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.
A guaranteed income plan is basically an investment plan that comes with a predetermined rate of return.This 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.
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:
- A regular income provided 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.
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.
3. Riders
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.
You can get riders or add-ons with this plan. This will help you to enhance your coverage.
4. Tax benefits
With these plans, one can avail of tax benefits under section 80C of the Income Tax Act, 1961.
ICICI Prudential Cash Advantage Plan, which increases the insured's regular income. A assured cash payout under this plan will begin at the end of the year in which premiums are paid.
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
The Max Life Guaranteed Income Plan provides a guaranteed income for a period of 10 years or more, and in case the insured dies during the policy term, their nominee receives a lump sum as a death benefit.
Features of Max Life Guaranteed Income Plan:
– Can change the mode of the benefit earned after the plan matures
– Option for lump sum income transfer instead of monthly payments.
– The minimum sum assured is 1 lakh rupees
– No loan facility is available with this plan
– A Surrender benefit is available
The Bajaj Allianz Save Assure plan is a 15 to 17-year endowment policy that provides life insurance protection and savings opportunities, with additional benefits and flexible premium payment options to assist with financial emergencies.
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
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
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.
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
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
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.
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
"This non-participating endowment plan guarantees investment returns and requires premium payments for 7 years, after which guaranteed income can be received 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
"This non-participating endowment plan guarantees investment returns and requires premium payments for 7 years, after which guaranteed income can be received from the 8th year onwards."
Features of HDFC Life Sampoorn Samridhi Plus GRP :
– 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
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