In a world where financial stability and future security are crucial, investing in the best guaranteed income plan becomes essential. If you are looking for a risk-free investment option that not only ensures a secure future for you and your family but also guarantees a steady flow of income, then Guaranteed Return Plans are the perfect solution. These plans offer a blend of life insurance and assured returns, making them a reliable choice for long-term savings. Let's explore the best guaranteed return plans in India for 2024, their features, benefits, and why they are the go-to option for risk-averse individuals.
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A Guaranteed Income Plan is a type of insurance policy designed to provide you with guaranteed returns on your investment after a specified period. These plans help you save a fixed amount of money over the long term while offering a guarantee that you’ll receive those savings plus an additional return. You can choose whether to receive this payout as a lump sum, in regular intervals, or as a lifelong income.
These plans are ideal for individuals who prefer stability and certainty over market-linked investments, which may offer higher returns but come with risks. By investing in a guaranteed return plan, you not only secure your future but also ensure that your loved ones are financially protected in case of unforeseen circumstances.
|
Plans Name |
Entry Age |
Maturity Age |
Policy Term |
Minimum Annual Premium |
|
ICICI Pru ASIP |
18-57 Years |
18-72 Years |
10-15 Years |
Rs. 50,000 |
|
Bajaj Allianz Assured Wealth Goal |
18-50 Years |
18-75 Years |
5-12 Years |
Rs. 50,000 |
|
TATA AIA Guaranteed Return Insurance Plan |
18-65 Years |
18- 85 Years |
5-12 Years |
Rs. 24,000 |
|
HDFC Life Sanchay Plus |
30 days - 45 Years |
18-70 Years |
15-25 Years |
Rs. 30,000 |
|
Bajaj Allianz Goal Suraksha |
18-50 Years |
28-65 Years |
10-20 Years |
Rs. 3,000 |
Guaranteed return plans offer stability, financial security, and peace of mind. These plans are best suited for individuals who prefer to save and grow their money without the risks that come with other market-dependent investments. Here are the core benefits of choosing a guaranteed return plan:
Risk-Free Returns: Unlike mutual funds or stocks, where returns depend on market fluctuations, a guaranteed return plan provides 100 percentage certainty on the income you'll receive.
Customisable Payout Options: You can tailor the payout structure as per your needs, whether you require a lump sum for large expenses or a steady income stream to meet ongoing financial commitments.
Life Cover: Along with the assured returns, guaranteed return plans offer life insurance coverage, ensuring your family is taken care of in your absence.
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These plans assure you a guaranteed income plan for a fixed term. You can choose to receive your payout as a lump sum, in regular intervals, or as lifelong income, depending on your financial goals.
You can opt for a guaranteed lump sum amount or set up long-term or short-term income plans. This flexibility ensures that your investment aligns with your specific needs, whether it’s saving for your childs education, buying a house, or planning for retirement.
A guaranteed life insurance policy provides financial protection to your family in the event of your untimely demise. This means your loved ones will receive not only the guaranteed returns but also a life cover benefit.
You can pay premiums at your convenience. The plan offers single, annual, half-yearly, quarterly, or monthly premium payment modes, allowing you to manage your finances more effectively.
The payouts received from a guaranteed return insurance plan are tax-free under Section 10(10D) of the Income Tax Act 1961, ensuring that your earnings are exempt from tax.
Guaranteed return plans are available to individuals aged between 18 and 60 years. The policy term can range from 5 to 30 years, offering flexibility based on your financial needs and goals. Whether you are a young professional starting your career or someone planning for retirement, these plans cater to a wide range of age groups and financial aspirations.
These plans offer complete certainty of return on your investment. You receive a predetermined amount at the end of the policy term, ensuring that your financial goals are met without any risk.
At the policy maturity, you receive the guaranteed sum along with any applicable bonuses, ensuring your savings have grown during the term of the policy.
In the unfortunate event of your demise, your family receives the sum assured along with any bonuses. This offers financial protection to your loved ones in your absence.
To enhance your policy coverage, you can opt for additional riders like accidental death benefit, critical illness cover, or waiver of premium, ensuring that you’re comprehensively protected against life uncertainties.
Guaranteed return plans are easy to understand and simple to manage, making them accessible to all types of investors, even those who are new to financial planning. You do not need to be an expert in finance to benefit from these plans, as they offer straightforward investment options with clear, guaranteed returns.
While guaranteed return plans themselves are risk-free, they serve as an excellent way to diversify your investment portfolio. By including a guaranteed return plan in your investment mix, you mitigate the risks associated with market-linked investments like mutual funds or stocks, ensuring that a portion of your wealth is always safe and growing steadily.
One of the significant advantages of the best guaranteed income plans is the tax benefit they offer, making them an even more attractive investment option.
The premiums you pay towards your guaranteed return plan are eligible for tax deductions under Section 80C of the Income Tax Act 1961, up to a maximum of Rs1.5 lakh per annum. This helps you save on taxes while securing your future.
The maturity benefits you receive at the end of the policy term are tax-free, provided the premiums do not exceed 10% of the sum assured. This ensures that your returns remain untaxed, allowing you to maximise your savings.
In case of the policyholders demise, the death benefit paid to the nominee is also exempt from taxes under Section 10(10D), offering further financial security to your family.
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A guaranteed return plan works by requiring you to pay premiums for a specified period, after which you are guaranteed a payout. Here how the process typically works:
You select a policy term (which can range from 5 to 30 years) and decide how you wish to pay the premiums—either as a lump sum, annually, or at shorter intervals.
Throughout the policy term, you pay regular premiums to the insurance provider. These premiums are invested by the insurer in safe, secure instruments that guarantee fixed returns.
At the end of the policy term, or at the intervals specified, you receive a guaranteed payout, which can be in the form of a lump sum or periodic payments. Some policies even offer the option of lifetime payouts, ensuring a steady flow of income post-retirement.
In the unfortunate event of the policyholders demise during the policy term, the nominee will receive the death benefit (the sum assured) along with any accrued bonuses, ensuring the familys financial security.
Depending on the type of plan, you may also receive bonuses such as reversionary bonuses or terminal bonuses, which are declared by the insurer based on their performance.
Before investing in the best guaranteed income plan, it’s essential to consider certain factors to ensure the plan aligns with your financial goals.
Determine why you need the plan. Are you investing to secure your child's education, buy a house, or plan for your retirement? Choosing the right plan depends heavily on understanding your financial objectives and matching them to the features and benefits of the policy.
These plans typically require a long-term commitment, ranging from 5 to 30 years. Ensure that the investment horizon matches your savings goals. If you’re saving for a short-term goal, these plans might not be the best fit due to the long lock-in period.
You need to assess how much premium you can comfortably pay without straining your finances. Choose a plan with flexible premium payment options (monthly, yearly, or single premium) that align with your financial situation.
Guaranteed return plans are ideal for risk-averse investors who want stable, predictable returns. If you are looking for higher, market-linked returns and are willing to take some risk, you may want to explore other investment options.
Consider whether you need extra coverage like critical illness or accidental death riders. These can provide enhanced protection but come with additional costs, so weigh the necessity of these riders against your current financial situation.
While these plans offer guaranteed returns, exiting the policy prematurely can result in a loss of benefits. Make sure you understand the surrender value of the plan and the penalties associated with early termination before committing.
Evaluate the tax benefits associated with the plan, especially the deductions available under Section 80C and the tax-free nature of payouts under Section 10(10D). This can significantly impact your overall savings.
When it comes to choosing the right guaranteed return insurance plan, OkBima stands out as a trusted insurance agency. At OkBima, we understand that your financial goals and future aspirations are unique. That's why we offer personalised insurance solutions that are tailored to your specific needs. Our experienced team provides expert guidance, helping you choose the best guaranteed income plan that not only secures your future but also offers life protection to your loved ones. With transparent processes and a client-first approach, OkBima is committed to helping you achieve financial peace of mind.
In today uncertain financial climate, having a secure investment option is crucial. By choosing a guaranteed return plan, you're not only safeguarding your future but also ensuring financial protection for your family. Whether you're looking to build a retirement corpus, save for your child education, or simply want a reliable income stream, guaranteed return plans are the safest option for risk-averse investors. So, take control of your financial future today and make the smart choice with a guaranteed return plan.
A Guaranteed Return Plan is an insurance-cum-investment product that offers a fixed, assured payout at the end of the policy term along with life insurance coverage. You pay regular premiums, and in return, you receive a guaranteed sum at maturity, regardless of market fluctuations.
The main benefits include guaranteed returns, life insurance coverage, flexible premium and payout options, tax benefits under Section 80C and 10(10D), and the option to add riders for enhanced protection. These plans provide financial security with no market risk.
While both offer life insurance coverage, a Guaranteed Return Plan also guarantees a fixed payout at the end of the policy term, unlike regular life insurance policies that do not provide assured returns on investment.
The policy term can range from 5 to 30 years. The ideal duration depends on your financial goals, such as retirement planning or funding your child's education, and your ability to commit to paying premiums for the chosen term.
Yes, you can surrender the policy before maturity, but doing so may lead to a loss of benefits. The surrender value will depend on how long you’ve held the policy and the terms outlined by the insurer.
The maturity benefits and death benefits under a Guaranteed Return Plan are tax-free under Section 10(10D) of the Income Tax Act, provided certain conditions are met. Premiums paid are also eligible for tax deductions under Section 80C.
Most plans offer a grace period (usually 15 to 30 days) for paying overdue premiums. If you miss the payment within this period, the policy may lapse, although it can often be revived by paying the outstanding premium along with interest or a penalty.
Yes, most insurers offer optional riders such as critical illness cover, accidental death benefit, or waiver of premium, which can be added to enhance the coverage of your Guaranteed Return Plan.
When selecting a plan, consider factors such as your financial goals, premium affordability, policy term, flexibility of payout options, and the insurer's track record. You should also compare various plans and riders offered by different insurance companies.
These plans are ideal for risk-averse investors looking for stable returns and life insurance coverage. They are suitable for individuals with long-term financial goals, such as retirement planning, securing children's education, or wealth preservation, who want guaranteed returns without market risk.
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