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Investment Plans 566 views June 22, 2021
If you are looking for an investment plan that will help you get monthly income, you need a life cum monthly income plan. It provides you an assured monthly income every month along with a life cover. Life insurance companies offer different types of monthly income plans. Some may offer monthly income after the premium payment period and some may start monthly income after the maturity date. So, we have brought you the list of best investment plans for monthly income. Read this page below and learn more about the monthly income plans and their benefits.
Table of Contents
Which are the Best Investment Plans for Monthly Income?
The best monthly income plan provides you regular income, lump sum amount on the maturity date and life cover. Let’s check out which plans serve this purpose.
Aditya Birla Sun Life Insurance Vision LifeIncome Plan
Aditya Birla Sun Life Insurance Vision LifeIncome Plan is a traditional participating whole life plan that provides regular income to the life assured starting from the end of the premium paying term till maturity. Upon the life insured’s survival till the end of the premium paying term, the insurer will pay the accrued bonuses. Whereas in case the life insured survives till the end of each subsequent policy year, the insurer will pay an Income Benefit of 5.0% of the sum assured plus a bonus from the current policy year.
If you survive till the end of the policy term, the insurer shall pay the sum assured plus the Terminal bonus (if any). In case of an unfortunate event of the death of the life insured during the premium paying term, the insurer shall pay the sum assured plus accrued bonuses (as of the date of death) plus terminal bonus (if any) to the nominee.
If the life insured dies after the premium paying term, the nominee will receive the sum assured + bonus from the current policy year + terminal bonus (if any)
Note: In case of death of the life insured, provided the life insured is different from the policyholder, the policyholder will receive the death benefit.
The minimum sum assured is INR 2 Lakh and the premium starts from INR 18,000.
Aviva Income Suraksha
This policy is available to persons aged between 18-48 years. Under this policy, you’ll receive guaranteed monthly income for 10 or 12 years. Upon survival till the end of the policy term, the Maturity Sum Assured shall be paid in the form of Regular Monthly Income. The first installment will be payable at the maturity date while the remaining installments will be payable on each subsequent monthly policy anniversary till the end of the payout period.
In case of death of the life insured during the policy term, the insurer shall pay the Death Sum Assured in the form of Regular Monthly Income during the payout period. The first installment would be paid at the time of death and the remaining installments shall be paid on each of the subsequent monthly death anniversaries of the life insured.
The minimum sum assured under this policy is as follows:
- For Entry Age 18-40 Years – INR 6,84,000
- For Entry Age 41-48 Years – INR 1,140,000
The minimum premium amount is as follows:
- For Entry Age 18-40 Years – INR 3,000 per month
- For Entry Age 41-48 Years – INR 5,000 per month
Bajaj Allianz Life Income Assure
Bajaj Allianz Life Income Assure is a non-linked participating life individual endowment savings plan that provides guaranteed monthly income at the end of the premium payment term. The Guaranteed Monthly Income (GMI) is payable every month for 144 months, starting from the end of the premium payment term. In case of death of the life assured during the installment period, the GMI will stop immediately and the nominee will receive the death benefit after the deduction of the paid GMI.
On the maturity date, you’ll receive the vested Bonus (if any) plus Terminal Bonus (if any), provided the policy is in force and all due premiums are paid.
In case of unfortunate death of the life assured during the policy term, the death benefit will be payable to the nominee which is higher of:
- Sum Assured on Death plus vested Bonus (if any) plus Terminal Bonus (if any)
- 105% of the total paid premium
The minimum premium amount is as follows:
- For Income Variant – INR 1,977 per month
- For Assure Variant – INR 1,985 per month
Bharti AXA Life Monthly Income Plan Plus
Under Bharti AXA Life Monthly Income Plan Plus, you’ll start receiving monthly income from the end of the premium payment term, provided the policy is in force.
The minimum monthly income for Bharti AXA Life Monthly Income Plan Plus is as follows:-
| Policy Term | Minimum Monthly Income (In INR) |
|---|---|
| 15 years | 2,000 |
| 20 years | 1,750 |
| 30 years | 750 |
In case of death of the life assured during the policy term, the nominee will receive a death benefit payout in the form of monthly income for the next 8, 10 or 15 years as chosen at inception. Also, the death benefit payout will be over and above the previously paid monthly income. If there are any annual reversionary bonuses or terminal bonuses, the same will be payable to the nominee in the first installment of the death payout.
Upon survival till the maturity date, you will receive the accrued non-guaranteed annual reversionary bonuses plus a non-guaranteed terminal bonus.
The minimum sum assured under this policy is as follows:
- For a 15-year policy term – INR 1,92,000
- For a 20-year policy term – INR 2,10,000
- For a 30-year policy term – INR 1,35,000
Exide Life Guaranteed Income Insurance Plan
Exide Life Guaranteed Income Insurance Plan is a non-participating plan that provides Guaranteed Income (GI) after the completion of the premium payment term. GI is a regular monthly or yearly payout payable to you for the remaining term of the policy. You can change the GI payout frequency from yearly to monthly and vice versa by giving an intimation at least 6 months before the end of the premium payment term. GI benefit shall cease on the death of the life assured.
Upon survival till the end of the policy term, maturity benefit equaling the Sum Assured opted at the inception of the policy shall be paid to you. Maturity benefit shall be paid to you along with the due installment of GI.
Guaranteed Death Benefit (GDB) shall be payable in case of an unfortunate event of death of the life assured. The GDB is the highest of the following:
- 10 times the annualized premium
- Sum Assured
- 105% of the paid premiums less unpaid amounts
You can receive GDB either as a lump sum or Family Income Payout (FIP), where 110% of the GDB will be payable in 60 equal monthly installments
The minimum sum assured is INR 90,978 under this monthly income plan.