Are you looking for the best saving scheme that can give you guaranteed returns?
Each stage of life has its own set of needs; our long-term ambitions in life necessitate a secure and consistent income. However, uncertainty often makes securing that revenue a problematic endeavor.
We provide ‘Canara HSBC Life Insurance Guaranteed Income4Life,’ a non-linked, non-participating individual life insurance savings cum protection plan that provides guaranteed benefits and monthly income to meet both long-term goals and short-term financial objectives.
A highly customised life insurance plan that provides numerous flexibilities in terms of premium payment alternatives, among other things, in order to fit the plan with an individual’s life phases and requirements.
We have it all covered, whether it’s lifetime protection for you and your spouse, meeting your child’s educational requirements, preparing you for early retirement, or providing you that additional income to ensure every promise is kept.
How Guaranteed Income4Life Plan Works?
In just four easy steps, you may tailor the coverage to your specific financial objectives and needs:
Step 1: Determine how much you wish to save. That is your yearly premium.
Step 2: Select the Premium Payment Term (PPT)/Deferment Period (DP), premium payment mechanism, and income frequency. The term of your policy will be PPT+DP.
Step 3: Choose Premium Protection Cover (PPC) if you need it.
Step 4: Your age will decide the Regular Income in this best saving scheme, selected choices, and any Assured Loyalty Additions accumulated in the policy.
Sohan, 40, has a three-year-old son named Riaan. He intends to get a limited pay assured insurance plan to secure a steady income for Riaan’s schooling. To meet this demand, he chooses Canara HSBC Life Insurance Guaranteed Income4Life – Guaranteed Income.
He chooses a 10-year premium payment term and a 5-year deferment period. His policy term is extended to 15 years, at which point he desires regular income for Riaan’s further and professional education. He agrees to pay Rs. 100,000 at the start of each insurance year (before applicable Goods and Services Tax & applicable access levy, if any). He also selects Premium Protection Coverage.
Benefits of a Guaranteed Income4Life Plan
The Guaranteed Income4Life Plan is the best saving scheme that includes a variety of advantages such as death payments, maturity benefits, and survival benefits, as well as a bonus paid in addition to the amount promised.
The insurance company’s compensation is dependent on its success. It is critical to examine the numerous components of a life insurance policy.
Over the insurance term, money is paid to the policyholder every few years. The payout begins after a few years of the policy’s inception and continues until maturity. Rohan, for example, has chosen a money back policy with an amount insured of Rs. 5 lakhs for a duration of 20 years.
He would have to pay a premium for the next 20 years in order to get a portion of the cash insured at regular intervals. After the fifth, tenth, and fifteenth years of the insurance, he would get 15% of the amount insured. This equates to 15 x 3 = 45 per cent of the Sum Assured as a Survival Benefit. In addition, at maturity, he would get the remaining 55 per cent of the amount insured and any bonuses.
(Note: The numbers in the above example are solely for illustration reasons. In practice, the exact period of years, amount promised, and percentage may differ.)
The policy’s nominee receives the insured person’s death payout. This benefit comprises the money back policy‘s guaranteed amount as well as the bonus accrued on the policy. However, this does not include the survival benefit, which is only paid to the insured while they are still alive.
For example, Mr A dies 17 years after purchasing the coverage. In such an instance, the candidate will get the amount promised as well as the bonus that they would have earned over the previous 17 years since the decision was made. The remaining survivor benefits will be withheld.
This benefit is obtained by the insured at the maturity of the money back policy and consists of three parts:
- Sum Assured: This is the complete coverage that the insured selects at the commencement of the policy.
- The Bonus: This includes the insurer’s stated reversionary bonuses. The company’s success mostly determines the latter.
Why Do You Need to Buy a Money Back Policy?
It is a form of a savings strategy. You receive survival advantages, maturity benefits, and a bonus here (if any).
Money back policies are crucial since they give money at regular intervals after a specific amount of time till the conclusion of the policy term.
In our volatile world, where things change quickly, one may experience ups and downs without warning.
When everything is going well, there is no difficulty. It is when circumstances suddenly change, and you are financially ruined. You could desire to create a corpus for your future development and success. There might be a variety of reasons for you to save money, such as investing in your company every few years, funding your child’s school, and so on. Money back policies are the most reliable ways to save money.
Furthermore, money back policies include life insurance coverage.
Provides Survival benefits
A money back policy offers survival advantages such as a percentage of the amount insured (at certain intervals) and maturity benefit in addition to earned bonus.
This plan is preferable since it pays a portion of the money insured at regular intervals during the policy period. This, in turn, provides you with the necessary liquidity, and you may better organise your money to accomplish various objectives throughout your life.
Provides risk-free returns
If taking risks isn’t your thing, the money back policy is a great option for you. Because there is no danger, the best money back policy may be chosen.
Wrapping It Up
A money back policy makes sense for an investor looking for guaranteed returns with growth potential as well as payouts at specified stages of life to cover large expenses that may emerge in the future.
A Guaranteed Income4Life Plan is the best saving scheme that is a form of life insurance policy that permits the insured to receive recurring returns or a lump-sum payment at a specified time throughout the policy duration. The returns provided by this insurance may be guaranteed, contingent on investment performance, or a mix of the two.