Guaranteed income plans are ideal for risk-averse investors, as they offer benefits that are certain. This plan is perfect for those who prioritize financial security and peace of mind, ensuring that your standard of living is maintained even after retirement.
Upon the policy's maturity, if all premiums have been paid, you are eligible for lump-sum returns as specified in the policy. The flexibility in premiums and payout options allows you to meet your future financial aspirations.
The plan offers flexibility and can be customized to your needs. Premiums can be paid using various methods, including credit cards, debit cards, cash, and checks. You can also adjust variables such as the premium payment term, interest rate, frequency of payouts, and payout amounts to best suit your present and future financial needs.
This plan also serves as a life insurance policy, providing financial protection to you and your family. In the event of the policyholder's death during the policy term, the nominee is eligible for death benefits. Many providers also offer the option to waive future premiums in the event of the policyholder's death.
You can enhance your policy with additional riders for extra coverage in cases of accidental death, critical illness, extensive medical bills, etc. These riders may offer lump-sum payments for accidental death or even double the benefits in specific cases of accidental death or dismemberment.
Guaranteed income plans offer significant tax benefits. You can save up to ₹1.5 Lakh under Section 80C of the Income Tax Act, 1961. Moreover, the maturity benefits, additional bonuses, and death benefits are tax-exempt under Section 10(10D) of the Act.