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Savings..insurance..at one place


Conventional endowment policies are enough to those who want savings and insurance at one place. Among these, there are many policies that have premium for a limited period and provide insurance for a longer term. SBI has introduced a policy of this type named Smart Bachat. There are two variants in this. Plan A can be chosen by people from ages 8 to 50. This is a general endowment policy. Plan B is a policy that gives accidental and permanent disability coverage in addition to plan A. this is for ages 18 to 50.

The minimum policy value is 1 lakh, no limit for the maximum. Policy term can be 10 to 25 years. The time of premium payment is 5, 7, 10, 15 per choice. There is feasibility to pay the premium yearly, 6-monthly, quarterly or monthly. Least premium is 5100 per year. Least monthly premium is 451. Insurance coverage is up to 10 times yearly premium. Loan can be obtained after 3 years of payment. Premium can be paid to the period of choice, not the whole policy tenure. After maturity, bonus and maturity bonus along with the insurance amount is paid. In case the policy holder dies, the nomine will get double the amount of policy amount. If a permanent disability occurs, policy amount is paid immediately. The policy will continue without the need to pay the remaining premiums. The total policy amount gets paid at maturity.

For longterm fund

For those who want to have a long-term fund by investing in debt funds as well as equity funds, Mahindra Mutual Fund launched a new scheme named Dhan Sanchay Yojana. The main strategy of this fund is investing in equities that give higher returns with risk along with debt funds that provide stability. The company says that this fund can yield multiple goals and those who can bear some risk can have a look at it. minimum investment is 1000 and the NFO ends January 24th.