Long- Term Income Plans

Long-Term Income Plans are strategic financial products that combine the benefits of life insurance and a guaranteed stream of income. What sets it apart is its unique feature of providing periodic "money-back" payouts at specific intervals known as "Survival Benefits" and also offer lump sum amount at the time of maturity. In this article, let us learn about the details and benefits of the Long Term Income Plans.

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About Long- Term Income Plans

Long-Term Income Plans are money-back policies with a mix of insurance plan and investment plan offered by insurance companies. These are designed to provide you with regular payouts over a long period while also offering life insurance coverage.

The income is paid out to you in the following ways:

  • Regular instalments, also known as Survival Benefits

  • Lump sum amount when the policy matures or in case of your unfortunate demise

The amount of income you receive from the Long Term Income Plans depends on the following factors:

  • Premium Amount

  • Policy Term

  • Premium Payment Term

  • Premium Payment Frequency

Long Term Income Plans are a good option for you if you want to:

  • Purchase a tax-saving investment that gives you yearly tax benefits.

  • As a retirement plan to get regular income during your retirement years.

  • Save for a specific goal, such as your child's education or a major expense like a wedding.

  • Protect your family financially in the event of your untimely demise.

These best investment plans secure both your financial future and the well-being of your loved ones. This makes them a comprehensive solution for long-term financial planning.

Best Long- Term Income Plans in 2023

Money-Back Plans Entry Age Policy Term (PT) Premium Payment Term (PPT) Life Cover Total Sum of Monthly Payouts (Between 13th - 42st Policy Year) Lump Sum Payout (on 42nd Policy Year)
Max Life SWP- Long Term Income 18 – 60 years 7 - 11 years 6/ 10 years Rs. 12.8 lakhs Rs. 42.6 lakhs Rs. 11.7 lakhs
ICICI Pru Life GIFT- Assured Income with ROP 18 – 60 years 8 -11 years 7/ 10 years Rs. 12 lakhs Rs. 38.1 lakhs Rs. 13.2 lakhs
ABSLI Assured Income Plus- Income with Lump Sum Benefit 18 – 60 years 5 - 17 years 5/ 6/ 8/ 10/ 12 years Rs. 15.1 lakhs Rs. 36.4 lakhs Rs. 14.4 lakhs
TATA AIA Fortune Guarantee Plus- Regular Income 18 – 60 years 5 - 17 years 5 - 12 years Rs. 14.2 lakhs Rs. 37.1 lakhs Rs. 11.3 lakhs
Bajaj Allianz AWG- Second Income with ROP 18 – 60 years 99 - Entry Age 7/ 8/ 10/ 12 years Rs. 15 lakhs Rs. 35.2 lakhs Rs. 12 lakhs

Details of Best Long- Term Income Plans

The details of the above- mentioned best money- back policies for the long term are as follows:

  1. Max Life SWP- Long- Term Income Plan

    Max Life SWP- Long Term Income plan is a non-linked, non-participating, individual life insurance savings plan. The plan provides guaranteed income during your retirement or other long-term financial goals. 

    Key features of Max Life SWP- Long-Term Income Plan:

    • You can choose to receive a guaranteed income for a period of up to 25/30 years, starting from the end of the premium payment term.

    • The income benefit is payable monthly, quarterly, half-yearly, or annually, as chosen by you.

    • The amount of income benefit is guaranteed, even if the market performs poorly.

    • You can also choose to receive a lump sum amount at the end of the guaranteed income benefit term.

    • The plan also offers accrued guaranteed additions during the last four policy years, if applicable.

    • You can also opt for the following rider options in this long- term income plan:

      • Waiver of Premium Plus Rider

      • Accidental Death and Dismemberment Rider

      • Critical Illness and Disability Rider

      • Term Plus Rider

    • This long term income plan offers tax deduction on premiums under Section 80C and tax benefits on maturity amounts under Section 10 (10D) of the Income Tax Act, 1961.

  2. ICICI Pru Life GIFT- Assured Income with ROP

    ICICI Pru Guaranteed Income For Tomorrow (GIFT) is a long- term investment option that secures your family's financial future with life insurance coverage and also ensures guaranteed income to save for your goals.

    Key features of ICICI Pru Life GIFT- Assured Income with ROP:

    • You can choose to pay premiums for 7 or 10 years (PPT) with this long term income plan.

    • Guaranteed income is provided for 15, 20, 25 or 30 years income period.

    • You will also get 110% of the total premiums paid by you as a Terminal Benefit at the end of the policy term, along with the last income instalment.

    • The life cover is available for the entire policy term.

    • The income is paid out monthly, quarterly, half-yearly or yearly, depending on your choice.

    • The income is guaranteed, even if the policyholder dies during the Income Period.

    • This long term income plan is eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

  3. ABSLI Assured Income Plus- Income with Lump Sum Benefit

    The ABSLI Assured Income Plus is a long-term income money- back plan that provides you fully guaranteed returns as income and life coverage.

    Key features of ABSLI Assured Income Plus Plan:

    • You can choose the policy term from 5/ 7/ 10/ 12 years.

    • The ABSLI Assured Income Plus offers two plan options:

      • Income only benefit

      • Income with lump sum benefit

    • You will receive a guaranteed income for 20, 25 or 30 years of income period.

    • A death benefit is provided in lump sum as 100% of the total premiums paid in case of your unfortunate demise.

    • You get a life cover for the entire policy term with this long term income plan.

    • You can choose to get the income payouts monthly, quarterly, half-yearly or yearly.

    • The income is guaranteed, even if the policyholder dies during the income period.

    • The policy is eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

    • You have the option to choose a Guaranteed Lump sum Benefit (GLB) at the end of the income period. The GLB will be a percentage of the premiums paid and will increase with the policy term.

    You can also choose to add riders to this long term income plan to get additional benefits to you and your family, such as:

    • Accidental death benefit rider

    • Critical illness rider

    • Surgical care rider

    • Waiver of premium rider

  4. TATA AIA Fortune Guarantee Plus- Regular Income

    TATA AIA Fortune Guarantee Plus is a money- back policy that provides a guaranteed income for a long period of time, which can help you meet your financial goals, such as retirement planning, children's education, or medical expenses.

    Key features of TATA AIA Fortune Guarantee Plus:

    • You can secure a guaranteed tax-free income for up to 45 years with this long- term income plan.

    • Pay premiums monthly, quarterly, half-yearly, or annually at your convenience.

    • Gain protection against 40 critical illnesses, along with health coverage.

    • Achieve financial goals like buying a car or your dream house with guaranteed tax-free income.

    • You can also choose to get a portion of your fund in a lump sum at the end of the policy term.

    • Access immediate online medical consultations across 23+ specialities.

    • You get the choice to tailor your plan: choose payment mode and plan type (regular income or regular income with critical illness benefit).

    • This long term income plan also provides life coverage for your spouse with the joint life policy option.

    • You can avail of tax benefits under Section 80C and Section 10(10D) of the IT Act, 1961 with this long term income plan.

  5. Bajaj Allianz AWG- Second Income with ROP

    Bajaj Allianz AWG- Second Income with ROP is a non-linked and non-participating life insurance savings plan that provides financial security for your family in your absence and also an assurance of guaranteed survival benefits as a regular income.

    Key features of Bajaj Allianz AWG- Second Income with ROP:

    • You can opt for single, limited, and regular premium payment options in this long- term income plan.

    • The benefits of this Money Back Policy can be extended to your spouse with a Joint Life Option.

    • You can choose from the income periods of 25 or 30 years.

    • The premium payment term of 5, 7, 10 or 12 years is offered.

    • You can choose the deferment period of 0, 1 or 2 years.

    • You will receive a guaranteed income for the chosen income period.

    • The income will be paid out monthly, quarterly, half-yearly or yearly, as per your choice.

    • You can get the sum of all premiums paid (ROP) at the end of the income period.

    • You can also get a terminal benefit of 110% of the total premiums paid in case of death during the income period.

    • This long term income plan offers you tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

Summing It Up

The long-term income plans offer a balanced approach to financial security and periodic returns. With the dual benefits of insurance coverage and regular payouts as Survival Benefits, these plans provide you with a reliable way to meet your long-term financial goals while ensuring protection for your loved ones. These Money Back Policies are a unique combination of savings and insurance that makes them a prudent choice for those seeking steady returns and future financial stability.

FAQ's

  • What is the long- term income option?

    A Long Term Income Option is a type of financial product where you invest money for a specific period. During this time, you receive a portion of your investment back at regular intervals as money back payouts along with a life cover. After the plan matures, you also get back the remaining invested amount.
  • Which policy gives monthly income?

    The following policies provide monthly income:

    • Money Back Policies

    • Retirement Plans

    • Annuity Plans

    • Post Office Monthly Income Scheme (POMIS)

    • Senior Citizen Saving Scheme (SCSS)

  • Is there any long- term income policy for 10 years?

    Yes, there are many long term income policies for 10 years. Some of the popular ones include:

    • Max Life SWP Long Term Income

    • ICICI Pru Life GIFT Assured Income with ROP

    • TATA AIA Fortune Guarantee Plus Regular Income

  • Are long term plans a good option?

    Yes, if you are looking for a safe and secure investment option with the potential for regular income, then long term plans are a good option for you.

    However, you must consider your financial goals, risk tolerance, investment horizon, and budget before making a decision on the best long term income plan.

Past 5 Year annualised returns as on 01-03-2024

^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.

Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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