Savings
2024-05-14 5 Min read
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Discipline is to financial prosperity what salt is to food. Whether it is starting a new business or accumulating savings, having a disciplined mindset and consistent habits is crucial. If you are someone who wishes to work towards upgrading your life as you move ahead in life then having the right approach can go a long way. While you may have just one steady source of income today, the right planning and consistent efforts can lay the foundation for a second income in the future.
Along with the financial security, you may also want your loved ones to be well-covered against any of life’s unfortunate twists and turns. While you may have to look at different financial products to serve such varied needs, it may come as a surprise that you can get all these benefits under a single policy.
Yes, you heard that right! If you are someone who wishes to pursue opportunities for passive income generation, is looking for a protection policy and also wants to save on taxes, then you are at the right place. We bring to you the multi-faceted endowment plan – the POS-SUD Life Sanchay. Read on to understand how this non-linked, non-participating endowment policy offers you so many benefits
Goal-driven prosperity with POS-SUD Life Sanchay
Being a fixed regular premium paying plan, POS-SUD Life Sanchay brings a sense of financial responsibility and cultivates disciplined savings habits. When you buy the policy, you commit to consistent contributions for 10 years. This becomes a structured approach to saving.
The forced savings aspect of POS-SUD Life Sanchay ensures that you accumulate funds steadily, fostering a habit of long-term planning. The promise of a second income works like an incentive and reinforces your habit of saving for the future.
To understand the working and benefits of POS-SUD Life Sanchay, let us take a look at this illustration:
Manish, a 30-year-old working professional, invests in POS-SUD Life Sanchay with an annual premium of ₹60,000. He continues to pay the premium for 10 years, as POS-SUD Life Sanchay plan. From the 11th year, Manish will start receiving 160% of the annualised premium paid by him. In his case, the premium paid was ₹60,000, so Manish will receive ₹96,000 annually for 10 years. The maturity benefit will be paid out in 10 terms annually. So, Manish will receive a total of ₹9,60,000.
In case Manish passes away during the premium payment tenure of 10 years, the family will receive the death benefit in 10 annual instalments. The amount will be 16 times the annualised premium paid. If the life assured dies during maturity years, the family continues to receive the returns for 10 years.
The policy comes with an initial waiting period of 90 days. If the life assured dies during the waiting period due to any cause other than an accident, the family receives 100% of the premium paid.
The forced savings aspect of POS-SUD Life Sanchay ensures that you accumulate funds steadily, fostering a habit of long-term planning. The promise of a second income works like an incentive and reinforces your habit of saving for the future.
To understand the working and benefits of POS-SUD Life Sanchay, let us take a look at this illustration:
Manish, a 30-year-old working professional, invests in POS-SUD Life Sanchay with an annual premium of ₹60,000. He continues to pay the premium for 10 years, as POS-SUD Life Sanchay plan. From the 11th year, Manish will start receiving 160% of the annualised premium paid by him. In his case, the premium paid was ₹60,000, so Manish will receive ₹96,000 annually for 10 years. The maturity benefit will be paid out in 10 terms annually. So, Manish will receive a total of ₹9,60,000.
In case Manish passes away during the premium payment tenure of 10 years, the family will receive the death benefit in 10 annual instalments. The amount will be 16 times the annualised premium paid. If the life assured dies during maturity years, the family continues to receive the returns for 10 years.
The policy comes with an initial waiting period of 90 days. If the life assured dies during the waiting period due to any cause other than an accident, the family receives 100% of the premium paid.
Achieving financial milestones with simple habits
To help you through the labyrinth of personal economics, you will find that financial discipline can serve as the guiding light. When you adhere to some golden rules, you tread towards affluence and financial security. To pave the way towards a richer and more fulfilling life, follow the tips given below. With unwavering commitment, you will surely be able to manifest your dreams:
1. Chalk out clear financial goals
The very first step is carving out practical financial goals. Ask yourself what you want to achieve from the maturity amount of POS-SUD Life Sanchay. Clarity of a financial goal helps you work and effort in the right direction to achieve the goal. Without a goal, the efforts may remain directionless.
2. Craft a financial plan that aligns with your goals
Once you have decided on the goal, now comes crafting a plan. Financial planning is of utmost importance when it comes to fulfilling a financial need. For this, you have to choose the premium carefully. Since POS-SUD Life Sanchay offers returns based on the premium you pay, choosing an ideal premium for your financial goal is important. When you plan properly, completing a target is not that hard.
3. Educate yourself
When you make a new financial decision, especially investing in a policy, you must know all about it. Only when you have a detailed knowledge of your policy can you make the most of it. For the premium paid towards POS-SUD Life Sanchay, you can avail of tax benefits under sections 80D and 10(10D) of the Income Tax Act of 1961. You can enjoy tax deductions of up to ₹1.5 lakhs, and the death benefit remains tax-free.
4. Remember, discipline is key
Consistency and discipline are two strong habits without which you cannot achieve any goal in life, and an endowment plan like POS-SUD Life Sanchay is no exception. For a continuous tenure of 10 years, you must pay the premium on time to keep the policy active. Make sure you do not miss out on any premium payments.
5. Understand the difference between wants and needs
While planning a long-term financial goal, it is quintessential to be focused and avoid temptations. You must know your needs and keep a balance between your needs and wants. Only then will it be possible to manage your long-term goals effectively?
6. Build an emergency fund
Building an emergency fund along with paying the premium is indispensable and must not be avoided. With POS-SUD Life Sanchay, you can pay up to ₹1.5 lakh premium. However, make sure you have a comfortable financial window to commit a high premium.
1. Chalk out clear financial goals
The very first step is carving out practical financial goals. Ask yourself what you want to achieve from the maturity amount of POS-SUD Life Sanchay. Clarity of a financial goal helps you work and effort in the right direction to achieve the goal. Without a goal, the efforts may remain directionless.
2. Craft a financial plan that aligns with your goals
Once you have decided on the goal, now comes crafting a plan. Financial planning is of utmost importance when it comes to fulfilling a financial need. For this, you have to choose the premium carefully. Since POS-SUD Life Sanchay offers returns based on the premium you pay, choosing an ideal premium for your financial goal is important. When you plan properly, completing a target is not that hard.
3. Educate yourself
When you make a new financial decision, especially investing in a policy, you must know all about it. Only when you have a detailed knowledge of your policy can you make the most of it. For the premium paid towards POS-SUD Life Sanchay, you can avail of tax benefits under sections 80D and 10(10D) of the Income Tax Act of 1961. You can enjoy tax deductions of up to ₹1.5 lakhs, and the death benefit remains tax-free.
4. Remember, discipline is key
Consistency and discipline are two strong habits without which you cannot achieve any goal in life, and an endowment plan like POS-SUD Life Sanchay is no exception. For a continuous tenure of 10 years, you must pay the premium on time to keep the policy active. Make sure you do not miss out on any premium payments.
5. Understand the difference between wants and needs
While planning a long-term financial goal, it is quintessential to be focused and avoid temptations. You must know your needs and keep a balance between your needs and wants. Only then will it be possible to manage your long-term goals effectively?
6. Build an emergency fund
Building an emergency fund along with paying the premium is indispensable and must not be avoided. With POS-SUD Life Sanchay, you can pay up to ₹1.5 lakh premium. However, make sure you have a comfortable financial window to commit a high premium.
Conclusion
Goal-driven prosperity is possible only through consistency. Even if you start small, it is the act of saving regularly that facilitates the achievement of financial goals. An endowment policy like POS-SUD Life Sanchay makes the process of wealth creation clearer and simpler. So, whether you are a seasoned investor or have just started earning, an endowment policy can be an essential element in your financial portfolio. Just make sure that you make consistent efforts and manage your finances effectively.
Reference
1. https://www.sudlife.in/Products/POS%20Sanchay%20Brochure_2023.pdf
2. https://www.sudlife.in/Products/Prsentation_POS%20Sanchay%20Product_V04.pdf
3. https://medium.com/@billionaires_success_club/unlocking-financial-success-mastering-discipline-to-build-wealth-70f95676d48a
Reference: POS-SUD Life Sanchay: UIN: 142N058V01
2. https://www.sudlife.in/Products/Prsentation_POS%20Sanchay%20Product_V04.pdf
3. https://medium.com/@billionaires_success_club/unlocking-financial-success-mastering-discipline-to-build-wealth-70f95676d48a
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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