Investment Plans 101 views August 31, 2021

Currently, there are various types of investment plans in the market, including guaranteed income insurance plans. These plans ensure that you’ll get regular income as per your planned events. Along with that, you’ll get a life cover, which means your family will receive the much-needed financial support should you die during the policy term. However, if you survive till the end of the policy term, you’ll receive a guaranteed maturity benefit along with the last income payout. You’ll start getting the guaranteed payout once all the premiums are paid in full. Let’s know more about the best guaranteed income plans available in India on this page below.

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Which are the Best Guaranteed Income Insurance Plans?

The following are some of the best guaranteed income insurance plans you should look to invest in.

PNB MetLife Guaranteed Income Plan

This is an individual, non-linked, non-participating, savings plan that offers protection to people aged between 3 and 60 years. Under this guaranteed income insurance plan, you’ll receive a periodic lump sum amount based on your policy term and premium payment term. Check out the table below and know about the guaranteed payout –

Policy Term (In Years)Premium Payment Term (In Years)Guaranteed Income (as % of Basic Sum Assured)Payout Period
10511Starts from the 6th policy anniversary till the maturity date, subject to a total of 5 payouts
15511Starts from the 6th policy anniversary till the maturity date, subject to a total of 10 payouts
15711Starts from the 8th policy anniversary till the maturity date, subject to a total of 8 payouts
201013Starts from the 11th policy anniversary till the maturity date, subject to a total of 10 payouts
201213Starts from the 13th policy anniversary till the maturity date, subject to a total of 8 payouts

If you survive till the end of the policy term, you’ll receive a Guaranteed Maturity Benefit that is as follows:

Policy Term (In Years)Guaranteed Maturity Benefit (as % of Basic Sum Assured)
1030
1535
2055

Note: In addition to the above, you’ll get the last guaranteed payout.
However, in case of death during the policy term, the Guaranteed Income Benefit shall cease and the nominee will receive the highest of the following:

  • Annualized Premium x 7X or 10X Annual Premium (if the entry age >= 45 years) and Annualized Premium x 10X Annual Premium (if the entry age < 45 years)
  • 105% of the total paid premiums
  • Basic Sum Assured

HDFC Life Super Income Plan

HDFC Life Super Income Plan provides you a regular income from 8 to 15 years after the end of the premium payment term under the limited pay option. However, the payout starts from the second policy year under the single pay option. Check out the table below and know about the guaranteed payout you’ll receive as per your chosen policy and premium payment term.

Policy Term (In Years)Premium Payment Term (In Years)Payout Period (In Years)Annual Guaranteed Income Benefit (as % of Sum Assured on Maturity)Total Guaranteed Income Benefit (as % of Sum Assured on Maturity)
168812.5100
1881010100
20101012120
22101210120
24121210120
2712158120
15510100/Payout Period100
20515
15 - 27Single Pay2nd policy year till the end of the policy term

You can receive the guaranteed income payouts monthly instead of yearly. In such a case, the monthly payout shall be 8% of your annual payout.

Max Life Guaranteed Income Plan

Max Life Guaranteed Income Plan offers you an income benefit up to 10 years after completion of the policy term. This is payable to you monthly as a percentage of the annualized premium amount. The Guaranteed Income you’ll receive in the last 5 years of the payout period is twice the income payable in the first 5 years. This benefit shall accrue on the policy anniversary after the end of the policy term.

Along with the guaranteed income, you’ll receive a terminal benefit at the end of the payout period, subject to 125% of the annualized premium (for a policy term of 6 years) and 200% of the annualized premium (for a policy term of 12 years).

You can receive this benefit in a lump sum at the end of the policy term, before the commencement of the payout period. In such a case, the insurer shall pay the Guaranteed Sum Assured on Maturity (GSAM) and the policy terminates.

Note: During the payout period, you can receive the present value of the outstanding income benefit as a lump sum.

ICICI Pru Guaranteed Income For Tomorrow

ICICI Pru Guaranteed Income For Tomorrow provides you with a wide range of guaranteed benefit options to help you achieve your life goals. Take a look at the options below:

Option 1: Lump sum

Choose the premium payment and policy term from the following options –

Premium Payment Term (In Years)Policy Term (In Years)
Single Pay5, 10 or 15
510 or 12
612
712 or 15
1015 or 20

Once all the premiums are paid, at the end of the policy term, you will receive a guaranteed lump sum (Sum Assured on Maturity).

Option 2: Income

Unlike option 1, here, you will receive a guaranteed income for the period chosen by you.

Policy Term (In Years)Premium Payment Term (In Years)Payout Period
65Starts from the end of the 7th year
87Starts from the end of the 9th year
1110Starts from the end of the 12th year

You can receive the guaranteed income for 5, 7 or 10 years.

Option 3: Early Income

If you choose this option, you’ll receive an early income during the policy term from the second policy year till the end of the policy term. Whereas, the guaranteed income will start from the end of the 8th or 11th year for a 7 and 10-year premium payment term, respectively.

Option 4: Single Pay Income

Under this option, the insurer pays the guaranteed regular income from the end of two policy years till the end of the policy term.

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