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PNN Mumbai (Maharashtra) [India], December 18: The term insurance vs savings plan has already brought a lot of comparisons many people continue to face in the dynamic world of financial planning. Indeed, both are very useful, but they serve two different purposes. Term insurance is used to offer your dependents protection financially while saving plans are useful in accumulating money for use at some later time. In this blog, we have covered the term plan vs savings plan differences, their benefits, and their role in financial planning. What is Term Insurance? Term insurance is a life insurance plan which is a plain vanilla insurance product that aims at giving your family financial cover in the occurrence of your unexpected death. It offers large exposure at cheap rates, and this way, this scheme turns into an economically viable venture to make sure that all needs of the family are financially provided for even by the breadwinner's death. Key features of term insurance: * Affordable Premiums: Thus, called as permanent insurance, the term insurance provides coverage more than the other types of life insurance at a cheaper rate. * Tax Benefits: This too has a life insurance tax benefits for the money paid towards term insurance as it can be claimed under section 80C of the Income Tax Act which also makes it an economical method of insurance. * Flexibility: You can choose the duration of the policy and increase the policy amount by adding riders such as crucial disease or accidental death benefits. What is a Savings Plan? A saving plan can therefore be described as a form of life assurance product that enables people to save money and at the same time accumulate some capital more systematically while being insured. Key Benefits of Savings Plans: * Dual Benefit: Combines life insurance protection while saving systematically. * Accumulation of Wealth: Generates a corpus over time so that future financial demands can be met. * Tax Benefit: The premiums paid qualify for a deduction under Section 80C. The maturity sum might also get tax relief under Section 10(10D). * Adaptable Policies: Choices such as assured returns, flexible premiums, and bonuses in return make the savings policy adjust to every financial objective. Term life insurance has the following benefits; * Lifetime Protection: Coverage is obtained for your lifetime, so long as the premiums are being paid over your lifetime. * Cash Value Accumulation: Some of your premiums are invested and therefore your cash value rises as time goes by. * Tax Benefits: Term insurance also has the advantage of having a tax shield under sections 80C & 10(10D). Term Plan vs Savings Plans in Financial Planning * Start with Protection: Start with term insurance to protect your family's monetary position. You can select an amount that should be at least 10-15 times your annual income for meeting liability, education and even living expenses. * Build Wealth: Next, you will get into an accumulation plan to provide for your medium and long-term needs that may include, providing for a house, children's education, and marriage, among others. This form of investment assists you in creating wealth as you plan for your family's security. * Use in conjunction with whole-life insurance: For those in search of steady protection together with cost-saving, whole-life insurance may be worthwhile to have in your portfolio. * Review and Adjust Regularly: Insurance and investments have to be reviewed in consonance with the changes that occur in your financial cycles and objectives. * Maximizing Tax Benefits: The most significant advantage that policyholders have by choosing life insurance policies is that they help save money on taxes. Whether the policy covers terms, savings, or whole life insurance, the payable premium automatically gives the holder a Section 80C deduction. Which One Would Suit Me? * Term Insurance: Especially suitable for young people, parents who have dependents or people who need cheap insurance to protect their families. * Savings Plan: Ideally suited for consumers, who have fixed targets to achieve such as education, house or retirement and who are focused on saving. Conclusion This distinction takes care of financial planning which when combined with an understanding of other products like investment, savings and endowment products can either be term insurance products to meet risk exposure obligations or savings products to provide for monetary needs. To understand savings vs term plan in layman language, term insurance covers your family in your absence: saving plans enable you to achieve your set financial goals. By including such products and considering the possibilities of whole life insurance, people can build proper and safe financial strategies. This was your guide to understanding term insurance and savings plans. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
CCI has also approved a 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL) through a bid/resolution plan submitted by Central Bank of India | Image: Wikimedia Commons State-owned Central Bank of India on Thursday said it has acquired a 25.18 per cent stake in Future Generali India Life Insurance Company Limited (FGILICL) for a cash consideration of Rs 57 crore as part of the insolvency process. With the acquisition of 65,43,80,439 shares on Wednesday (June ...Read More >
Mumbai: Even as mis-selling of insurance plans by banks has drawn scrutiny, the sector regulator doesn't want to manage distribution channels and seeks to focus on customer awareness to check the malpractice. "It's not necessary that every mis-selling is mis-selling, it's also about the customers' understanding of the product," said Swaminathan S Iyer, member (life), Insurance Regulatory and Development Authority of India on the sidelines of an event on Wednesday. "Once you drive home that your understanding is different from what the product is...then I think the absolute number on mis-selli ...Read More >
New Delhi [India], July 9: If you're a young professional in your 20s or early 30s, life is full of exciting firsts, your first salary, first investment, maybe even your first big purchase. Financial independence gives you the power to live on your terms. But it also brings new responsibilities, and that's where life insurance steps in. Also Read | Bihar Tragedy: Father-Son Duo Among 3 Asphyxiate to Death While Cleaning Septic Tank of Their House in Samastipur. Many people believe insurance is something to consider later in life. But the truth is, the best time to buy life insurance is right ...Read More >
NEW DELHI: The GST Council, which will meet shortly, is expected to comprehensively review the eight-year-old regime focused on reducing tax on several consumer-focused items in the 12% bracket as well as lowering the burden on items such as air conditioners, which are in the top bracket.Besides, with the compensation cess - money released to states to offset any revenue loss because of switch to GST - due to end in March, a plan on imposing a cess on some of the sin goods, such as tobacco, is also expected to be finalised to ensure that states don't have to bear a significant revenue hit.Conc ...Read More >
New Delhi: The government has extended the Income Tax Return (ITR) filing deadline to September 15, 2025. This gives taxpayers more time to choose between the old and new tax regimes, depending on what suits them best. If you are a salaried employee or pensioner without business income, you can switch between regimes every year just by selecting the correct option while filing ITR-1 or ITR-2. However, if you have business or professional income, the rule is stricter. You can switch back to the old regime only once in your lifetime. After that, the choice becomes permanent. You must also subm ...Read More >
NEW DELHI: Government is all set to allow 100% foreign direct investment in insurance business, paving the way for large companies to enter the market on their own, while allowing individual insurance agents to hawk policies of multiple companies, lifting the cap on being associated with only one life and general insurer. The twin measures are part of the Insurance Amendment Bill that is proposed to be introduced during the winter session of Parliament that kicks off later this month. On August 19, TOI was the first to report about the proposed increase in the FDI ceiling, a suggestion which ...Read More >
Former Delhi Chief Minister Arvind Kejriwal announced several pre-election promises targeting auto drivers. These include a ₹10 lakh insurance policy, ₹1 lakh for daughters' marriages, a biannual ₹2,500 uniform allowance, free coaching for their children, and the relaunch of the 'PoochO' ride-booking app. Kejriwal and the AAP are campaigning to secure a third term in the upcoming February elections.Ahead of crucial Delhi assembly polls, Arvind Kejriwal promised several measures for auto dri ...Read More >
BusinessWire India Noida (Uttar Pradesh) [India], December 11: Comprehensive insurance policies are very helpful for two-wheeler owners as they protect them from financial losses incurred on their own vehicles and also cover third-party liability. Because of its all-round nature, many refer to them popularly as 'package' insurance. However, in India, many people do not opt for comprehensive two-wheeler insurance as the government has not made it compulsory. However, it is highly recommended that two-wheeler owners get one, and we have covered the reasons for this in this guide. How are Comp ...Read More >
VMPL New Delhi [India], July 9: If you're a young professional in your 20s or early 30s, life is full of exciting firsts, your first salary, first investment, maybe even your first big purchase. Financial independence gives you the power to live on your terms. But it also brings new responsibilities, and that's where life insurance steps in. Many people believe insurance is something to consider later in life. But the truth is, the best time to buy life insurance is right now, when you're young, healthy, and just starting to build your future. Let's explore why life insurance is one of the ...Read More >
New Delhi, Aug 28 (PTI) India's gains from importing discounted Russian oil are estimated to be just USD 2.5 billion per annum, significantly lower than the previously speculated range of USD 10-25 billion, a research report said on Thursday. Stopping Russian oil imports would force India, the world's third-largest oil importer and consumer, to rely on limited alternatives, potentially driving global crude prices up to USD 100 per barrel amid rising demand and tight supply. "Benefit from Russian oil imports is way less than exaggerated media numbers," brokerage CLSA said in a report. While ...Read More >
India's insurance market saw strong growth, boosted by the festive season and a government decision to make health insurance GST-free. The festive season, coupled with the government's recent decision to make health insurance GST-free, has provided a strong boost to India's insurance market. According to an analysis by Policybazaar, insurance payments between September 22 and October 14 grew 14 per cent week-on-week and 35 per cent year-on-year, driven by festive spending and consumer preference ...Read More >
Ayushmann Khurrana and Rashmika Mandanna's Thamma continues its record-breaking spree worldwide. Check out day 4 box office update! Maddock Films' production Thamma is all set to enter the 100 crore club at the worldwide box office. Starring Ayushmann Khurrana and Rashmika Mandanna, the romantic horror comedy continues its spree of success, as it has surpassed Baaghi 4 and other Bollywood biggies of 2025. Scroll below for the day 4 global update! A strong overseas run! Thamma has accumulated 1 ...Read More >
Latur (Maharashtra): Latur police in Maharashtra uncovered a chilling murder plot in which a man allegedly killed an unsuspecting hitchhiker to fake his own death and claim insurance money, only to be exposed by his continued communication with his girlfriend. The case came to light in the early hours of Sunday when police in Ausa taluka were alerted about a completely charred car with a burnt body inside. Initial investigations led officers to trace the vehicle's owner, who told them he had lent the car to a relative, Ganesh Chavan, a bank recovery agent. Attempts to contact Chavan failed, a ...Read More >
New Delhi, Sep 14 (PTI) Insurance Amendment Bill, which proposes 100 per cent FDI in the insurance sector, is likely to be introduced in Parliament in the upcoming Winter session, Finance Minister Nirmala Sitharaman has said. The winter session of Parliament generally commences in the second half of November and concludes before Christmas. "I hope to", she told PTI when asked if the bill to further liberalise FDI in the insurance sector can be introduced in Parliament in the upcoming Winter session. The finance minister, in this year's Budget speech, proposed to raise the foreign investment ...Read More >
JAMMU, Oct 17: Life Insurance Corporation of India (LIC), the country's largest life insurer today announced the launch of two new insurance products 'Jan Suraksha' and 'Bima Lakshmi' Plans in a function held here today. The plans were launched by R Doraiswamy, CEO & MD, Life Insurance Corporation of India (LIC). The new plans are available for sale from October 15, 2025. These launches align with LIC's continued focus on strengthening its product portfolio and catering to the evolving protection and savings needs of customers. The first product, LIC's Jan Suraksha, is a non-participating, ...Read More >
Patna, Aug 1 (PTI) Healthcare services were affected at AIIMS-Patna on Friday as resident doctors went on an "indefinite strike" in protest against the alleged high-handedness of Sheohar MLA Chetan Anand. According to a press statement issued by the Resident Doctors' Association (RDA), AIIMS-Patna, on Friday, "The RDA expresses deep disappointment and anguish over the lack of action by the administration following the violent and traumatic incident that occurred on Wednesday, when MLA Chetan Anand, his wife and their armed guards breached hospital security, physically assaulted staff, and thr ...Read More >
Bengaluru : Bajaj Allianz Life, one of India's leading private life insurers, has announced the launch of its New Fund Offer (NFO) - Bajaj Allianz Life Nifty 500 Multifactor 50 Index Fund. Offered under the Company's ULIP products, this fund is designed to track the Nifty 500 Multifactor MQVLv 50 Index, providing investors with exposure to a multifactor based equity index while also offering life cover. Bajaj Allianz Life ULIP products with underlying Bajaj Allianz Life Nifty 500 Multifactor 50 Index Fund, enables policyholders to achieve their life goals, powered by the security of a life co ...Read More >
Kargil , Jul 2: Pursuant to putting in place a comprehensive legal framework to ensure fair, inclusive, and transparent recruitment to public services, the Administration of the Union Territory of Ladakh has initiated a large-scale recruitment drive for 359 Gazetted posts through the Union Public Service Commission (UPSC). This marks the first-ever recruitment of Gazetted posts through UPSC since the formation of the Union Territory, officials said. This follows the establishment of a unique and dedicated legal framework specifically designed for Ladakh. The framework ensures maximum local re ...Read More >
Vijayawada: A major awareness campaign on the benefits of GST 2.0 reforms will be held in Andhra Pradesh on September 30 and October 1, with a special focus on farmers and allied sectors. District, mandal and RSK-level seminars, tractor rallies, and farm machinery exhibitions are being organised to explain the extensive tax relief measures. Director of agriculture Dilli Rao said on Sunday that under the new GST policy, effective from September 22, the tax rate on fertilisers, pesticides, micronutrients, and bio-pesticides has been reduced from 12 per cent to 5 per cent. Similarly, tractor spa ...Read More >
Mumbai, India - A Unit Linked Insurance Plan (ULIP) is a financial instrument that strategically combines essential life insurance coverage with market-linked investment growth in a single policy. During periods marked by frequent and rapid changes in financial markets, ULIPs from platforms like Tata AIA have demonstrated notable growth. These plans offer policyholders life cover to secure their future, coupled with the handy feature to adjust their investment allocation. This dual capacity assists individuals in managing market risk while continuing to pursue long-term wealth accumulation goa ...Read More >
New Delhi, April 8, 2026: Axis Max Life Insurance Limited ("Axis Max Life" / "Company"), formerly known as Max Life Insurance Company Limited, has secured the top position in the Hansa Research Customer Experience Study (CuES) 2026, ranking #1 among Indian life insurers with a Net Promoter Score (NPS) of 61. Conducted by Hansa Research, a full-service global market research agency conducting research in over 100 countries, the study captures insights from over 3,500 customers across 12 life insurers and measures performance in customer satisfaction and trust, as customers demand more personali ...Read More >
Hyderabad: Chief Minister A Revanth Reddy on Thursday warned educational institutions that cases would be booked against them if drugs were found in their premises. The CM announced that the state's Anti-Narcotics Bureau would henceforth be known as Elite Action Group for Drug Law Enforcement (EAGLE) and was tasked with curbing the menace of narcotics in the state. Speaking at an event marking the International Day Against Drug Abuse and Illicit Trafficking 2025 at Shilpakala Vedika here, Reddy placed an onus on educational institutions to ensure their campuses were free of drugs. "It is the ...Read More >
Srinagar: The Counter-Intelligence Kashmir (CIK) unit of Jammu and Kashmir Police is conducting searches at ten locations across four districts in the Valley. An official told news agency -- Kashmir News Observer (KNO) that the raids are part of an ongoing investigation into a terror-crime case linked to a terrorist sleeper cell and recruitment module handled by Jaish commander Abdullah Ghazi from across the border. The searches are underway at one location in Pulwama, six in Ganderbal, one in Srinagar, and two in Budgam district -- (KNO) ...Read More >
Amante Capital, KKR's dedicated European hospitality platform, will serve as managing partner to the joint venture LONDON--(BUSINESS WIRE)--Leading investment firms KKR and The Baupost Group today announced a joint venture to purchase a portfolio of 33 Marriott International (NASDAQ:MAR) hotels across the UK from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Amante Capital, KKR's vertically integrated European hospitality platform, will serve as managing partner for the joint venture and the properties will continue as premium Marriott branded hotels. The portfolio ...Read More >
New Delhi, Jun 29 (PTI) The finance ministry has asked public sector banks (PSBs) to look at monetising their investment in subsidiaries by listing them at bourses after further scaling up operations so that they realise good return. There are about 15 subsidiaries or joint ventures of PSBs lined up for initial public offering or divestment in medium to long term, sources said. Also Read | Tamil Nadu: Temple Worker, Detained in Connection With Alleged Theft of Gold Jewellery, Dies in Police Custody; Tension Erupts in Sivaganga. Wherever required banks should invest funds to scale up operati ...Read More >
Pune: Insurance Regulatory and Development Authority of India (Irdai)'s whole-time member (life) Swaminathan Iyer on Wednesday said insurance firms needed to leverage data to convince the working population to make life insurance an important aspect of financial planning."There's growing awareness of life insurance, especially among millennials. However, emotions aren't enough, we need to use data to drive logic. With technology, we can leverage data and analytics to make our point, particularly with young people," Iyer said in Mumbai while speaking at a public awareness initiative for consume ...Read More >
New Delhi, Jul 10 (PTI) Life Insurance Corporation (LIC) has reported a 14.60 per cent year-on-year (YoY) increase in individual premium in June 2025, higher than 12.12 per cent growth in premium income of private life insurers, Life Insurance Council data showed on Thursday. In June 2025, LIC collected Rs 5,313 crore in individual premium, compared to 25 private sector companies, which together accounted for Rs 8,408 crore. During the month of June 2025, total policies issued by LIC stood at 12.49 lakh from 14.65 lakh in the same period last year. In the individual policies category, LIC is ...Read More >
VMPL New Delhi [India], July 11: Owning a home is a dream for many families, as it represents security and long-term stability. A home loan often helps to fulfil this dream by providing financial support to purchase property. A home loan is a financial product that helps an individual to purchase residential property by borrowing funds from a lender. Understanding the potential benefits of a home loan may allow an individual to make better decisions. This article details out some key benefits of home loans in India. 10 Benefits of a Home Loan in India Here is a breakdown of some of the sign ...Read More >
New Delhi [India], July 19 (ANI): Jio Financial Services Limited (JFSL) and Allianz Group (Allianz), through its wholly-owned subsidiary Allianz Europe BV, entered into a binding agreement to form a 50:50 domestic reinsurance joint venture to serve the dynamic and high-growth insurance market in India. As per the official release, the reinsurance partnership will bring together JFSL's deep local expertise and robust digital footprint with Allianz's strong underwriting and global reinsurance capabilities Also Read | Is July 19 a Bank Holiday? Are Banks Open or Closed Today on Account of 3rd S ...Read More >
New Delhi, Sep 15 (PTI) State-owned Canara Bank on Monday said its subsidiary, Canara HSBC Life Insurance Company Ltd, has received capital market regulator Sebi's nod for its proposed initial public offering (IPO). Canara HSBC Life Insurance has received communication from the Securities and Exchange Board of India (Sebi) vide letter dated September 15 on final observations and for filing Updated Red Hearing Prospectus (UDRHP), Canara Bank said in a regulatory filing. The offer comprises an offer for sale of up to 23.75 crore shares of face value of Rs 10 each, including up to 13.77 crore s ...Read More >