Best Guaranteed income plans ensure your regular guaranteed returns to meet your financial goals. Financial planning is the primary need of everyone to protect themselves and their dear ones during any emergency.
Nowadays, achieving excellent financial planning is extremely easy as many companies offer numerous schemes to manage finances. Similarly, financial companies provide investors with the best-guaranteed income plans to safeguard their futures and fulfill their goals.
However, before investing in any plan, it is essential to research and knows the details of various plans, including their benefits, coverage, and maturity. Experts recommend at least comparing ten guaranteed return plans and then deciding which one you wish to buy. Besides guaranteed income, these plans also offer you bonuses, tax benefits, and many other coverages to help you attain financial stability.
In addition, many guaranteed income plans also provide you the life cover, and the nominee gets the death benefits after the policyholder’s demise.
The guaranteed word assures that your money is in safe hands and you will get regular payouts. These plans are best for people who don’t want to take risks with their investments. The guaranteed return plan provides dual benefits, including life insurance and regular income in monthly, quarterly, or yearly payouts as decided by the policyholder while buying it. Simply put, when you buy the best-guaranteed income plans, you get regular payouts after the policy’s maturity, depending on the sum assured.
There are numerous guaranteed income plans available in the market that we will discuss further in this article. So, let’s proceed with the best-guaranteed return plans, features, and benefits.
What are the Guaranteed Income Plans?
The best Guaranteed income plans are the best investment instruments for those with a low-risk appetite. These are the traditional plans that provide insurance coverage with regular periodic earnings. These plans offer guaranteed payments, and the policyholder can decide the period of the payouts. For example, a person 18-60 years old and a resident of India can buy the guaranteed income plans and get their benefits. In addition, the best-guaranteed income plans offer maturity and pay-out benefits to the nominee in case of the policyholder’s demise.
Additionally, the guaranteed income plans offer the policyholder many bonuses at the policy’s maturity. You can select the tenure of the policy as per your wish. It can vary from 10 years to 30 years. The best-guaranteed income plan offers tax benefits under Section 80C and 10D of the Income-tax Act 1961. These tax exemptions can be availed for the payable premiums and maturity amount.
In the fast-running life and the ever-growing inflation, a persona needs to be financially stable. Moreover, everyone wants to accumulate wealth via different commercial activities, meet their financial goal, and support their family.
Therefore, buying a good plan that offers guaranteed income and a high sum assured must be the priority in today’s time for all those who are the family’s sole provider. Many companies offer the best-guaranteed income plans with various attractive features; you must do thorough research and compare them online before buying.
10 Best Guaranteed Income Plans in India 2024
Below are the details of various companies’ top 10 guaranteed income plans in India. So you can compare them and find the one that suits you the best. Guaranteed income plans are essential to attain financial stability, and every company offers attractive benefits, but you must not buy them without proper research. Here, we provide detailed information about the top 10 best-guaranteed income plans.
| S.no | Best guaranteed income plans | Sum assured | Policy term |
| 1 | ICICI Prudential Cash Advantage plan | 7 times the annual premium as per age | 15 years, 17 years, 20 years |
| 2 | Max life guaranteed income plan | Rs. 450,873 and 269,565 | 6 and 12 years |
| 3 | Bajaj Allianz Save Assure plan | Rs. 1,00,000 | 15 and 17 years |
| 4 | LIC New Jeevan Anand | Rs. 1,00,000 | 15-35 years |
| 5 | Canara Smart Monthly Income Plan | 100x monthly income | 25 years |
| 6 | SBI Life Smart Money Back Gold Plan | Rs. 75000 | 12,15,20 and 25 years |
| 7 | HDFC Life Sampoorn Samridhi Plus Plan | Min. Rs. 65,463 | 15-40 years |
| 8 | Edelweiss Tokio Life G CAP Plan | It depends on the policyholder’s age, tenure, and assured sum. | 10,15,20,25 and 30 years |
| 9 | Tata AIA Life Insurance Secure 7 plan | Min. 2.5 lacs | 14 years |
| 10 | PNB Metlife Money Back Plan | Max. Rs 5 crores | 10 years |
1. ICICI Prudential Cash Advantage plan
ICICI Prudential Cash Advantage plan is one of the best-guaranteed income plans offered by the ICICI financial company that provides a guaranteed income to the buyer. The secure cash payouts can be received after the premium payment year-end. The best-guaranteed income plan offers a Lump Sum payout and an accessible premium payment mode. ICICI’s prudential cash advantage plan also provides death benefits and a bonus.
In addition, this best-guaranteed income plan offers tax benefits to the policyholder under section 80 C on the investment up to 1.5 lacs. The amount you receive on maturity is also tax-free.
Features of ICICI Prudential cash Advantage plan
| Entry Age | 3 years |
| Max. maturity Age | 80 years |
| Mode of premium payments | Annual/ Half-yearly/ Monthly |
| Term of the policy | 15 years, 17 years, 20 years |
| Minimum annual premium for 15 years policy term | Rs.30,000 |
| Minimum annual premium for 17 years policy term | Rs. 18000 |
| Minimum annual premium for 20 years policy term | Rs. 12000 |
Benefits of ICICI Prudential Cash Advantage Plan
- Liquidity: The payout starts immediately after the premium payment term-end.
- Guarantees: Cash benefits equal 1% of Guaranteed monthly benefits throughout the 10 years term.
- Protection: it offers life cover for the whole policy tenure.
- Premium payment choices for 5,7, and 10 years.
- Tax benefits under Section 80C and 10D.
- Death benefits: Maximum of ABC (A= Sum assured plus bonus, B= GMB plus bonus, C= Minimum death benefit)
• Cash benefits: Monthly – 1% of GMB, Annual- 11.5% of GMB
2. Max Life Guaranteed Income Plan
Max Life’s guaranteed income plan is also the best one that offers an insured person guaranteed income. If the policyholder passes away, the nominee gets the lump sum amount as death benefits. It allows you to change the modes of help after the plan’s maturity. For example, you can transfer the income into a lump sum rather than monthly payouts. The plan offers no loan facility, but the surrender option is available.
Features of Max life guaranteed income plan
| Entry Age | 25 years |
| Max. maturity Age | 67 years |
| Mode of premium payments | Annual |
| Term of the policy | 6 and 12 years |
| Minimum annual premium for 6 years policy term | Rs.75000 |
| Minimum annual premium for 12 years policy term | Rs. 20000 |
| Sum assured for 6 and 12 years policy terms respectively | Rs. 450,873 and 269,565 |
Benefits of life guaranteed income plan
- Death benefits: Death Sum assured in paid that is 10x times the annual premium of 105% of all paid premiums or guaranteed maturity Sum assured or Guaranteed death sum assured. The nominee can also opt for monthly installments of the death benefits for 10 years.
- Maturity: The payout starts monthly, just after maturity.
- Terminal benefits: 125% for 6 years and 200% for 12 years when paid after the payout period.
- Tax Benefits: Income tax benefits under Section 80C on the premiums paid and Section 10 (10D) on the claims received.
3. Bajaj Allianz Save Assure Plan
Bajaj Allianz saves assures the plan is an endowment plan, a guaranteed income plan that offers the chance to the policyholder to get income through life insurance coverage. It provides numerous benefits along with regular income and life cover. In addition, it offers a limited premium payment option to help an insured person meet emergency needs. It is the best-guaranteed plan for those who want to meet their life goals. It also offers impressive sum-assured concessions and helps you save money.
Features of Bajaj Allianz Save Assure plan
| Entry Age | 1-60 years |
| Max. maturity Age | 75 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 15 and 17 years |
| Minimum annual premium for 15 years policy term | Rs.8140 |
| Minimum annual premium for 17 years policy term | Rs. 6620 per month |
| Sum assured | Rs. 1,00,000 |
Benefits of Bajaj Allianz Save Assure plan
- Death Benefits: 115% sum assured is provided to the nominee if the policyholder dies during the term.
- Maturity benefits: 115% of maturity benefits are offered to the policyholder. You can opt for installments to receive your maturity benefits for 5 or 10 years.
- Tax Benefits: Premiums paid and the claims received are deductible under sections 80C and 10(10D).
4. LIC New Jeevan Anand
New Jeevan Anand is the best-guaranteed income plan that is a non-linked endowment policy that offers you the income plan for an easy-going life. It provides many other benefits, including death and tax benefits. It is the best-guaranteed income plan for low-risk appetite offered by the LIC company.
Features of LIC New Jeevan Anand
| Entry Age | 18-50 years |
| Max. maturity Age | 75 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 15-35 years |
| Premium amount | It depends on the age of the policyholder, tenure and the sum assured |
| Loan facility | After 3 years |
| Sum assured | Rs. 1,00,000 |
Benefits of LIC New Jeevan Anand
- Death benefits: 125% of the sum assured and 7 times the annual premium.
- Maturity benefits: Basic sum assured with vested simple reversionary bonus, and an additional bonus is paid.
- Tax benefits: Available under section 80C
5. Canara Smart Monthly Income Plan
This best Guaranteed income plan is best for those who require fixed monthly income and bonuses. This guaranteed income plan is offered by the Canara bank, where you pay premiums for 10 years and get Rs.2000 per month income initially. After that, the payment increases gradually, along with a bonus at maturity. It offers high revenue to the policyholder and discounts on the sum assured.
Features of Canara Smart Monthly Income Plan
| Entry Age | 18-55 years |
| Max. maturity Age | 43-80 years |
| Mode of premium payments | Monthly and annual |
| Term of the policy | 25 years |
| Premium amount | It depends on the age of the policyholder, premium mode, and income |
| Minimum income | Rs. 2000 |
| Sum assured | 100x monthly income |
Benefits of Canara Smart Monthly Income Plan
- Death benefits: 105% of total premiums paid are offered to the nominee after the policyholder’s death. The company funds the future premiums, which will be paid on maturity.
- Maturity benefits and premium funding: In case of the policyholder’s demise, the company funds the remaining premiums, and offers the sum assured at maturity.
- Investment funds: This best-guaranteed income plan allows choosing to invest in 7 funds with equity ranging from 0-100%.
- Tax benefits: Tax benefits are available under Section 80C.
6. SBI Life Smart Money Back Gold Plan
The SBI Life Smart Money Back Gold Plan is the non-linked best-guaranteed income plan that offers many riders enhanced benefits. This plan provides high benefits to the insured. It offers 4 options for the policyholders to choose from per their needs.
Features of SBI Life smart Money Back Gold Plan
| Entry Age | 14 years |
| Max. maturity Age | 70 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 12,15,20 and 25 years |
| Premium amount | Yearly- 4500
Half-yearly- 2400 Quarterly- 1200 Monthly- 400 |
| Sum assured | Rs. 75000 |
Benefits of SBI Life smart Money Back Gold Plan
- Maturity benefits: This best-guaranteed income plan offers the last installment of survival benefits with accrued reversionary and terminal bonuses.
- Death Benefits: If the policyholder dies, this guaranteed income plan offers a higher sum, including the vested and terminal bonuses. 105% premium paid is provided to the nominee.
- Income Tax Benefits: The policy offers income tax benefits on the premiums according to section 80C and Section 10 (10D) on the claims.
7. DFC Life Sampoorn SAmridhi Plus Plan
HDFC offers the best-guaranteed income plan known as HDFC Life Sampoorn Samridhi Plus Plan, which provides 2 options to buyers. The simple Endowment plan option offers long-term savings, and the endowment option includes insurance for the whole life. This guaranteed income plan provides high returns to the insured person.
Features of HDFC Life Sampoorn SAmridhi Plus Plan
| Entry Age | 30 years |
| Max. maturity Age | 75 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 15-40 years |
| Premium amount | Yearly premium – Rs.12000 |
| Sum assured | Min. 65,463 |
Benefits of HDFC Life Sampoorn SAmridhi Plus Plan
- Maturity Benefits: The best-guaranteed income plan offers the sum assured, accrued guaranteed bonus, and terminal bonus on maturity. They provide interim bonuses also.
- Death benefits: If the policyholder dies, the nominee gets the higher sum assured and the vested bonus along with other bonuses. 05% of the premium amount is paid. If the policyholder’s demise happens after the end of the policy term and under the endowment plan, the sum assured is provided to the insured on maturity.
- Tax Benefits: The best-guaranteed income plan offer tax benefits on premium paid and the claim received under section 80C and 10(10D).
8. Edelweiss Tokio Life G CAP Plan
Edelweiss Tokio Life G CAP Plan is one of the best-guaranteed income plans which support the policyholder in attaining wealth and financial stability. It offers high maturity benefits and death benefits along with assured accrual. In addition, it provides options for the insured to choose the policy term and premium amount.
Features of Edelweiss Tokio Life G CAP Plan
| Entry Age | 91 days -55 years |
| Max. maturity Age | 70 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 10,15,20,25 and 30 years |
| Premium amount | It depends on the policyholder’s age, tenure, and assured sum. |
Benefits of Edelweiss Tokio Life G CAP Plan
- Maturity benefits: on the maturity of the best-guaranteed income plan, you receive the sum assured with CGAA. The sum assured is equal to the cumulative annualized premiums. The sum assured can be obtained by the insured in 5 installments. The first installment is paid with the GAA in a lump sum at maturity. The rest of the installments are paid to the policyholder at a 6.0 % p.a discount.
- Death benefits: The nominee gets the sum assured plus accrued guaranteed loyalty additions to the nominee for the policy entry age above 5 years. If the policy entry age is below 5 years, the risk is covered right from the second year of the policy.
- Tax Benefits: This best-guaranteed income plan offers tax benefits under sections 80C and 10(10D).
9. Tata AIA Life Insurance Secure 7 plan
Tata AIA Life insurance secure 7 plan is a non-participating endowment plan which offers the best-guaranteed income plans to the insured person. However, you should pay the premiums for 7 years to get the returns from the 8th year.
| Entry Age | 18-55 years |
| Max. maturity Age | 69 years |
| Mode of premium payments | Monthly, Quarterly, Half yearly, and annual |
| Term of the policy | 14 years |
| Premium amount | It depends on the age of the policyholder, tenure and the sum assured |
| Loan facility | Available |
Benefits of Tata AIA Life Insurance Secure 7 plan
- Death benefits: The nominee gets the sum assured, the amount of premium paid, and the payable premiums during the policy term.
- Policyholders can surrender the plan at any stage during the tenure if the total premiums are paid for the first year.
10. PNB Metlife Money Back Plan
This Guaranteed income plan is the traditional plan with money-back benefits that provide regular payouts. It does not give riders enhance coverage but offers more returns to the policyholder.
Features of PNB Metlife Money Back Plan
| Entry Age | 13-55 years |
| Max. maturity Age | 65 years |
| Mode of premium payments | Half-yearly and annual |
| Term of the policy | 10 years |
| Premium amount | It depends on the age of the policyholder, tenure and the sum assured |
| Loan facility | No |
| Sum assured | Max. Rs 5 crores |
Benefits of PNB Metlife Money Back Plan
- Survival Benefits: 10% of the sum assured from the 5th to 9th years. If the policyholder survives the tenure, they receive 60% of the sum assured.
- Death benefits: The best-guaranteed income plan offers the highest chosen sum assures, 10x annual premiums, 105% premium paid, maturity benefits, and death benefits to the nominee after the demise of the policyholder.
- Tax benefits: Available under sections 80C and 10(10D).
Who should choose the Guaranteed Income Plans?
The Guaranteed income plans are the best-suited investment for those who wish to build good wealth and earn regular income. Under 18-60, you can buy the best-guaranteed income plans and enjoy the benefits. The typical tenure of the policy ranges from 10 -30 years and is not linked to market fluctuations.
Conclusion
The guaranteed income plans are like a non-linked traditional plan which offers safer benefits that are not subjected to market risk and are guaranteed. Therefore, it is ideal for people who want to build and retain a reasonable sum assured and receive regular income. After the completion of the policy term, the earned corpus can be invested in market-linked funds but only with the consultation of a professional financial advisor. Therefore, the best-guaranteed income plans act as a safety guard for corpus from the ups and downs of the market and offer safer returns according to the terms and conditions of the policy.
There are numerous best-guaranteed income plans offered by different companies providing a wide range of benefits. Choosing the right one from so many options can be overwhelming, but we have provided you with a complete guide. You can consider the plans listed above to find the best one that suits your needs and provide you with the best financial security. We hope the information in the article will help you select the best plan for yourself.
Guaranteed Income Plans – FAQs
What is a guaranteed income plan?
Ans. The guaranteed income plans are non-linked policies that are not connected to the market and possess no risk. The returns are paid in the form of periodic payouts. These are best for attaining financial security for the insured people.
Are the best-guaranteed income plans tax-free?
Ans. The best-guaranteed income plans offer tax benefits under sections 80C and 10(10D).
What are the best Guaranteed income plans in India in 2023?
Ans. The top 5 Best guaranteed income plans in 2023 are –
- PNB Metlife Money Back Plan
- Tata AIA Life Insurance Secure 7 plan
- Edelweiss Tokio Life G CAP Plan
- HDFC Life Sampoorn SAmridhi Plus Plan
- Canara Smart Monthly Income Plan
Do all the Guaranteed income plans offer loan facilities against the policy?
Ans. No, All the guaranteed income plans do not offer the loan against the policy benefit, but many best-guaranteed income plans provide the loan. In addition, some of the plans offer loans after the 3 years of the policy tenure. Therefore, you can compare different guaranteed income plans and choose the one that suits your loan requirements.
What is the guaranteed income frequency of the plans?
Ans. Many plans provide you with options to choose the income frequency according to your needs.
