A Guaranteed Income Plan is a traditional life insurance plan that guarantees a fixed monthly income for life. The main goal of this type of plan is to provide you with guaranteed income for the rest of your life, regardless of what happens to the stock market or how much you save. This type of plan can be a good option if you are someone who doesn’t want to be bothered about managing investments and want to ensure coverage for your retirement years.
In this article, we explore the best-guaranteed income plans in India and also provide details about guaranteed income plans such as their features, benefits, eligibility criteria, and the various types of guaranteed income plans available in India. This article will give you a complete guide to Top Best Guaranteed Income Plans in India and provides information on the best income plans and contains all the necessary information, tips, and tricks that one needs to know about these plans. Before diving into the main topic let’s know what is guaranteed income plan is.
What is a Guaranteed Income Plan?
A Guaranteed Income Plan is a type of investment plan that provides a predetermined rate of returns. This type of plan is usually used in retirement planning and the investor's goal is to generate a steady stream of income for life.
The guaranteed income plans are specifically designed with your needs in mind. They offer life insurance and regular guaranteed payouts to provide you with a sense of security. The guaranteed income plan offers financial security by providing regular income at a pre-defined percentage of the sum assured. You can receive the guaranteed income in flexible options such as yearly, half-yearly, quarterly, or monthly as per your requirement.
Features of Guaranteed Income Plans
The basic features of a guaranteed income plan are as follows
- The age range for guaranteed income plans is between 18 to 60 years
- The policy term for this type of plan varies from 10-30 years.
- Guaranteed income plan provides a death benefit, and maturity benefit along with a bonus if any.
- It is a type of life insurance plan that provides monthly income for a defined period ranging from 10-30 years.
- It offers tax benefits as per income tax exceptions.
Benefits of Guaranteed Income Plan
- Death Benefits: The nominee of the insurance policy gets the basic amount guaranteed together with the reversionary/terminal bonuses, if any, in case of the unfortunate event of the death of an insured during a period.
- Maturity Benefit: When a life insurance policy matures, the life insured will earn both the bonus as well as any terminal bonus. If your policy duration is around 15 years, for example, you'll be given the standard rate of return - a predefined percentage of your annual payment.
- Tax Benefits: Guaranteed income policies provide certain tax benefits under section 80C of the income tax act, 1961. The premiums paid towards the insurance policy are eligible for a tax deduction. Additionally, any amount received through the policy maturity, surrender, or on the death of the life assured is tax-exempt under Section 10 (10D) of the Income Tax Act, subject to provisions stated therein.
- Riders: This plan comes with an add-on or riders to enhance your coverage. There are many types of life insurance riders available to get special rider benefits.
Top Best Guaranteed Income Plans in India
Below are the top best Guaranteed Income Plans in India
Max Life Guaranteed Lifetime Income Plan
Max Life Guaranteed Lifetime Income Plan helps to plan your retirement early. Max Guaranteed Lifetime Income Plan is a non-linked traditional annuity plan that guarantees a regular stream of income after your retirement.
Features and Eligibility:
| Entry Age |
30 years to 80 years |
| Maturity Age |
20 years |
| Policy Payment Term |
Single Pay |
| Premium Frequency Mode |
Yearly, Half-Yearly, Quarterly, Monthly |
| Benefits |
Guaranteed Income, Death Benefit, Payout Flexibility, Multiple Annuity Options |
Star Union Dai Ichi Guaranteed Money Back Plan
Star Union Dai Ichi Guaranteed Money Back Plan plays an essential role when you need payouts to meet your short-term financial needs.
Features and Eligibility:
| Entry Age |
13 years to 50 years |
| Maturity Age |
70 years |
| Sum Assured |
Rs. 3 Lakhs to Rs. 10 Crores |
| Policy Term |
10 years,15 years,20 years |
| Premium Payment Term |
10 Years |
| Premium Frequency Mode |
Yearly, Half-Yearly, Quarterly, Monthly |
| Benefits |
Guaranteed lump sum at the end of the policy, guaranteed money back of 200% of annualized premiums every 5 years. |
Edelweiss Tokio Life GCAP
Edelweiss Tokio life GCAP plan is a non-linked, non-participating life insurance plan which will help you maximize the wealth which can be generated from your income, so you can enjoy life to the fullest.
Features and Eligibility:
| Entry Age |
Minimum 91 days to Maximum 55 years |
| Maturity Age |
Minimum 18 years to Maximum 70 years |
| Sum Assured |
Rs. 3 Lakhs to Rs. 10 Crores |
| Policy Term |
10 to 30 years |
| Premium Payment Term |
5,7,10,12 years |
| Premium Frequency Mode |
Yearly, Half-Yearly, Quarterly, Monthly |
| Benefits |
An extra benefit for a higher premium, guaranteed returns, loan facility, protection against critical illness, waiver of premium, and additional riders. |
PNB MetLife Guaranteed Income Plan
Get an additional income along with a life cover to protect your loved ones in your absence with PNB MetLife Guaranteed Income Plan. It creates a second income to support your family and get a lump sum at maturity. It will help to meet important milestones in your child’s education.
Features and Eligibility:
| Entry Age |
Minimum 8 years |
| Maturity Age |
70 years |
| Sum Assured |
Rs. 3 Lakhs to Rs. 10 Crores |
| Policy Term |
5 years, 10 years |
| Premium Frequency Mode |
Yearly, Half-Yearly, Monthly |
| Benefits |
Additional Income, Fund your annual vacations, life cover |
IndiaFirst Life Guaranteed Income Plan
IndiaFirst Guaranteed Income Plan offers the benefits of a guaranteed savings plan as well as a traditional cover and regular assured income, the return of premiums, and life cover.
Features and Eligibility:
| Entry Age |
Minimum: 8 Years, Maximum: 60 years |
| Maturity Age |
70 years |
| Sum Assured |
Rs.2,40,000 to Maximum No limit |
| Policy Term |
5, 6,7,10 years |
| Premium Frequency Mode |
Yearly, Half-Yearly, Quarterly, Monthly |
| Benefits |
life cover, tax benefits, return of premium, long-term benefits, and riders |
Exide Life Guaranteed Wealth Plus
Exide Life Guaranteed Wealth Plus plan is a non-linked non-participating individual life insurance savings plan that provides financial security to your loved ones in your absence and also offers long-term guaranteed returns to help you fulfill your dreams. This plan offers two policy variants one is Lump Sum Variant and another one is Income Variant.
Features and Eligibility:
| Entry Age |
Min Entry age for Lump Sum Variant 3 years to Max 60 years Min Entry age for Income Variant 11 years to Max 60 years |
| Maturity Age |
Min Maturity age for Lump Sum Variant is 18 years to Max 75 years Min Maturity age for Income Variant is 48 years to Max 97 years |
| Sum Assured |
Rs.2,40,000 to Maximum No limit |
| Policy Term |
Lump-Sum Variant-15 years,12 years Income Variant-37 years |
| Premium Payment Term |
6 years |
| Premium Frequency Mode |
Yearly, Half-Yearly, Monthly |
| Benefits |
life cover, tax benefits, long-term benefits, and riders |
HDFC Life Sampoorn Samridhi Plus
HDFC Life Sampoorn Samridhi Plus plan is to build wealth and plan your legacy while enjoying lifetime coverage and two key elements of savings and protection, Additional Benefits in case of death due to an accident, and Limited premium payment term equal to policy term of fewer than 5 years.
Features and Eligibility:
| Entry Age |
Min 30 days to Max 60 years |
| Maturity Age |
Min 18 years to Max 75 years |
| Sum Assured |
Rs. 65k to 5 lakhs |
| Policy Term |
15 to 40 years |
| Premium Payment Term |
6 years |
| Premium Frequency Mode |
Annually, yearly, monthly, and quarterly. |
| Benefits |
Endowment maturity and death benefit, Endowment with whole life options. |
How to Buy the Best Guaranteed Income Life Insurance Plan Online
The process of buying a life insurance policy online has become simple with PolicyBachat. For buying a life insurance plan online please visit the PolicyBachat portal and follow the below steps.
- Step1: Enter the details such as Gender, Annual income from all sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step3: The next step is to select the best term insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details
Conclusion
Life insurance is a necessary purchase for most people. Nowadays it is essential to think about your savings and life insurance. Guaranteed income life insurance may be the best option for you because it offers life insurance coverage with guaranteed returns. Compare guaranteed income plans online and enjoy all the benefits such as bonus facility, life coverage, returns, additional income, etc.
PolicyBachat is an online insurance web aggregator where you can compare different types of life insurance policies with different insurers in one place.