Which Plan Gives Guaranteed Income for Life?
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The Covid-19 pandemic has contributed to greater understanding and risk-averseness. Nowadays, it has been very difficult for many individuals to preserve financial security. With health and life-threatening threats rising along with a turbulent economy, individuals want to protect their lives and their wealth. In times guaranteed income plans serve to help one combat the uncertainties of life with absolute certainty.
What Are Guaranteed Income Plans?
Guaranteed income policies provide a life cover along with maturity benefits and guaranteed additions to your investment corpus. These plans provide a monthly income equivalent to a certain percentage of the sum assured of the policy. You can choose to receive the plan benefits yearly, half-yearly, quarterly or monthly basis. The life cover provided under these plans help you maintain the financial stability of your loved ones in your absence.
Also Read:- Money Back Plans V/S Other Life Insurance Plans
List of Best Guaranteed Income Plans In India 2021
There are a number of insurance companies which offer fixed income plans that help you secure your future with guaranteed benefits. Following is the list of the best plans which provide a guaranteed income to you.
|
Guaranteed Income Plan |
Unique Features |
|
Bajaj Allianz Life Flexi Income Goal |
This non-linked, participating guaranteed income life insurance scheme offers up to 40% equity exposure depending on the variant chosen under the policy. |
|
PNB MetLife Guaranteed Income Scheme |
Under the assured income gain, policyholders may earn daily annual income ranging from 11 to 13 percent of the basic amount covered on the basis of their period of payment of the premium. |
|
IndiaFirst Life Assured Benefit Scheme |
This plan is a limited premium payment term plan. |
|
Max Life Guaranteed Income Plan |
The monthly income under this plan will double after 5 years of guaranteed monthly income payout period of 10 years. |
|
Tata AIA Guaranteed Monthly Income Plan |
You can avail the benefit of receiving monthly income from 8.35% to 13.03% of total premiums paid. |
1. Bajaj Allianz Life Flexi Income Goal
Under Bajaj Allianz Life Flexi Income Goal plan you can avail dual benefits of life cover along with liquidity. This plan offers you the flexibility to receive the benefits under the policy as a lump sum amount or as regular incomes, after the premium payment term finishes. Under this plan you also get an option to get a cash bonus from the first month of the policy.
2. PNB MetLife Guaranteed Income Scheme
This PNB Scheme is a non-linked, non-participating savings plan that offers the policyholder a fixed income plan. The policyholder can earn a lump-sum payout from which they will reflect on their major goals, such as reaching significant milestones of their child's education, or fund their annual holidays with the help of this investment package.This package includes a fixed maturity benefit and life-span for the full programme term. You may opt to pay premiums for 5, 7, 10 or 12 years. In addition to the fixed income payment, one provides 30 to 55% of the basic income benefit.
3. IndiaFirst Life Assured Benefit Scheme
A non-linked, non-participating savings life insurance plan that includes dual benefits of guaranteed investment and security in a single policy. This plan offers guaranteed maturity benefits, cash back along with life cover. You can choose to receive the benefit payouts as a lump sum amount or as regular incomes for a period of time.
4. Max Life Guaranteed Income Plan
Max Life Guaranteed Income plan provides life cover along with guaranteed monthly payouts for 10 years after completion of premium payment term of the policy. This plan will provide death benefit to the nominee in case of an unfortunate death of the life assured, and the policy will remain in force.
5. Tata AIA Guaranteed Monthly Income Plan
Tata AIA Guaranteed Monthly Income plan provides life cover and a monthly income that helps you ensure that you meet your financial requirements in future. You get the flexibility to choose your monthly income payout under this plan.
You May Also Like To Read:- Features of a Money-Back Plan
Features Of SBI Life ‘Smart Future Choices’ Plan
Conclusion
Life insurance policies with guaranteed benefits are relatively expensive. They are designed to accommodate cautious investors who do not want any return uncertainty and want a certain guaranteed sum on maturity. Conservative investors willing to consider a little confusion about the maturity sum can stick to non-guaranteed (bonus-based) conventional life insurance policies.
