10 Best Guaranteed Income Plans – Check Eligibility, Features and Benefits of Top Guaranteed Return Insurance Plans, 2023

By investing in a best guaranteed income plan, it can be ensured that you receive guaranteed returns to fulfill your life goals. Read on, if you want to know more about these plans i.e. best guaranteed return plan.

It is essential for everyone to do financial planning so that they can have better protection against unexpected expenditures. With multiple insurance companies offering several insurance plans with numerous benefits, it is easy for people these days to plan for financial stability in life. By investing in the best-guaranteed income plans, you can be certain about getting guaranteed returns which will help in fulfilling your goals to a great extent.

However, before investing in any plan, it is better to evaluate the plan in detail to know if it allows enough benefits of life coverage and maturity. Further, it should also provide death benefits to the beneficiary after you are gone. Along with these, bonuses, tax deductions, regular income, and peace of mind are benefits that you get out of these guaranteed plans.

What is a Guaranteed Income Plan?

A guaranteed income plan is basically an investment plan that comes with a predetermined rate of return. A guaranteed income plan is usually opted for by people who are trying to create a corpus for their retirement years. Guaranteed income plans are designed keeping the needs of the customers in mind. The guaranteed income plan works like a regular income which can be received on a monthly, quarterly, half-yearly, and yearly basis.

Eligibility Criteria to Buy a Guaranteed Income Plan in India

People falling in the age bracket of 18-60 years can buy this plan. The policy term extends between 10 years and 30 years for them.

Features of Guaranteed Income Plans 2023

The features of guaranteed income plans are mentioned herein below:

• This plan provides a regular income to the policyholders for a term that varies from 10-30 years
• The policyholders can avail of reversionary bonus as well as terminal bonus during maturity
• The plan offers maturity benefits and also death benefits
• Policyholders can avail of tax exemption benefits.

Benefits of Guaranteed Income Plans

Guaranteed Income Plans come with various benefits, which include:

1. Maturity benefits

On the maturity of one such plan, the insured gets a bonus as well as a terminal bonus, if any.

2. Death benefits

If the insured passes away within the term of the policy, the nominee receives the basic amount guaranteed with terminal or reversionary bonuses.

3. Riders

You can get riders or add-ons with this plan. This will help you to enhance your coverage.

4. Tax benefits

With guaranteed income plans, one can avail of tax benefits under section 80C of the Income Tax Act, 1961. The premiums you pay for the plan are eligible for a tax deduction.

Traditional Plans in India

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10 Best Guaranteed Income Plans 2023 in India

Below we are discussing 10 such best-guaranteed income plans/guaranteed return plans in India to invest in 2023:

1. ICICI Prudential Cash Advantage Plan

The ICICI Prudential Cash Advantage Plan is one such plan that augments the regular income of the insured. It is a plan that offers an assured cash payout that starts at the end of the premium payment year.

Eligibility of ICICI Prudential Cash Advantage Plan:

Features of ICICI Prudential Cash Advantage Guaranteed Income Plan:

• Single lump sum payout
• Convenient mode of premium payment
• Complete protection for the entire family (in case of death of the insured)
• Provide a bonus if announced by the insurer

2. Max Life Guaranteed Income Plan 

Max Life Guaranteed Income Plan is another money-back plan that allows the insured to receive guaranteed income for over 10 years. If the insured passes away during the term of the policy, the nominee of the insured receives a lump sum death benefit.

Eligibility of Max Life Guaranteed Income Plan:

Features of Max Life Guaranteed Income Plan:

• Can change the mode of the benefit earned after the plan matures
• Allow transfer of income as a lump sum amount rather than receiving as monthly pay
• The minimum sum assured is 1 lakh rupees
• The minimum policy age is 25 years for entry
• No loan facility is available with this plan
•  A Surrender benefit is available

3. Bajaj Allianz Save Assure Plan 

The Bajaj Allianz Save Assure plan is again a conventional endowment plan that allows the insured a chance to earn money through savings by obtaining life insurance protection. The term of the policy is 15 years and 17 years and it comes with numerous benefits. Its limited payment of premium options helps in managing the financial needs of the insured at the time of emergency.

Eligibility of Bajaj Allianz Save Assure Plan:

Features of Bajaj Allianz Save Assure Guaranteed Income Plan:

• Suits best for those wanting to improve their financial conditions
• The minimum sum assured is Rs.1 lakh with no maximum limit
• Offers high sum assured concession to save money

4. LIC New Jeevan Anand

LIC New Jeevan Anand is a traditional plan. It is a non-linked endowment policy with participating options. This is the plan to choose if you want an assured income plan with the best guarantee and a life without trouble.

Eligibility of LIC New Jeevan Anand:

Features of LIC New Jeevan Anand Guaranteed Income Plan: 

• The minimum sum assured is Rs.1 lakh, while there is no maximum limit
• Comes with several benefits
• Policy duration is 15 to 35 years, which can be selected as per the requirement
• The minimum age of entry is 18 years, while 50 years is the maximum age of entry

5. Edelweiss Tokio Life G CAP Plan

The Edelweiss Tokio Life G CAP Plan supports the insured in gaining wealth to allow them to reach their life goals. The plan comes with a guaranteed benefit on maturity along with death benefit. It also offers an assured accrual. This is a non-linked plan that is available with death and maturity profit.

Eligibility of Edelweiss Tokio Life G CAP Plan:

Features of Edelweiss Tokio Life G CAP Guaranteed Income Plan: 

• Assured advantages
• Allow the insured to choose the policy period and terms of premium pay
• The minimum entry age is 91 days, while 55 years is the maximum age of entry
• The policy can be bought for different durations of 10 years, 15 years, 20 years, 25 years, and 30-year as per requirement

6. SBI Life Smart Money Back Gold Plan 

The SBI Life Smart Money Back Gold Plan is a money-back policy with non-linked options.

Eligibility of SBI Life Smart Money Back Gold Plan:

Features of SBI Life Smart Money Back Gold Plan:

• The minimum sum assured is Rs.75,000, while there is no maximum limit
• The plan offers 4 options to suit your needs
• It offers rider benefits for comprehensive coverage
• The plan offers high protection
• The plan duration differs for 4 of its options including 12, 15, 20, and 25 years

7. Canara Smart Monthly Income Plan

This plan from Canara bank suits those who want to enjoy fixed monthly pay and bonus. Under this plan, you can pay limited premiums for over ten years to receive an initial income per month of 2000 rupees. In this guaranteed monthly income plan, monthly income increases slowly in multiples of 100. You are also entitled to enjoy a bonus as well as a final bonus at the time of maturity with this plan.

Eligibility of Canara Smart Monthly Income Plan:

Features of Canara Smart Monthly Income Plan:

• This guaranteed return investment plan allows the insured to earn high revenue
• Discounts available on high sum assured
• Monthly income begins after the 10th year period and continues with 15 years of pay-out

8. Tata AIA Life Insurance Secure 7 Plan 

This is a non-participating plan of the endowment. This guaranteed return insurance plan safeguards return on investment. Under this plan, you need to pay the premiums for 7 years and can start receiving guaranteed income as offered by the insurer from the 8th year onwards.

Eligibility of Tata AIA Life Insurance Secure 7 Plan:

Features of Tata AIA Life Insurance Secure 7 Guaranteed Income Plan:

• Maturity benefit is available on a 25% sum assured
• Ensure more income for the insured person
• The minimum assured sum is Rs.2.5 lakhs, while there is no maximum amount fixed

9. HDFC Life Sampoorn Samridhi Plus Plan 

This HDFC-guaranteed return plan is available in 2 options including a simple endowment plan and an endowment plan. The first one allows long-term savings, while the second one allows whole-life insurance.

Eligibility of HDFC Life Sampoorn Samridhi Plus Plan:

Features of HDFC Life Sampoorn Samridhi Plus Guaranteed Income Plan:

• It is a best-guaranteed return plan
• The minimum sum assured is Rs.65463 and no maximum limit is set
• The plan helps the insured to generate high income

10. PNB Metlife Money Back Plan

This is a traditional and best-guaranteed income plan with money-back that offers easy liquidity via regular payouts.

Eligibility of PNB Metlife Money Back Plan:

Features of PNB Metlife Money Back Plan:

• The minimum sum assured is 2.5 lakhs rupees, while the maximum is 2.5 crores rupees
• The plan doesn’t have any loan facility or additional rider facility
• 10% of the sum assured is received as a survival benefit during the fifth to nine years
• The duration of the plan is 10 years
• It allows more returns to the insured

You can buy a guaranteed income plan online. All that you would need to do is to find the right portal and provide the required details.

Read More: Why Should You Invest in a Guaranteed Return Plan?

How Does a Guaranteed Return Insurance Plan Work?

• Under the Guaranteed Return Plans, the investor pays the premium to the insurer and in return the insurer guarantees an income at maturity at a particular interest rate over a pre-specified time period ranging between 5 to 30 years
• However, depending on the market conditions as well as the interest rates offered while buying the plan, the return received by the investor from the insurer might vary
• The Guaranteed Return Insurance plans are dissimilar from the traditional life insurance policies. The traditional plans are focussed on the death benefit offered, whereas the guaranteed return insurance plans are designed to offer assured return to the investor
• Another interesting feature of the guaranteed return plans is that the policyholder can either receive the payout on a regular basis or can get the accumulated amount at the end of the policy term
• Further, the policyholder can even surrender the policy prior to the end of the policy tenure and choose to receive a lump sum payout

When Should You Buy Guaranteed Return Insurance Plan

Whether and when to buy a guaranteed return plan would depend on the financial goals of an investor. For instance:

• People may buy a guaranteed return plan to secure the future of their children
• These plans are chosen by some to save an extra amount as a second income option
• Some people may opt for guaranteed income to serve as a retirement fund which is free from market risks
• Overall, the guaranteed plans are suitable for any life goals at any age

How to Buy the Best Guaranteed Income Life Insurance Plan Online?

The process of buying a life insurance policy online is very simple. All you need to do is to visit the official portal of the insurer you want to buy the policy from and follow the steps mentioned below. Alternatively, you can also visit paybima.com to buy the best GRP online.

• You can use the GRP calculator to furnish information like age, gender, DOB, income, if you are an alcoholic or you consume tobacco, if you are a salaried individual or are self-employed, etc.
• Once you provide such information in the calculator, you can see the different premiums from varied insurers being displayed on the screen. Now, as per your need modify the details like coverage amount, term of policy, mode of premium payment, mode of claim settlement and so on. Once you modify and submit the details, you will get the premium amount that needs to be paid for the plan
• Now, you can choose from among the plans and buy the best plan by paying the premium online to the insurer

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