Maintaining financial stability, now a days, is becoming quite difficult. Understanding the need of financial stability, insurers have come up with guaranteed income plan. Catering to the risk-averse investors, guaranteed income plans offer life insurance along with maturity benefits and regular guaranteed payouts This plan offers financial security by providing regular income that is pre-defined percentage (selected by insured and insurer) of Sum Assured. The USP of the plan is that one can receive the income yearly, half-yearly, quarterly or monthly. This innovative insurance product is a traditional plan that comes with bonus facility where you need not worry about the ups and downs of market, rather you get to enjoy the maximized returns.
|
Plan Name |
Plan Type |
Entry Age |
Maturity Age |
Policy Term |
|
HDFC Life Click2Protect Plus |
Term Plan |
18 - 65 years |
28 - 75 years |
10 - 40 years |
|
ICICI Prudential Cash Advantage |
Money Back Plan |
0 - 60 years |
18 - 80 years |
15 - 20 years |
|
HDFC Life Sampoorn Samriddhi Plus Plan |
Endowment Plan |
30 - 60 years |
18 - 75 years |
15 - 40 years |
|
SBI Life Smart Money Back Gold Plan |
Money Back Plan |
4 - 25 years |
26 - 70 years |
12 - 25 years |
|
SBI Life - Saral Shield |
Term Plan |
18 - 60 years |
65years |
5 - 30 years |
|
Aviva i-Life Plan |
Term Plan |
18 - 55 years |
70 years |
10 - 35 years |
|
HDFC Life Sanchay Plan |
Endowment Plan |
30 days - 45 Years |
18 - 70 years |
15 - 25 years |
|
Canara HSBC OBC Smart Stage MoneyBack Plan |
Money Back Plan |
8 - 55 years |
70 years |
15 years |
|
Max Life Guaranteed Monthly Income Plan |
Money Back Plan |
25 - 65 years |
71 years |
6 - 11 yeasr |
|
Aegon Life Term Plan |
Term Plan |
20 - 65 years |
75 years |
10 - 75 years minus age at entry |
Guaranteed Income Plan is designed for salaried people who fall in the age bracket of 18-60 and policy term for them extends from 10 yrs to 30 yrs.
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 regular amount which is pre-defined percentage of sum assured.
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 years 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.
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.
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