Features And Benefits Of Hdfc Life Guaranteed Income Insurance Plan

By Author: Jane Joness
Total Articles: 60
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Introduction

Financial Planning is an important part of our lives, to fulfill our life goals. Moreover, it is challenging to figure out how to go about financial planning and stability in the future. As we strive to achieve our dreams, all our aspirations come associated with our expenses, and highlighting the need for smart financial planning is crucial.

Invest wisely, save efficiently, and achieve your dreams with
HDFC Life Savings Plan , a unique endowment plan.

Why and who must buy it?

Having a guaranteed income for a specific period of time when you cannot work is the benefit of the HDFC Life Guaranteed Income Insurance Plan. The insurance plan offers several benefits, including regular income payouts regardless of your ability to work, making it an attractive option for income protection. This feature makes it an attractive option for income protection.

As an added benefit, the policyholder receives tax-free income, and the payments will continue until the policy's expiration date, even if the policyholder ...
... passes away. Whether you are self-employed or don't have access to an employer-sponsored income protection plan, HDFC Life Guaranteed Income Insurance Plan is suitable for you.

Who can get it?

Anybody looking for a guaranteed long-term income throughout the policy term, as well as other benefits such as life coverage, tax savings, and a lump sum payment upon maturity.
Guaranteed1 Long-Term Income with Tax Savings2 according to current tax legislation

Guaranteed 1 lump sump amount on maturity with tax savings in accordance with current tax legislation
Death Benefit is fully Guaranteed 1 even during the income payout period.

Features of HDFC Life Guaranteed Income Insurance Plan

Guaranteed income of 11% to 13% per annum
Guaranteed regular income with tax savings as per prevailing tax laws
Guaranteed lump sum on maturity with tax savings as per prevailing tax laws
Full guaranteed Death benefit even during the income payout period

Benefits of HDFC Life Guaranteed Income Insurance Plan

Maturity:
At the end of the policy term, under this option, you will receive a lump sum amount that is equal to the sum assured, which will be paid along with the last income payout. This means that you can enjoy the benefits of your policy in the form of a guaranteed payout at the end of the policy term.

Guaranteed Income:
If you choose the Guaranteed Income option, you will pay premiums for a dedicated number of years and then receive a guaranteed regular income for the remaining period until the policy term ends. You can receive the income either monthly or annually, depending on your preference. This option provides a reliable source of income and ensures financial stability for the duration of the policy term.

Income Payout:
With the Income Payout option, you have the flexibility to choose the rate at which you want the income payout. The rates available are 11% p.a., 12% p.a., or 13% p.a. These rates may vary based on the premium term and premium amount. The income is paid as a percentage of the sum assured that you choose. This option allows you to tailor your policy to your specific financial needs and goals.

Death Benefit:
In the unfortunate event of your death, your nominee will receive the highest of the following payouts: 10 times the annualized premium, the sum assured, or 105% of the total premium paid. Additionally, you have the option to choose from two Death Benefit payout options. You can receive a lump sum amount or opt for the Family Income Payout, wherein 110% of the Guaranteed Death Benefit is given as monthly income spread over 60 months. This option ensures that your loved ones are taken care of in the event of your unexpected demise.

Secure Your Future with HDFC Life Guaranteed Income Insurance Plan
Insure your income with
HDFC Life Guaranteed Income Insurance Plan , to get a death benefit, guaranteed retirement income, flexible payment frequency, and no medical exam, it's easy to apply. It's a great way to make sure you and your family are financially secure.

Conclusion
Get guaranteed payouts at predetermined intervals on paying premiums with a Guaranteed Income Plan, making it an attractive option for long-term financial goals.

Disclaimers
1. Guaranteed Benefit is paid on survival during Policy Term provided all due Premiums (s) are paid during the premium payment term.

2. Tax benefits are subject to provisions as per the Income Tax Act, of 1961. Tax laws are subject to changes.

Hi! I am Jane Jones, a Technical writer, writing just to make technical concepts simpler and easier to understand for a layman. Most of my blogs here are on niches in Finance and Investment. Having experience in and out has been for around 3 years. Happy Reading!