Assured savings insurance plans, also known as guaranteed savings insurance plans, are a type of life insurance policy that combines savings and insurance components. These plans offer a guaranteed return on your premiums, providing a safe and stable way to grow your money over time while also providing life insurance coverage. Here are some key features and benefits of assured savings insurance plans:

1. Guaranteed Returns: The primary feature of these plans is the assurance of a fixed or guaranteed return on your premium payments. This means that you will receive a predetermined sum of money upon maturity, regardless of market conditions. This feature makes them a low-risk investment option.

2. Life Insurance Coverage: Assured savings insurance plans include a life insurance component. In the event of the policyholder’s death during the policy term, the beneficiary receives a death benefit, which is typically a multiple of the premium paid or a fixed sum assured. This provides financial protection for your loved ones.

3. Maturity Benefit: When the policy reaches its maturity date, you will receive the guaranteed maturity benefit, which is the sum assured plus any bonuses or additional benefits, if applicable. This can be used to meet various financial goals such as retirement planning or funding your children’s education.

4. Tax Benefits: Premiums paid for assured savings insurance plans may be eligible for tax benefits under Section 80C of the Income Tax Act in India. Additionally, the maturity amount or death benefit received may also be tax-exempt under Section 10(10D), subject to certain conditions.

5. Savings Discipline: These plans encourage regular savings and disciplined financial planning since policyholders are required to make regular premium payments.

6. Riders and Additional Benefits: Some insurance companies offer optional riders or add-ons that can enhance the coverage of the policy. Common riders include critical illness riders, disability riders, and accidental death benefit riders.

7. Liquidity: Depending on the policy terms and conditions, some assured savings plans may offer partial withdrawals or loans against the policy’s cash value, providing liquidity in case of financial emergencies.

8. No Market Risk: One of the primary advantages of these plans is that they are not linked to market performance. Your returns are guaranteed, which means you won’t be affected by stock market fluctuations.

9. Choice of Premium Payment Term: You may have the flexibility to choose the premium payment term that suits your financial situation, whether it’s a single premium, limited premium, or regular premium payment plan.

It is essential to carefully read the policy documents and understand the terms and conditions of any assured savings insurance plan before investing. Different insurance companies may offer varying features and benefits, so it’s advisable to compare plans and consult with a financial advisor to determine which plan aligns best with your financial goals and risk tolerance.