Savings
2024-05-14 4 Min read
0
In the dynamic economic landscape that surrounds us, saving is paramount. Thus, relying on a single source of income might not be the way forward. While the significance of saving money can rarely be disputed, many aren’t very good at following through. Understanding how important saving is can help you inculcate the right money habits. Keep in mind that saving money takes time, discipline and sacrifice.
Why should you save money?
Fostering financial independence comes with savings. Savings can assist in fulfilling future goals, provide financial security, and give you peace of mind. Let’s delve deeper into why savins is so important:
1. You need money for long-term security
Saving money is a patient process, and you have to maintain consistency for a long period. With POS-SUD Life Sanchay, it is possible to save for a long tenure of 10 years and then enjoy a payout for 10 years.
2. You tread towards financial freedom
Savings are crucial building blocks of financial independence. Having funds that can be used in times of need or emergency gives you the financial leverage of being your own master! With every rupee you save, you take a step towards financial freedom.
3. Saving allows you to expand your resources and explore other options
With time, when you have saved a good amount, you can explore new financial dynamics. You may expand your resources or take new risks in the market for higher benefits and returns.
4. You can get the confidence to handle unexpected expenses
Emergencies can knock on your door without a prior sign. Although you may not be able to avoid such a situation, you can be prepared enough to handle it hassle-free. Be it a medical emergency, a family commitment, purchasing a new gadget, etc., having enough savings keeps you off financial stress in such times.
5. You can benefit from the power of compounding
The power of compounding must not be overlooked. Regular savings, even if small, can end up being in a significant amount with compound interest on it. For instance, you may further invest the payouts from POS-SUD Life Sanchay and end up building a good corpus, thanks to the power of compounding.
6. Savings allow you to make your career flexible
When you have sufficient savings, you can plan your career and future goals accordingly. Since you no longer have financial stress, it becomes easier for you to open new career paths.
1. You need money for long-term security
Saving money is a patient process, and you have to maintain consistency for a long period. With POS-SUD Life Sanchay, it is possible to save for a long tenure of 10 years and then enjoy a payout for 10 years.
2. You tread towards financial freedom
Savings are crucial building blocks of financial independence. Having funds that can be used in times of need or emergency gives you the financial leverage of being your own master! With every rupee you save, you take a step towards financial freedom.
3. Saving allows you to expand your resources and explore other options
With time, when you have saved a good amount, you can explore new financial dynamics. You may expand your resources or take new risks in the market for higher benefits and returns.
4. You can get the confidence to handle unexpected expenses
Emergencies can knock on your door without a prior sign. Although you may not be able to avoid such a situation, you can be prepared enough to handle it hassle-free. Be it a medical emergency, a family commitment, purchasing a new gadget, etc., having enough savings keeps you off financial stress in such times.
5. You can benefit from the power of compounding
The power of compounding must not be overlooked. Regular savings, even if small, can end up being in a significant amount with compound interest on it. For instance, you may further invest the payouts from POS-SUD Life Sanchay and end up building a good corpus, thanks to the power of compounding.
6. Savings allow you to make your career flexible
When you have sufficient savings, you can plan your career and future goals accordingly. Since you no longer have financial stress, it becomes easier for you to open new career paths.
Accelerate your savings goal with POS-SUD Life Sanchay
1. Endowment plan that fits in your financial portfolio
For someone who is planning to diversify their financial portfolio with endowment plans, POS-SUD Life Sanchay can be a great option. Along with a life insurance cover that ensures your family’s financial sustenance, it also offers 10 equal annual regular installments of an amount equal to 160% of Annualised Premium, which will be paid at the end of each year during the Payout Period (i.e. from 11th year to 20th Year) upon completion of premium payments. Such an investment also diversifies your financial portfolio. It can bring stability to your portfolio, especially if you have other market-driven investments.
2. Efficient tax-sax saving tool
Apart from all the benefits that you get to enjoy with POS-SUD Life Sanchay, the tax benefit is yet another perk. You can manage your tax liability and enjoy tax deductions significantly if you invest in POS-SUD Life Sanchay. Section 80C of the Income Tax Act of 1961 allows you to apply for a tax deduction of up to ₹1.5 lakhs against life insurance premiums, as per the specified tax rules. However, you must note that this is the maximum tax deductions you can avail of against all the insurance plans you have.
The death benefit of the POS-SUD Life Sanchay remains tax-free under Section 10(10D) of the Income Tax Act of 1961.
3. Allows systematic saving for financial goals
POS-SUD Life Sanchay can be a lucrative savings plan that allows systematic savings for 10 years. Fulfilling certain future financial goals requires carefully outlined long-term planning, which is possible with POS-SUD Life Sanchay. You receive 160% of the annualised premium per year for 10 years (starting from the 11th year when the premium payment is completed).
4. It is a safety blanket for your loved ones
Life remains unpredictable for everyone and all we can do is have a concrete plan for the future that sustains our families even during tough times. Investment in an endowment plan like POS-SUD Life Sanchay is a safety blanket for your family that ensures their financial well-being even in the absence of the breadwinner of the family.
5. It gives you peace of mind
When you know your and your family’s future is financially strong, it gives you much-needed peace of mind. Regular returns over a 10-year period ensure financial stability and a second source of income.
For someone who is planning to diversify their financial portfolio with endowment plans, POS-SUD Life Sanchay can be a great option. Along with a life insurance cover that ensures your family’s financial sustenance, it also offers 10 equal annual regular installments of an amount equal to 160% of Annualised Premium, which will be paid at the end of each year during the Payout Period (i.e. from 11th year to 20th Year) upon completion of premium payments. Such an investment also diversifies your financial portfolio. It can bring stability to your portfolio, especially if you have other market-driven investments.
2. Efficient tax-sax saving tool
Apart from all the benefits that you get to enjoy with POS-SUD Life Sanchay, the tax benefit is yet another perk. You can manage your tax liability and enjoy tax deductions significantly if you invest in POS-SUD Life Sanchay. Section 80C of the Income Tax Act of 1961 allows you to apply for a tax deduction of up to ₹1.5 lakhs against life insurance premiums, as per the specified tax rules. However, you must note that this is the maximum tax deductions you can avail of against all the insurance plans you have.
The death benefit of the POS-SUD Life Sanchay remains tax-free under Section 10(10D) of the Income Tax Act of 1961.
3. Allows systematic saving for financial goals
POS-SUD Life Sanchay can be a lucrative savings plan that allows systematic savings for 10 years. Fulfilling certain future financial goals requires carefully outlined long-term planning, which is possible with POS-SUD Life Sanchay. You receive 160% of the annualised premium per year for 10 years (starting from the 11th year when the premium payment is completed).
4. It is a safety blanket for your loved ones
Life remains unpredictable for everyone and all we can do is have a concrete plan for the future that sustains our families even during tough times. Investment in an endowment plan like POS-SUD Life Sanchay is a safety blanket for your family that ensures their financial well-being even in the absence of the breadwinner of the family.
5. It gives you peace of mind
When you know your and your family’s future is financially strong, it gives you much-needed peace of mind. Regular returns over a 10-year period ensure financial stability and a second source of income.
Conclusion
Saving money can bring you remarkable financial rewards. Even with small contributions, you get the opportunity to grow them into a substantial amount. POS-SUD Life Sanchay allows you to take the smallest of steps towards a better and more secure future. With a minimum premium of ₹6,000, you can start saving for a long-term goal. A unique endowment plan, POS-SUD Life Sanchay offers you the dual benefits of life insurance and supplementary savings. The disciplined savings of 10 years provide you with a 10-year period of extra income. Invest today and enjoy financial security and empowerment.
Reference
1. https://www.livemint.com/money/personal-finance/the-power-of-saving-how-small-money-saving-habits-can-lead-to-big-financial-rewards-11692507779315.html
2. https://www.forbes.com/advisor/banking/savings/why-is-it-important-to-save-money/
3. https://www.discover.com/online-banking/banking-topics/3-reasons-to-save-more-money/
Reference: POS-SUD Life Sanchay: UIN: 142N058V01
2. https://www.forbes.com/advisor/banking/savings/why-is-it-important-to-save-money/
3. https://www.discover.com/online-banking/banking-topics/3-reasons-to-save-more-money/
Reference: POS-SUD Life Sanchay: UIN: 142N058V01
Disclaimer
POS – SUD Life Sanchay | UIN: 142N058V04 | Individual Non-Linked Non-Participating Savings Life Insurance Plan
Star Union Dai-ichi Life Insurance Company Limited | IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
Star Union Dai-ichi Life Insurance Company Limited | IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472
Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.
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