To uphold your lifestyle, it's crucial to ensure you possess a strong source of income – whether that's after your retirement or during your working years (to supplement your primary income source). Investing in a guaranteed income plan can be that consistent source of income you require. With the best-guaranteed income plan, you can navigate life's various stages with ease – during both challenging times and sunny days.
What is a guaranteed income plan?
A guaranteed income plan is an insurance product that provides fixed and guaranteed returns to the insured or policyholder (the buyer), along with life insurance coverage, in exchange for the payment of regular amounts called premiums. This type of plan is non-linked – meaning its returns are not tied to the debt or equity market and are unaffected by market fluctuations. As the name suggests, a guaranteed income plan offers fixed payouts every month. This makes it one of the optimal retirement plans for those seeking a stress-free and comfortable retired life. Furthermore, as it is a non-linked product, it represents a completely risk-free investment.
What are the advantages of a guaranteed income plan?
A guaranteed income plan provides buyers with the dual benefit of insurance protection and regular periodic payouts. This way, a policyholder's family is financially secure in their presence or absence. Here are the benefits a guaranteed income plan provides:
- In the unfortunate event of the policyholder's demise, a guaranteed income plan provides a monetary payout in full to their family members. This payout is known as the sum assured and enables the policyholder's loved ones to sustain their livelihood.
- After the completion of the first year of the plan's term or at the beginning of the second year term, the policyholder receives regular and assured payouts throughout the remaining term of the plan or until the policyholder's death. This ensures that the buyer's family has an alternative income source and can easily manage the funds for their monthly expenses.
- At the conclusion of the plan's term, if the policyholder survives, they receive a maturity benefit to ensure their investment doesn't go to waste. This maturity benefit equals the entire sum assured and is provided to the policyholder at the term's end.
Who can purchase a guaranteed income plan?
Any individual between the ages of 18 and 65 years can purchase a guaranteed income plan. This type of plan is best suited for those who want to consistently secure a stable stream of income for themselves and their loved ones.
It's also an ideal choice for risk-averse investors who wish to safeguard themselves from market fluctuations and avoid potential losses. A guaranteed income investment plan can even continue until the policyholder reaches the age of 99.
Edelweiss Tokio Life - Income Builder: Edelweiss Tokio Life, a leading name in life insurance in India, prioritizes its customers and ensures they receive a reliable income, especially during unforeseen times, through its Edelweiss Tokio Life Income Builder Plan, a guaranteed income plan that offers:
- All-in-one solution: Dual benefits of life insurance and income generation within a single plan.
- Flexible return payout options: The policyholder can choose to receive the payout:
- 'Regular Income' - Receive income in regular monthly, quarterly, semi-annual, or annual installments.
- 'Regular Income plus Lump Sum' - Opt for a portion of the applicable sum as a lump sum payout and the rest as regular installments.
- Freedom to select coverage type between
- Base Plan: Choose between single premium and regular premium options.
- Secured Income Option: Includes all Base Plan features, along with pre-included Critical Illness Benefits covering 12 specific illnesses.
- Personalized advance payout date: Choose the date when regular payouts will be credited.
- Guaranteed death benefit payout that includes
- Entire sum assured upon the policyholder's demise (which is 10 times the annual premium amount paid by the policyholder)
- Any cumulative paid-up additions
- Any bonuses, including the terminal bonus
- Additional layer of protection through 6 additional riders
A guaranteed income plan is one of the few tools that offers life insurance protection and a consistent flow of fixed returns. This plan is a win-win in all respects. It ensures that your family doesn't have to compromise whether you are present or not.
To learn more about our guaranteed income plan, get in touch with us today!
