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What is a Guaranteed
Return Plan?
Guaranteed return plans are financial products that offer a guaranteed rate of return over a certain period. The main benefit of a guaranteed returns plan is that it offers the dual benefit of life insurance coverage and long-term savings under one policy. You can choose the policy term per your life insurance needs and determine a sum assured for your family.
Savings plans with guaranteed returns can be important for several reasons. By offering a guaranteed rate of return, these types of plans can reduce risk in an investment portfolio. Including guaranteed return plans in a diversified investment portfolio can help balance the portfolio's overall risk profile.
Popular Tata AIA Savings Plans with Guaranteed* Returns
How to Choose the Best Guaranteed Return Plans?
Selecting the best guaranteed return plan can be simple if you know the factors that make the savings plan suitable for you:
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Guaranteed Income
Savings plans offer guaranteed returns or guaranteed income on maturity. With the accumulated funds at the end of the policy term, you can meet your financial commitments and achieve various goals. This fund can also keep your family’s future secure against financial uncertainties.
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Affordable Premiums
Since your savings plan offers guaranteed returns and life insurance coverage, keeping the policy active for the entire term is important. For this reason, ensure that you choose a policy term, a premium paying term, and the mode of payment to continue paying affordable premiums until maturity.
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Comprehensive Life Cover
Certain savings plans, offer whole life insurance coverage up to 100 years of age. So, your loved ones can receive uninterrupted life insurance protection for your entire lifetime, with no need for renewing the policy or buying a new life insurance plan.
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Regular Savings
You can save regularly under your savings policy through any premium paying term and mode of your choice. Moreover, choosing a limited premium-paying term of 10-50 years means you will have consistently saved your money without paying premiums for the whole policy term.
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Bonus Amount
Certain insurance companies offer bonus component as part of the plan offering. You can earn additional bonuses% to boost your savings corpus. However, the bonus is only payable if and when declared by the insurance company.
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Return on Premium
You can get your premium amount~ paid back with certain savings plans. This will ensure that you receive additional income once your policy tenure is over.
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Income Tax Benefits
Savings plans with guaranteed* returns offer tax savings up to Rs 46,800++ every year.
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Choice of Riders
Opt for one or more optional riders^ to gain additional coverage on your savings plan. While you save money and build your wealth for the future, these riders can protect you and your family from specific unforeseen risks such as critical illnesses, accidental death, disability, etc.
Tata AIA Savings Plans for You
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V07)
Tata AIA
Guaranteed Return Insurance Plan
Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V11)
Tata AIA
Fortune Guarantee
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N120V09)
Tata AIA
Smart Income Plus
A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N126V04)
Tata AIA
Gold Income Plan
A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N131V02)
Tata AIA
Guaranteed Monthly Income Plan
Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)
Why Should You Choose a Guaranteed Return savings Plan?
An important point about a guaranteed savings plan is that while the guaranteed savings will be payable on maturity, your life insurance provider may also pay out non-guaranteed bonuses if the company declares them. As a result, these plans can be attractive to investors because they offer a predictable and reliable income stream, which can be particularly appealing in times of economic uncertainty or market volatility.
Therefore, guaranteed return savings plans are suitable for investors seeking a low-risk and safe investment option where market movements will not impact their savings. This is because such savings plans invest only in fixed-income securities, not market-linked instruments with variable returns.
These plans can be an effective way to save for long-term goals, such as a child's education or a down payment on a home. If you are planning your retirement, guaranteed return plans can be a useful tool for retirement planning, as they can provide a steady stream of income that can help to support an individual's retirement expenses.
Tax Benefits of Guaranteed Return Plans
When you opt for a savings plan with guaranteed returns*, you pay premiums towards the policy as per a premium payment term and the mode selected during policy purchase.
While these premiums go towards offering you and your family a life cover and guaranteed savings, these plans also offer tax# benefits under the following sections of the Income Tax Act of 1961:
Section 80C
The premiums paid towards the guaranteed* return savings plan are eligible for a tax deduction under Section 80C of the Income Tax Act. You can claim up to ₹1.5 Lakh per financial year as a deduction on the annualised premiums. You can save up to Rs 46,800++ every year.
Section 10 (10D)
The death benefit paid out on your demise qualifies for a tax exemption under Section 10(10D). In addition, the maturity benefit of the guaranteed return plan can also qualify for this exemption, subject to certain policy terms and conditions.
Section 80D
If you add an optional rider to your savings plan, you can claim a tax deduction between ₹25,000 to ₹1 Lakh, subject to the extent of the rider’s coverage. However, this deduction only applies to critical illness riders.
Know More about our Best-Selling Guaranteed* Return Savings Plan
Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN:110N158V07)
Tata AIA
Fortune Guarantee Plus
Key Features:
Get Guaranteed* Tax# Free Income
Get your premium amount back~ and save more
Get Health cover against 40 Critical Illnesses+
Save tax^ up to 46,800**
*T&C apply
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How Can Guaranteed Return Savings Plans Help You with Your Goals?
Short-term Goals
If you need your savings plan to support your immediate financial goals or short-term goals, you can opt for a money-back savings plan. With a money-back plan, you can receive an income during the policy term at regular intervals.
These survival benefit instalments paid out from your sum assured will enable you to meet any immediate commitments. These goals include saving for a family vacation or supporting your small-scale homegrown venture.
Medium-term Goals
Medium-term goals comprise a financial support system for the near future or the next few years. For example, if you want to start saving for your higher education or create an emergency fund, you can select a savings plan that offers regular income.
You can also use a regular income plan to generate an additional source of income, which you can use to fulfil various commitments. Your medium-term goals can also include making further investments with the available funds.
Long-term Goals
Most long-term goals, such as retirement or buying a new home, require plenty of time and a lot of planning. Hence, the investment tenure of your savings plan should also be flexible enough to accommodate these goals.
Depending on how you plan to achieve these targets, you can opt for an endowment benefit plan that pays out a lump sum or go for a regular income plan.
Right Time to Start Investing
There is no hard-and-fast rule on when you should start investing in a savings plan. However, the earlier you start, the more money you can save without investing heavily. An early start in your savings plan means you can begin with small savings and gradually increase the investment as your income increases.
By starting your investment in a savings plan, you can also ensure the payment of affordable life insurance premiums. This is because, at a younger age, your life is at a lower risk of health conditions. Therefore, you can get a higher life cover for reasonable premiums. Even your investment tenure can be longer if you make an early start on savings.
If you are earning a monthly salary, you can save money every month. You can invest a fixed monthly amount and enjoy long-term savings. Depending on your savings goals and the investment tenure, you should be able to save an adequate amount that will enable you to achieve your financial goals.
Why Choose Tata AIA Life Insurance?
Here are some reasons why you must choose Tata AIA Life Insurance:
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Range of Plans
Tata AIA Life Insurance enables you to choose from various life insurance plans with varied benefits. You can also select any of our guaranteed return savings plans that help you cover your life insurance needs and your short-term and long-term savings goals.
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Long-Term Savings
Build your wealth over the long term with regular savings under our guaranteed savings plans. Invest regularly as per a premium payment term and frequency of your preference and earn guaranteed returns on maturity.
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Easy Online Process
We offer simple online processes related to policy purchase, comparison, claim initiation and renewal. And with our multiple secure digital payment channels, you can save time and make your premium payments without hassle.
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The Tata Trust
Our individual death claim settlement ratio8 of 98.53% in the FY 2021-22 indicates our commitment to settling your claims efficiently.
8T&C apply
Frequently Asked Questions
What are the main types of savings plans?
The different types of savings plans are money-back plans, endowment plans and regular income plans. Money-back plans offer a percentage of the savings during the policy term in regular intervals, while endowment plans pay out a lump sum benefit once the policy matures. Regular income plans, as the name suggests, offer regular income as per the chosen income frequency after the policy matures.
Do all savings plans offer guaranteed returns?
Most life insurance savings plans offer guaranteed* returns on your savings. In addition, on policy maturity, if you survive the policy term, you will be entitled to a predetermined maturity benefit, either as a lump sum or regular income, subject to your payout mode.
Can a savings plan invest in market-linked instruments?
No, savings plans do not invest in market-linked instruments, as market-linked returns are neither fixed nor guaranteed. Instead, savings plans invest in low-risk instruments and fixed-income securities to receive guaranteed returns on your savings.
Why should I buy a guaranteed return savings plan?
A savings plan with guaranteed return can offer a long-term and disciplined savings opportunity along with life insurance coverage for you and your family. In addition, the returns guaranteed on maturity can help you fulfil different financial obligations and goals without relying on other sources.
Thus, you can gain complete financial security for yourself and your family with your savings and the life cover under a single policy.
What do additional bonuses on guaranteed return savings plans mean?
Your life insurance provider offers additional bonuses when the company shares its profit with its customers and other stakeholders. The same will be payable towards your savings plan during the financial year if and when the company declares a bonus.
However, note that these bonuses are a non-guaranteed component of your savings plan and may be payable as per the company’s guidelines.
When should I choose a lump sum maturity benefit or regular income?
Your guaranteed* return savings plan will pay out the maturity benefit at the end of the policy term. This payout will, however, be payable only if you survive the policy term. Depending on your needs and the type of policy you choose, you can opt for either a lump sum benefit or regular income.
A lump sum payout would be suitable if you have immediate and major financial goals to fulfil. Otherwise, a regular income payout will work for managing daily finances and securing other future goals.
Disclaimer
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N158V07)
- The complete name of Tata AIA Guaranteed Return Insurance plan is Tata AIA Life Insurance Guaranteed Return Insurance Plan - Individual, Non-Linked, Non-Participating, Life Insurance Savings Plan (UIN:110N152V11)
- The complete name of Tata AIA Fortune Guarantee is Tata AIA Life Insurance Fortune Guarantee - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N120V09)
- The complete name of Tata AIA Smart Income Plus is Tata AIA Life Insurance Smart Income Plus - A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N126V04)
- The complete name of Tata AIA Gold Plan is Tata AIA Life Insurance Gold Plan - A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N131V02)
- The complete name of Tata AIA Guaranteed Monthly Income Plan is Tata AIA Life Insurance Guaranteed Monthly Income Plan - Non-Linked, Non-Participating Individual Life Insurance Savings Plan (UIN: 110N147V02)
- The complete name of Tata AIA POS Smart Income Plus is Tata AIA Life Insurance POS Smart Income Plus - A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan (UIN: 110N148V03)
- *Guaranteed Income shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- #Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere on this site. Please consult your own tax consultant to know the tax benefits available to you.
- ++Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- ^Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums, and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
- ~Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- %Compound Reversionary Bonus and Terminal Bonus will be based on Company’s performance and are not guaranteed.
- +Available under Regular Income with an Inbuilt Critical Illness Benefit option
- 1The benefits under the plan are Guaranteed and may be a % of the Annualised Premium or Total Premiums Paid based on the plan option selected. Please refer Brochure for more details.
- 2Guaranteed Addition defined as a percentage of GMB shall accrued at a simple rate for each completed policy year, throughout the Policy Term and shall be payable on Maturity or Death whichever is earlier, subject to all due premiums being paid. GA shall accrue @ 5% of GMB.
- 3Guaranteed Benefit is a % of Total premiums paid based on the policy term, premium paying term, gender, annualised/Single premium band & entry age
- 4Guaranteed Returns are defined as Guaranteed Payout (GP)/ Guaranteed Maturity Payout (GMP) under both Plan Options. For Regular Income option, GP is 120% to 160% of the Annualised Premium (AP) and GMP is 46% to 405% of AP for male lives and 74% to 408% of AP for female lives. Please refer survival benefit factor under regular income option. For Endowment option, GP is 5.26 to 15.03 times of AP for Male lives and 5.36 to 15.04 times of AP for female lives and GMP is equal to GP, provided the policy is in-force and all due premiums have been paid. The GP/GMP factors under both the plan options will depend on premium payment term, age, and gender of the Life Insured.
- 5Provided the policy is in force and all due premiums have been paid, Guaranteed Maturity Benet is equal to 100% of the Basic Sum Assured, and Guaranteed Income is equal to 12% of Basic Sum Assured, shall commence from the end of year following Maturity which increases annually (compounding increase) by an Income Booster.
- 6Guaranteed Monthly Income is a percentage of Total Premiums Paid, depending on the age at entry and the chosen Policy Term. It is payable in arrears for 10, 16 and 24 years for a policy term of 5, 8 and 12 years respectively, starting from the end of 1st month after the end of Policy Term.
- 7Large Premium Boost benefit depends on the Premium Payment Term and Annualized Premium chosen. The applicable percentage shall be added to the Income Factors while calculating the Guaranteed Monthly Income.
- 8Individual death Claim Settlement Ratio is 98.53% for FY 2021 - 22 as per the latest annual audited figures.
- This product is underwritten by Tata AIA Life Insurance Company Ltd.
- The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
- Insurance cover is available under this product.
- For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. The precise terms and condition of this plan are specified in the Policy Contract.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- Risk cover commences along with policy commencement for all lives, including minor lives.
- Policies sourced through PoS Channel will not have any medical examination. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
- All Premiums and interest payable under the policy are exclusive of the taxes, rider premiums, underwriting extra premiums, loading for modal premiums, if any which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium or interest. Tata AIA Life shall have the right to claim, deduct, adjust, and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
- L&C/Advt/2023/Jan/0299
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