and your spouse are keen to send her abroad for the same. For the same, you have researched on the net and come to the conclusion that in 10 years’ time, you would require 10 lakhs for her foreign education. You'd need to start saving and investing this money today so that you can have Rs.10 lakhs in 10 years’ time. An endowment plan like Edelweiss Tokio Life – Wealth Builder would be ideal for your goal. It would not only provide you with the funds when you need it, but also do it in a tax-free manner.
*Example for illustration purpose. Refer to the website for exact calculations.
13 OCT. 2017
Get a Comprehensive Life Insurance Plan for Your Family this Diwali
While tangible gifts form an important part of the rituals between parents and children for the festive season, some intangible gifts hold a deeper value.read more