It takes constant effort and perseverance to meet up all short and long-term financial goals at the right time. Although needs are endless, yet your financial strength can count for everything.
Hence, it is very important for an individual to maintain financial stability at every stage of life to ensure the financial security of his/her loved ones even when (s)he is not around them. Understanding the importance of financial stability, insurance companies offer guaranteed income plans.
The guarantee word is itself very fascinating, and being added to regular payouts, these plans become leverage for risk-averse investors. These plans provide dual benefits, including life insurance along with maturity benefits and guaranteed earnings in the form of yearly, monthly, or quarterly payouts decided by the policyholder at the time of purchasing the policy.
So if you buy a guaranteed income plan, you are liable to get guaranteed periodic payouts after the maturity of the policy. The amount of the payouts depends on the mentioned percentage of your main corpus (i.e. sum assured).
If you are a person who wishes to build up a significant corpus or source of regular income in your old age, then this plan is ideal for you. Any individual who falls in the age group of 18-60 years (this may change as per the respective plan) can buy a guaranteed income plan and enjoy all the benefits that come with the plan. In general, the policy term ranges from 10 to 30 years, and it is not dependent on the market’s performance.
It is a money-back insurance plan, which offers a life cover with guaranteed regular income benefit for a payout period of ten years.
|Age at entry||25-60 years|
|Maximum maturity age||66 years|
|Premium payment mode||Annually|
|Policy term||6 years or 12 years|
|Minimum annualized premium for a 6-year policy term||Rs. 75, 000|
|Minimum annualized premium for a 12-year policy term||Rs. 20, 000|
|Maximum annualized premium for both 6 and 12 years policy term||No limit|
It is a participating non-linked endowment assurance plan in LIC offering insurance coverage and risk-free saving under one roof.
|Age at entry||18 - 50 years|
|Maximum maturity age||75 years|
|Premium payment mode||Yearly, Half-yearly, quarterly, monthly|
|Policy term||15 - 35 years|
|Premium amount||Depends on the age of the policyholder, sum assured and term|
|Loan facility against the policy||After three years|
|Minimum sum assured||Rs. 1 lakh|
|Maximum sum assured||No limit|
|Mode of premium payment||Rate of rebate|
|Quarterly or monthly||No rebate|
|Amount of sum assured||Rate of rebate|
|INR 2,00,000 to 4,95,000||1.50% of the sum assured|
|INR 5,00,000 to 9,95,000||2.50% of the sum assured|
|INR 10,00,000 and above||3.00% of the sum assured|
It is one of the ideal plans to meet your financial goals through guaranteed income and bonuses, offered by Canara HSBC and OBC.
|Premium Payment term||15 years|
|Age at entry||18 - 55 years|
|Maximum maturity age||43-80 years|
|Premium payment mode||Yearly and monthly|
|Policy term||25 years|
|Premium amount||Depends on the age of the policyholder, premium mode and income chosen|
|Sum assured||100 times the chosen monthly income|
|Minimum income||Rs. 2,000 per month (thereafter in multiples of 100)|
SBI offers this participating non-linked money-back plan to support your financial needs at crucial points in your life.
|Minimum age at entry||14 years|
|Maximum age at entry||45 years (for regular premium), 55 years (for limited and single premium)|
|Maximum maturity age||70 years|
|Premium payment option||Regular premium/Limited premium/ Single premium|
A: Sum assured on death along with vested simple reversionary bonus and terminal bonus, if any
B: Minimum death benefit (ie. 105% of all premiums payable)
It is an endowment plan that offers twin benefits of life coverage and long-term savings for the financial security of your family.
|Age at entry||30-60 years|
|Maximum maturity age||18-75 years|
|Premium payment option||Yearly, Half-yearly, Quarterly and Monthly|
|Policy term||15-40 years|
|Minimum sum assured||Rs. 65,463|
|Maximum sum assured||No limit|
This guaranteed income plan offers guaranteed additions, expressed as a percentage of sum assured at the time of maturity of the plan or death of the policyholder.
|Policy term||Guaranteed additions|
|15-19 years||3 % p.a.|
|20-24 years||4 % p.a.|
|25 years or above||5 % p.a.|
At the time of maturity of the plan, the policyholder will receive -
The policyholder also gets some rebate on premium as follows -
|Sum assured on maturity (in INR)||Rate of rebate (per 1000 Sum Assured on Maturity)|
|150,000 to less than 300,000||4.5|
|300,000 to less than 500,000||6|
|500,000 and above||7.5|
In the case of the death of a policyholder, the nominee will get the death benefit.
In today's situation, it is really essential to think about your savings and life insurance. Guaranteed income plan is one of the suitable insurance products, which offers life insurance with guaranteed returns. Compare guaranteed income plans online and enjoy the benefits of regular periodic payouts, bonus facility, life coverage and more.
Published : 29 June 2020
Written By : Naval Goel
Last Updated : 25 March 2021
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