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Compare the Best Traditional Plans

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  • What are Traditional Plans?

    • Traditional Plan is a conventional form of insurance which provides financial security to the insured's family in case of an eventuality and maturity amount if the insured survives the policy term. A major chunk of investment goes into debt instruments so as to secure the returns.
  • Why Invest in Traditional Plans?

    • If you cannot bear the turns and tumbles of equity market, then investing in Traditional Plans is the right thing for you. Put simply, it is an ideal investment for those who have a low risk appetite and looking for fixed returns without riding the lows and highs of market.
  • How much do I Need to Invest?

    • That totally depends on your personal needs and priorities. The investment amount is decided upon tenure of investment, investment goals and risk appetite. Since traditional plan works best in the long term, starting early and staying longer is the ideal way to go about it.
  • What are the Key Features of Traditional Plans?

    • Traditional plans promise both the risk cover and returns. The returns do not dip below a minimum guaranteed NAV. Charges involves are nominal. Allocation and switching between funds is at the discretion of the insurance company. The insured gets to enjoy the tax-benefits.
  • Documents Required (if any)

    • Age Proof
      Identity Proof
      Address Proof
      Income Proof
      Duly Filled Proposal Form
      You may need to undergo Medical Tests in some cases.

Compare Guaranteed Income Plan

Intro

Guaranteed Income Plan is the certification provided for your financial stability in today′s world where nothing comes with certainty. Understanding the need of financial stability, insurers have come up with this plan where guaranteed income of a pre-defined (selected by insured and insurer) percentage of Sum Assured is provided to the insured. Catering the risk-averse investors, guaranteed income plans offer life insurance along with maturity benefits and regular guaranteed payouts. The USP being, one can receive the income yearly, half-yearly, quarterly or monthly. This innovative and newer insurance product is a traditional plan that comes with bonus facility where you don′t need to worry about the ups and downs of market, rather you get to enjoy the maximized returns.

Eligibility

Guaranteed Income Plan is designed for salaried people falling in the age bracket of 18-60 and policy term extending from 10 yrs to 30 yrs.

Features

  • It is a variant of Life Insurance plan with regular income for a specified term varying from 10-20 years after the maturity
  • Offers vested reversionary bonus along with terminal bonus, if any, at the time of maturity
  • Provides death benefits as well as maturity benefits
  • Provides tax-benefits
  • Policy term varies from 10-30 years

Benefits of Guaranteed Income Plans

Maturity Benefit

At the time of maturity, insured is provided simple reversionary bonus along with terminal bonus, if any. If there is a payout period (approx. 15 years), you will be paid regularly the pre-defined percentage of sum assured after maturity.

Death benefit

In case of unfortunate event of death of the insured during premium paying term, the nominee is handed over the basic sum assured together with reversionary bonuses and terminal bonus, if any. And, the payouts are carried for the next 15 yrs or as mentioned in the policy.

In case of demise after premium paying term or during the payout period, the nominee receives the sum assured along with other benefits and the lump sum of payout left in the insured's account.

Income Tax Benefits

Tax deduction under Section 80(C) is available every year and tax exemption under Section 10(10D) is available on the Maturity Proceeds subjected to the terms and conditions.

Additional Rider

This plan comes with an inbuilt rider i.e. Accidental Death Benefit Rider