Savings Insurance
Savings Insurance
Savings insurance (also called endowment or investment insurance) combines life protection with guaranteed returns. Unlike term insurance which is pure protection, savings plans build a corpus over time and pay out on maturity or death.
Quote Generation Flow
The flow follows the same three-step pattern as health and term:
Step 1: Browse Available Plans
Customer sees available savings plans from active insurers with plan names and insurer details.
Step 2: View Product Details
Each plan shows:
- Plan variants and options
- Premium payment terms
- Maturity benefits and guaranteed returns
- Death benefit details
- Key features
Step 3: Get Premium Quotes
Input Required:
- Basic personal details (age, gender)
- Investment amount / premium preference
- Policy term
- Premium payment frequency
Quotes are fetched from all active savings providers and can be compared.
Available Plans
ICICI Prudential — Gold Pru
A savings plan from ICICI Prudential with guaranteed benefits.
HDFC Life — Sanchay Par
A participating endowment plan with guaranteed additions and bonuses. Offers:
- Guaranteed maturity benefit
- Life cover throughout the policy term
- Bonus additions based on company performance
HDFC Life — Sanchay Plus
A non-participating guaranteed savings plan offering:
- Guaranteed income/lump sum benefits
- Flexible premium payment options
- Multiple plan variants
How Savings Insurance Differs from Term
| Aspect | Term Insurance | Savings Insurance |
|---|---|---|
| Purpose | Pure life protection | Protection + savings |
| Premium | Low | Higher (investment component) |
| Maturity Benefit | None (unless Return of Premium) | Guaranteed payout on maturity |
| Death Benefit | Sum assured to nominee | Sum assured + accumulated benefits |
| Returns | No returns | Guaranteed returns + bonuses |
Benefit Illustration
Similar to term plans, customers can generate a Benefit Illustration showing:
- Year-by-year premium schedule
- Guaranteed benefits at maturity
- Death benefit at various points
- Surrender value (if policy is closed early)
Available as a downloadable PDF or shareable link.
Redirect Flow
Savings plans also use a redirect flow similar to term insurance:
- Customer fills details and selects a plan on Wealthy
- Application form is pre-filled
- Customer is redirected to the insurer’s portal for completion
- Payment and policy issuance happen on the insurer’s side