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5 Best Monthly Income Schemes

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5 Best Monthly Income Schemes
November 16, 2018
Looking for the best options of a guaranteed income plan is one of the toughest quests in today's market. There are several schemes on offer and before you choose, proper validation and knowledge is critical. Therefore, one must know about the various monthly income schemes before deciding to choose one. Here is a list of some best schemes in India for a regular monthly income:

  1. Corporate Deposits:

    Offered by several Non Banking Financing Companies (NBFCs) and housing finance companies, such deposits come with added flexibility of investing in FDs at a high interest rate. However, before taking any step, the credibility and the financial strength of the company must be thoroughly checked vis-à-vis CRISIL standards. The best option is to diversify the funds in various high ranking companies so that a monthly income round the year is guaranteed.

  2. Post Office Monthly Income Scheme:

    This option is ideal for investors who do not wish to take any risk and want a continuous income. Coming with an interest rate of 7.8%, post office saving schemes have a deposit period of 5 years. However, withdrawal can be made after the initial one year of deposit is crossed. If the withdrawal is made in between 3-5 years, there is a deduction of 1% of the amount deposited until then.

  3. Government bond:

    This is also a low risk option and is ideal for long term periods from 15 to 20 years. The best option in this case is to opt for government bond together with other investment scheme so that regular flow of income is assured.

  4. Senior Citizen Savings Scheme:

    On offer for senior citizens above the age of 60 years, this scheme is a low risk and high-return scheme. Investing in SCSS is a very good opportunity for senior citizens above 60 years to make money. This is an effective & long term saving option which offers security and features that are usually associated with any government-sponsored savings or Long Term Investments. These schemes are available through certified banks and post offices across India and must be availed of within first month of receiving the retirement benefit and the deposit must not be greater than the benefit received.

  5. MIP:

    An MIP is similar in nature to Monthly Income Scheme (MIS) of the post office and for many investors, it is an alternative to the bank fixed deposits and the monthly returns yielded. An MIP is a monthly income mutual fund plan in which a company pays the investor/shareholder a particular amount on a monthly basis, depending on the performance of a particular fund. Therefore, the returns on the monthly frequency are actually variable as per the profit generated by a fund. There are certain features of an MIP that must be kept in mind before opting to go in for one. For instance, it must be remembered that a monthly income in such a scheme is fund performance driven and hence, never guaranteed. Besides, being more of a debt instrument, the possibility of negative returns also increases.

 

HDFC Life offers HDFC Life Pension Guaranteed Plan, a single premium annuity product that provides regular and assured income for lifetime. For details, click on the mentioned link: https://www.hdfclife.com/retirement-and-pension-plans/pension-guaranteed-plan

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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