Everything about a Guaranteed Income Plan you should know

What is a Guaranteed Income Plan?

How Does a Guaranteed Income Plan Work?

Features and Benefits of a Guaranteed Income Plan

Riders Available with Guaranteed Income Plan

Factors to Consider Before Buying a Guaranteed Income Plan

FAQs About Guaranteed Income Plan

What Happens in Case I am Unable to Pay my Premiums for the Policy?

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In case of premium discontinuance, after the policy has acquired a surrender value, which is after 2 years of premium paid in case of regular pay, the policy continues as a ‘paid up’ policy with reduced benefits.

However, if the premium payment is discontinued even before the policy has acquired a surrender value, no benefits will be paid, and the policy will lapse.

This paid-up period is mostly 1 year in case of single premium plans.

Can I Take a Loan Against my Guaranteed Income Policy?

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Yes. Most guaranteed income plans provide a loan option of up to 80% of surrender value to help you in case of financial emergencies.

Who Should Buy a Guaranteed Income Plan?

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A guaranteed income plan is ideal for you if:

  • You want to create an additional stream of fixed income.
  • You want some guaranteed returns as opposed to the market volatile investments.
  • You are looking for tax benefits on your investment.
  • You have some long-term goals planned that require regular stream of income like post-retirement years.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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