Traditional Plans in India

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.

Best Traditional Plans in India

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

Eligibility

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.

Features

  • It is a variant of Life Insurance plan that offers regular income for a specified term varying from 10-30 years.
  • 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 regular amount which is pre-defined percentage of sum assured.

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 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.

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.

 

Best Financial Calculators:

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                 Human Life Value Calculator

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                 Income Tax Calculator

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