Gift a Secured Future on This Dhanteras 2022 with PayBima Khushi Ka Tohfa

Dhanteras – a word formed by joining two important words – Dhan and Teras. While Teras means the 13th day of the Hindu calendar month, Dhan means wealth. Dhanteras is, thus, the auspicious 13th day wherein Hindus celebrate wealth. The day is usually celebrated by buying new things as dhanteras gift, whether it is home appliances, car, house, or gold and silver.

With Dhanteras marking an important financial day, planning for your financial goals is a good idea. While you buy new things for yourself and your home, do you think about financial security?

Financial security is important as it makes you financially stress-free. It involves making a fool-proof provision for your financial goals so that an eventuality does not affect your financial plan. So, how do you do that?

A simple way to create a secured financial future is giving a dhanteras special gift through a guaranteed return plan. Let’s understand how 

Guaranteed return plan – the concept

Guaranteed return plans are traditional endowment or money back life insurance policies that help you save for your financial goals. These plans usually pay a guaranteed benefit on premature death or maturity that is why they are named so. Under guaranteed return plans, you can choose the sum assured, tenure and premium paying term. Thereafter, you can pay premiums for the chosen tenure and create a secured corpus for your needs. This is ideal as gifts on dhanteras– peace of mind!

Why guaranteed return plans make sense?

Here are some reasons which make guaranteed return plans a suitable way to create a secured future –

1. Inbuilt life insurance coverage

Guaranteed return plans are life insurance plans. As such, they offer life insurance coverage throughout the policy tenure. Some plans also offer coverage for up to 100 years of age so that you can enjoy lifelong coverage and get financial protection in the event of premature death.

This life insurance coverage is the aspect which gives security just like term life insurance plans. Irrespective of the investment that you made in a guaranteed return plan, in the case of death, a guaranteed benefit is paid which provides financial security. You can rest assured that even in your absence the plan would offer a financial benefit which can help your family meet its financial goals and be one of your finest dhanteras gift items.

2. The benefit of bonus and other additions

Many guaranteed return plans are offered as participating insurance policies. Such policies earn bonus additions if the insurer declares a bonus. These bonus additions enhance the maturity or death benefit and pay an additional return on investment.

Moreover, plans which do not offer bonus offer other forms of additions like guaranteed additions, loyalty additions, wealth boosters, etc. These additions also help in enhancing the benefit pay-outs and thus, help in wealth creation.

3. Guaranteed returns

As the name suggests, guaranteed return plans offer guaranteed returns since the plans are not linked to the market. As such, the benefit pay-outs do not depend on the market performance. Irrespective of the market movements, you get guaranteed benefits on maturity or death.

This is especially helpful when the markets are volatile or when they are falling. Moreover, if you are risk-averse, guaranteed returns can help you accumulate a safe corpus which is unaffected by market conditions.

4. Tax benefits

Lastly, you also get tax benefits when you choose guaranteed return plans for your financial planning. The premiums that you pay for the policy, subject to them being up to 10% of the sum assured, are allowed as a tax-free deduction. You can claim a deduction of up to Rs.1.5 lakhs on the premium amount under Section 80C. If you fall in the 30% tax bracket, this deduction helps you save Rs.45, 000 in taxes.

Besides the tax benefit on premiums, you get tax benefits even on the death and maturity amounts. The death benefit is completely tax-free in the hands of your nominee. In the case of maturity benefits, if your premium was up to 10% of the sum assured, the entire benefit also becomes a tax-free income under Section 10(10D). So, besides creating a corpus, you can also plan your taxes with guaranteed return plans and can prove to be one of the best dhanteras gifts possible.

These benefits make guaranteed return plans an ideal choice for goal planning. You can choose a plan that matches your goals and then invest in it to create a guaranteed corpus for your goals. The insurance coverage secures the corpus and provides financial security like term life insurance policy but with guaranteed returns to ensure that your dream for the family’s financial future is secured!

So, this Dhanteras, look to the future. Think about gifting the benefit of financial security to yourself and your family. Invest in guaranteed return plans and make provisions for the fulfilment of your financial goals whether you are around or not. 

Also read: Buy a Life Insurance Plan that Offers Guaranteed Returns!

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