Compare Guaranteed Income Plan
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.
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.
- 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
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.
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.
This plan comes with an inbuilt rider i.e. Accidental Death Benefit Rider