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What are guaranteed income plans and how they help us?

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December 12, 2018
In the fast paced lifestyle of today, a person's financial strength counts for everything. All the commercial activities of a person are directed towards accumulating sufficient wealth for meeting various goals and for supporting the dependent loved ones. One important activity for maintaining future financial strength is taking out a specific insurance plans that offers guaranteed benefits and is best suited for your needs. One such plan is the guaranteed income plan that is best suited for low risk appetites. A guaranteed income plan is a general traditional plan that provides general insurance coverage together with guaranteed earnings in the forms of periodic payouts. The earnings are guaranteed and the frequency of payouts can be chosen by the policy subscriber (monthly, quarterly or annual).

Any person in the age group of 18-60 years can purchase a guaranteed income plan and can avail of the various benefits that come with it. A guaranteed income plan also offers maturity proceeds (upon completion of the policy term) together with the payout benefit to the nominee (s) in the event of the policy subscriber's unfortunate demise. Moreover, a guaranteed income plan entitles the policy subscriber to bonuses when the policy term matures. The terms are variable and generally come in the category of 10 years to 30 years.

The term of the payout during which regular earnings (depending upon a mentioned percentage of the main corpus i.e. the sum assured) also varies and can be chosen as per your specific requirements. A guaranteed income plan also offers income tax slab rates under the sections 80C and 10D of the Income Tax Act, 1961 and these exemptions are available for the payable premiums and also the maturity proceeds, after completion of the policy term. A guaranteed income plan must be chosen after due comparison from among the available options. The features offered by various plans are variable and can be compared online. You can also seek professional advice from experts after listing your specific needs and goals.

A guaranteed income plan can be therefore, thought of as a non-linked traditional plan that offers benefits that are safer, not linked to market performances and guaranteed. It is an ideal insurance instrument for persons who are looking forward to build and retain a significant corpus and also for those who want to receive the regular income, in the chosen frequency over a period of time. The corpus generated can then be linked to market driven fund options (this must always be done after consulting a professional) after term completion. Therefore, a guaranteed income plan is an extensively featured plan that actually cushions the corpus from the woes of market fluctuations and is thus, ideal if you are looking forward to an investment that offers safe returns as per the terms and conditions listed in the policy documents.

HDFC Life offers numerous saving and investment plans that are aimed for your comprehensive benefits and ensuring that the financial strength of your loved ones remains intact at all times. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans .

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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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