10 Best Guaranteed Income Plans 2023 – Eligibility, Features and Benefits of Top Guaranteed Return Plans in India


8 min read

Updated on Mar 16, 2023

By investing in a 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.

Top Guaranteed Income Insurance Plans in India 2023

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.

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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 to Buy a Guaranteed Income Plan

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

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

Plan Name Plan Type Entry Age Age Policy Term
Aviva Dhan Samriddhi Money Back Plan 13-55 years 23-70 years 10,15 & 20 years
Aviva i-Life Plan Term Plan 18 – 55 years 70 years 10 – 35 years
Bajaj Allianz Save Assure Endowment plan 1-60 years 18-75 years 15/17 years
Bharti AXA Aajeevan Sampatti + Endowment Plan 91 days-60 years 100/85 years 100/85 years
Birla Sun Life Vision Endowment Plan Endowment Plan 1-55 years N/A 20 years
Canara Smart Monthly Income Plan Monthly Income Plan 18 years-55 years 43-80 years 25 years
Edelweiss Tokio Guaranteed Income Plan Endowment Plan 3-50 years 18-65 years 15 years
Exide Life Guaranteed Wealth Plus Guaranteed Plan 18-60 years Lumpsum Variant: 75
Income Variant: 97
Lumpsum Variant: 12 or 15
Income Variant: 37
Future Generali Assure Plus Endowment Plan 3-55 years 18 years-70 years 15-20 years/25 years
HDFC Life Click2Protect  Plus Term Plan 18 – 65 years 28 – 75 years 10 – 40 years
HDFC Life Sanchay Plan Endowment Plan 30 days – 45 Years 18 – 70 years 15 – 25 years
ICICI Prudential Cash Advantage Money Back Plan 0 – 60 years 18 – 80 years 15 – 20 years
India First Maha Jeevan Plan Endowment Plan 5-55 years 20-70 years 15-25 years
Max Life Guaranteed Monthly Income Plan Money Back Plan 25 – 65 years 71 years 6 – 11 years
PNB Metlife Money Back Plan Money Back Plan 13-55 years 65 years 10 years
Pramerica Life Magnum Assure Plan Endowment Plan 18-55/50 years 65 years 10 years & 15 years
Reliance Life Super Money Back Plan Money Back Plan 18-55 years 28-80 years 10,20,30,40-50 years
SBI Life – Saral Shield Term Plan 18 – 60 years 65years 5 – 30 years
SBI Life Smart Money Planner Traditional Savings Plan 18-60 years 75 years 15-25 years
Shriram New Shri Life Plan Endowment Plan 30days-65 years 18-75 years 10-25 years
Star Union Da-ichi’s Guaranteed Money Back Plan Money Back Plan 13-50 years 60,65 & 70 years 10,15 & 20 years

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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FAQs: Best Guaranteed Income Plans 2023 in India

What is a guaranteed income or guaranteed return plan?

A guaranteed income/guaranteed return savings plan is a non-linked traditional insurance policy. Since this plan is not connected to the market performance, it presents no risk to the insured. Returns in such plans are available in the form of guaranteed periodic pay-outs.

Which is the best guaranteed income plan in India?

Some of the best guaranteed return plans in India are:

# Bajaj Allianz Save Assure Plan.
# Max Life Guaranteed Income Plan.
# Canara Smart Monthly Income Plan.
# SBI Life Smart Money Back Gold Plan.
# HDFC Life Sampoorn Samridhi Plus Plan.
# Tata AIA Life Insurance Secure 7 Plan.
# LIC New Jeevan Anand.
# Edelweiss Tokio Guaranteed Income Plan

Are guaranteed income plans tax free?

Yes, under the sections 80C and 10D of the Income Tax Act, 1961, guaranteed income plans allow tax exemption.

Which investment gives high returns?

Following are the list of investment options in India that offer excellent returns:

# Direct Equity Investment
# Mutual Funds
# RBI Bonds
# Bank Deposits
# Real Estate

How do I get a guaranteed income for life?

You can get a guaranteed income for life by investing in a guaranteed income savings plan, which is a non-linked traditional insurance policy. This policy presents no risk and offers returns in the form of guaranteed periodic pay-outs.

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Apr 08, 2022
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