A savings plan is a life insurance policy that helps you safeguard your future goals. It may be a traditional participating plan, or an endowment policy, or a money back plan. Whatever kind of investment plan it is, it generates a growth on your savings and investment. The maturity benefit of this investment plan can help you fund a future emergent need, or plan for your retirement, or change the direction of your professional life. Whatever the end goal, the savings scheme has you covered.

The following points will help you select the best suited Savings Plans for your specific goals.

• A plan that helps you save for your specific need.
• A plan should offer investment options basis your risk appetite i.e. from guaranteed returns to investments in equity markets.
• Offer tax exempt returns and offer tax benefits on premiums paid.

Broadly, there are 3 types of savings plans that you can buy, based on your financial goals and future requirements:

• Endowment Plans - This is a savings scheme which offers a lump sum benefit on maturity of the plan term. The premiums may be paid annually or once
• Money Back Plans - These savings plans repay the premiums paid at regular intervals, thus offering high liquidity and regular income
• Unit Linked Insurance Plans (ULIPs) - These are market-linked savings plans in which the investment is divided into debt and equity instruments as per the customer’s risk profile. Thus, giving dual benefits - higher-returns from investing into the equity market and rebalancing the risk with debt investments.

The following savings plans are currently available in India:

• Endowment, money back and ULIP plans from private insurance providers
• Government-backed saving schemes like National Savings Certificate, Postal Office Savings Scheme, Kisan Vikas Patra and Public Provident Fund, among many others.
• All saving plans in India get tax benefits as per existing tax laws which are subject to change.

A large fund of money at your disposal stops many potential financial problems in their tracks. Saving money is the first step towards financial independence – but you need the right instrument, like a savings scheme with a reputed life insurance provider, to see you through whichever challenges life throws your way.

Having a large fund of money at hand dispels financial worry, and makes it possible for you to realise personal and familial milestones. It helps you plan your life better, with timely savings and investments in some of the best savings plans that your money can buy.

Aviva savings plans offer you the best combination of affordable premiums, flexible pay-out terms, regular growth and periodic income. Consider the following benefits of investing in Aviva saving schemes:

• Adequate coverage to help plan future goals, save for children's future, structure your retirement, etc.
• Flexible pay-out options and multiple premium payment terms
• Savings plans are designed based on your future goals and expectations. So, you can opt for non-participating and participating plans as per your need
• Savings plans are tax savings schemes as well. You get benefits under Sec 80C against premiums paid for the plan

Unit Linked Insurance Plans (ULIPs) - These are market-linked savings plans that provide dual benefits of life cover and investment growth. In these plans, the investment is divided into debt and equity instruments as per the customer’s risk profile. Thus, giving the benefit of higher-returns from investing into the equity market and rebalancing the risk with debt instruments. Though invested in high-risk products, ULIP might provide higher returns to secure your long term goals.

Both single- and multiple-premium ULIPs are tax saving schemes. You get tax benefits as per existing tax laws which are subject to change.

Everybody, Savings plans help you with the following.

• Help generate regular income through disciplined long term savings
• Help create corpus to meet specific life goals

Invest in Aviva Wealth Builder, a savings plan that offers double the premiums paid over the policy term. It is a non-linked, non-participating traditional endowment plan with a guaranteed maturity benefit and also death benefit.

Both are savings products which enable an individual to save for specific life goals. A ULIP offers market linked funds which the customer can opt for basis his/her risk profile. A traditional plan generally invests in debt instruments.