Secure your financial future with one of the best guaranteed income plans for 2023. Our expert analysis and detailed breakdowns make it easy to compare and choose the right plan for your needs. Start planning for tomorrow today!
What is a Guaranteed Income plan?
A Guaranteed Income plan is a financial product designed to provide a steady and reliable stream of income to an individual over a specified period of time or for the rest of their life.
These plans are typically offered by insurance companies and are designed to provide a guaranteed rate of return, regardless of market fluctuations.
The most common types of Guaranteed Income plans include annuities, which are contracts between an individual and an insurance company that guarantee a regular stream of payments in exchange for a lump-sum payment or a series of payments.
Other types of Guaranteed Income plans include pension plans, bond funds, and dividend-paying stocks.
The primary benefit of a Guaranteed Income plan is that it provides a predictable and steady source of income, which can be especially important for individuals who are retired or nearing retirement.
However, it’s important to note that these plans typically come with restrictions and fees, so it’s important to carefully consider the terms and conditions before investing in one.
You can directly apply for a Guaranteed Income plan easily on our portal.
Who Should Opt For A Guaranteed Income Plan?
A Guaranteed Income Plan can be a good option for individuals who are looking for a reliable and predictable source of income. Here are some specific groups of people who may want to consider a Guaranteed Income Plan:
Retirees: Retirees who no longer have a steady paycheck from their employer may benefit from a Guaranteed Income Plan to supplement their retirement income.
Pre-Retirees: Individuals who are approaching retirement and are looking to secure their future income may benefit from a Guaranteed Income Plan.
Risk-Averse Investors: Investors who are risk-averse and prefer to avoid market fluctuations may prefer a Guaranteed Income Plan over other investment options.
Longevity Risk Mitigators: Individuals who are concerned about outliving their savings may benefit from a Guaranteed Income Plan that provides a guaranteed stream of income for life.
Individuals with High Expenses: Individuals with high expenses, such as those with chronic medical conditions or those who require long-term care, may benefit from the predictability and reliability of a Guaranteed Income Plan to cover their expenses.
Top Guaranteed Income plans in India
Here is a list of the top guaranteed income plans in India.
Max Life Guaranteed Income Plan
A money-back plan that enables the policyholder to earn a guaranteed income for more than ten years is Max Life Guaranteed Income Plan.
The beneficiary of the policyholder gets the lump sum death payment in the event that the insured dies within the policy’s term.
Eligibility
25- 60 Years
Premium Mode
Annually
Policy Term
6 years and 12 years
Sum Assured
No limit
Benefits
- Can alter how benefits are received once a plan has reached maturity.
- Enable income to be transferred as a one-time payment rather than as a monthly check.
- Surrender benefits can be available.
- The policyholder will receive twice as much money each month after the first half of the policy’s ten-year payout period is over.
PNB Metlife Guaranteed Income Plan
PNB MetLife money-back plan is one of the best traditional and guaranteed income plans which provides monthly rewards for easy liquidity.
Eligibility
40- 65 Years
Premium Mode
| Annual | Half Yearly | Quarterly | Monthly |
| Rs 12,000 | Rs 6,000 | Rs 3,000 | Rs 1,000 |
Policy Term
5, 7, 10 and 12 years
Sum Assured
Min Rs 2,50,000
Benefits
- The guaranteed amount ranges from 2.5 lakhs to 2.5 crores of rupees.
- There are no borrowing facilities or other rider facilities under the plan.
- Throughout the fifth to ninth years, a survivor’s benefit of 10% of the sum insured is paid.
- It gives the insured higher returns.
Hdfc Guaranteed Income Plan
HDFC Life Sampoorn Samridhi Plus Plan is another guaranteed income plan.
There are two variations of this HDFC-guaranteed money-back plan: a simple endowment policy and an endowment policy.
Whereas the second one permits whole-life insurance, the first one permits long-tenure savings.
Eligibility
30-60 Years
Premium Mode
Yearly, Half-Yearly, Quarterly and Monthly
Policy Term
Min18-Max 40 years
Sum Assured
Min Rs 65,463
Benefits
- It is the best return policy available.
- There is no stated upper limit and the lowest sum guaranteed is Rs. 65,463.
- The insurance plan enables the policyholder to earn a large income.
- The nominated will receive death benefits in the event that the policyholder passes away.
ICICI Guaranteed Income Plan
One such plan is the ICICI Pru Cash Advantage Plan, which increases the insured’s regular income.
A guaranteed cash payout under this plan will begin at the conclusion of the year in which premiums are paid.
Eligibility
3- 60 Years
Premium Mode
Annually, Half Yearly and Monthly
5, 7 and 10 Years
Policy Term
Policy Term: 15 years 17 years 20 years
Min Premium: 30,000 18,000 12,000
Sum Assured
7 or 10 times Annual Premium Paid depending on age
Benefits
- Payout in a single lump sum
- Easy premium payment method
- In case of the death of a policyholder, the family will get complete protection
LIC New Jeevan Anand Plan
A conventional plan is LIC New Jeevan Anand. It is a participating endowment insurance that is not linked. If you need an ensured income scheme with the best assurance and a trouble-free existence, this is the policy to go with.
Eligibility
18-50 Years
Premium Mode
Yearly, Half-Yearly, Quarterly and Monthly
Policy Term
15-35 Years
Sum Assured
Min 1 lakh
Benefits
- One lakh rupees is the lowest amount promised, and there is no highest limit.
- The policy has various advantages and benefits
- You can choose a policy’s duration from 15 to 35 yrs based on your needs.
- The entry age requirement is 18 years, and the entry age limit is 50 years.
Exide Life Insurance Guaranteed Income Plan
A non-participating insurance programme called Exide Life Guarantee Income Insurance Policy offers guaranteed income once the required number of premium payments has been made.
Also, the policy gives guaranteed death benefits for the duration of the policy’s premium payment period.
Eligibility
3-55 Years
Premium Mode
Yearly or Monthly
Policy Term
15 years, 20 years, 24 years and 30 years
Sum Assured
Minimum Sum Assured: Rs.90,978 Maximum Sum Assured: No Limit
Benefits
- Tax advantages: According to sections 80C & 80D of the Taxation of Income Act, certain tax benefits are permissible.
- Assurance of Payment Returns on investment of up to 13%: Depending on the insurance term chosen and the premium amount, the policyholder is allowed to select the policy return rate.
- Life insurance that is assured for the duration of the policy: In the event of the policyholder’s passing, the following three benefits are awarded to the beneficiaries:
- Ten times the yearly premium
- Sum Guaranteed
Tata AIA Guaranteed Income Plan
A non-participating, non-linked personal life insurance savings plan is the Tata AIA Monthly Income Plan.
This Guaranteed income plan provides you & your family with financial security. This plan can help you plan for your future requirements and the safety of your family members while also addressing your urgent demands.
Eligibility
13- 60 Years
Premium Mode
Annual/Half Yearly/Quarterly/Monthly
Policy Term
5, 8 or 12 years
Sum Assured
11 times the annual premium
Benefits
- Maturity Advantage: A Guaranteed Month’s Income is paid to the covered during the income period in arrears, provided the insurance is in force and all premiums have been paid on time. Following the conclusion of the policy term, the income period expires. It starts at the finish of the initial month. Depending on the entrance age and the length of the policy, the Guaranteed Monthly Benefit is computed as a per cent of the Total Premiums Paid.
- Death Benefit: If the policyholder passes away during the policy term while the policy is still in effect, the nominated receives the Death Benefit.
According to the following, “Sum Assured on Death” is the highest:
- Eleven times the yearly premium
- Amount of all payments made until the time of demise, plus 105 per cent
- Sum Assured by Guarantee Upon Maturity
- Absolute Total Assurance of payment upon death
Aditya Birla Guaranteed Income Plan
A retirement planning tool, the ABSLI Monthly Income Program guarantees the distribution of tax-free monthly payment benefits. These advantages support the policyholder in meeting his demands and provide bonuses when the insurance reaches maturity.
A built-in accidental death benefit included with the plan also offers protection to the covered person’s entire family.
Eligibility
10- 55 Years
Premium Mode
Yearly/ Half-Yearly/ Quarterly/ Monthly
Policy Term
20 -37 Years
Sum Assured
Min Rs. 4,00,000
Benefits
- The benefit of Maturity: The policyholder will receive terminal bonuses and bonuses accrued up to the date of the first due premium on the day of maturity. A terminal bonus, if any, would also be a part of the benefit. Once the payments are received, the ABSLI Monthly Salary Plan policy status is said to be ended.
- Death Benefit: The policyholder will get a death benefit equal to 10 times the annualised ABSLI Monthly income Policy payment or the Amount Assured, whichever is greater if he or she passes away prior to the start of the Income Reward period. But let’s say the insured person passes away after the start of the Income Advantage term. In that situation, he or she will get 10 times the annualised premium, which includes the outstanding income benefit, or the Amount Assured.
Bajaj Allianz Save Assure Plan
The classic endowment insurance plan, Bajaj Allianz Save Assure is another guaranteed income plan, that combines life insurance coverage with wealth creation through savings.
Eligibility
1- 60 Years
Premium Mode
Monthly, Quarterly, Half-Yearly, Annual
Policy Term
15, 17 years
Sum Assured
Min Rs 1, 00, 000 to No Limit
Benefits
- Death Benefits: In the event of the insured’s passing, the nominee will be given 115% of a Sum Assured.
- Advantages of Maturity: If the policyholder survives until the time of maturity, they will receive 115% of the Amount Assured. The insured has a choice between receiving his maturity benefits all at once or over the course of five or ten years.
- Tax Benefits: Under Sections 80C & 10(10D) of the Income Tax Act, all claims collected and premium payments made for this policy are tax deductible.
SBI Life Smart Money Back Gold Plan
The SBI Life smart money-back gold plan is a savings and term insurance product with recurring payments.
It is a standard participation money-back plan that uses a variety of life insurance policy terms to try to meet your financial needs at pivotal times.
In the tragic event that the policyholder/life insured passes away during the policy term, regular survival benefits and complete death benefits are provided.
Eligibility
| Policy Term options | 12 years | 15 years | 20 years | 25 years |
| Minimum age | 15 years | 15 years | 14 years | 14 years |
| Maximum age | 55 years | 55 years | 50 years | 45 years |
Premium Mode
Yearly, half-yearly, quarterly and monthly
Policy Term
12, 15, 20, 0r 25 Years
Sum Assured
Mini Rs.75,000 (x 1,000)
Benefits
- Tax benefits are available under the Indian income tax act.
- You can add riders as per your preferences such as
- Rider for Accidental Death Benefit
- Rider for Accidental Death and Permanent Disability
- Rider for Preferred Term
- 13 Non-Linked Rider Criti Care
FAQs
| What is a guaranteed income plan?
A guaranteed income plan is a type of investment vehicle that guarantees a fixed income payout to the investor for a specific period or for life, regardless of the market conditions. These plans are usually offered by insurance companies and are designed to provide a reliable source of income in retirement. |
| What are the benefits of investing in a guaranteed income plan?
Investing in a guaranteed income plan provides a number of benefits, including a steady income stream, protection against market volatility, and peace of mind knowing that your income is guaranteed. Additionally, some plans offer tax benefits and flexibility in terms of payouts. |
| How do I choose the best guaranteed income plan?
When choosing a guaranteed income plan, it’s important to consider factors such as the length of the payout period, the amount of the guaranteed income, the creditworthiness of the insurance company offering the plan, and any fees or charges associated with the plan. It’s also a good idea to consult with a financial advisor who can help you evaluate your options and choose the plan that best fits your needs. |
| Are there any risks associated with investing in a guaranteed income plan?
While guaranteed income plans offer a high level of security and stability, there are some risks to be aware of. For example, if the insurance company offering the plan becomes insolvent, you may not receive the guaranteed payout. Additionally, if you choose a plan with a long payout period, inflation may erode the purchasing power of your payments over time. As with any investment, it’s important to carefully evaluate the risks and benefits before making a decision. |
