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Traditional Plans
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 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
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: Retirement Calculator Human Life Value Calculator Saving Calculator Income Tax Calculator