8 min read
Updated on Mar 16, 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.
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.
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.
The features of guaranteed income plans are mentioned herein below:
Guaranteed Income Plans come with various benefits, which include:
On the maturity of one such plan, the insured gets a bonus as well as a terminal bonus, if any.
If the insured passes away within the term of the policy, the nominee receives the basic amount guaranteed with terminal or reversionary bonuses.
You can get riders or add-ons with this plan. This will help you to enhance your coverage.
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.
|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|
Below we are discussing 10 such best-guaranteed income plans/guaranteed return plans in India to invest in 2023:
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:
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:
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:
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 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:
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:
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 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:
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:
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:
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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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.
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
Yes, under the sections 80C and 10D of the Income Tax Act, 1961, guaranteed income plans allow tax exemption.
Following are the list of investment options in India that offer excellent returns:
# Direct Equity Investment
# Mutual Funds
# RBI Bonds
# Bank Deposits
# Real Estate
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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