The uncertain global scenario and rapid technological advancement have prompted financial service providers to increase their product variants and corresponding features. The primary objective is to ensure maximum financial support for the customers while simultaneously increasing their competitive advantage.

There are many new long term savings plan options for you to choose from. In this context, comprehensive life insurance plans provide the benefits of a life cover and guaranteed¹ returns on maturity in the same plan. It is up to you to choose the best option in this product category in accordance with your financial goals. Here is a detailed discussion on how you can choose the right guaranteed¹ income plan for yourself.

Before we get onto the real essence of the article, let us try to understand what a guaranteed¹ income plan means.
 

What is a Guaranteed¹ Income Insurance Plan?
 

A guaranteed¹ income insurance plan is a comprehensive life insurance plan that offers a guaranteed¹ return on saving at maturity and includes a life cover to provide a death benefit to your family members in case of your uncertain demise.

By choosing a guaranteed¹ income plan, you can get guaranteed¹ returns on maturity as a regular monthly income for a pre-defined period. Therefore, you can plan for your future family commitments using this long term savings plan. The product also offers a range of features that you can customise based on your income and financial needs.

Here's How You Can Select The Right Guaranteed¹ Income Plan

Now that you have been introduced to a guaranteed¹ income plan, let us go ahead and discuss how you can opt for the best plan for yourself as per your financial needs.
 

1. Understand your financial requirements and choose a plan: The primary step towards deciding on a regular income plan is understanding your financial requirements. For example, a monthly savings plan can be useful if you are looking for early retirement, starting a new business, or going on sabbatical leave.

   
   The regular income can suffice as an alternate source of income to help you manage your family commitments. If you have decided on the primary requirement, you can calculate an approximation of the sum insured you need to fulfill it.

   
   Based on this amount, you can estimate the premium for the chosen policy term during its inception. It is important to take the inflation rate into account at this stage.




2. Use the online calculator to compute the premium for the selected plan: You can use our online calculator to calculate the premium for the desired policy term, and the selected sum insured.

   
   With the online calculator, you can input different values for the sum insured and the policy term to ascertain the premium amount.

   
   Tata AIA Life Insurance offers a range of online calculators that help you determine the money you need to save, the applicable premium and the assured returns.




3. Study the plan's features: If you have decided upon the premium amount, you must also understand the policy features. At Tata AIA, we provide flexible features in our plans to accommodate the financial goals of different policyholders. For instance, you can pay the premium for a limited period and enjoy the plan benefits for an extended policy term.

   
   With the TATA AIA Life insurance savings plan, you can opt for joint life insurance with a single premium payment and get a life cover and a maturity benefit. There are also options to include a critical illness cover with a regular income payout. The income period for the regular payout can range from twenty to forty years. Therefore, you must make such a decision early in life to accumulate more and invest conveniently.




4. Analyze plans and make a smart decision: Once you have understood your financial requirements and studied the features of the selected plan, it is time to  analyze different products to choose the apt option that can suit your financial needs. You can also decide on a cost-effective product, considering your steady flow of income and family commitments.

   
   Plan on purchasing a savings plan online because we provide a range of extended benefits and discounts for the benefit of customers. You can maintain your policy record digitally, modify it when necessary, and renew the policy while sitting at your home or workplace instead of travelling to the nearest branch office.




5. Choose the necessary add-on benefits: When you have decided the plan you wish to buy, it is important to consider various add-on riders^# to enhance the benefits of the plan. You can choose the riders^# for accidental death, disability, terminal illness, etc. It can provide a lump sum benefit, income for a fixed period, or waiver of future premium payments during such unprecedented situations.

   
   For instance, if you have availed of the critical illness rider^#, you will be eligible for a lump sum benefit for your medical expenses when diagnosed with a critical illness mentioned in your policy. Therefore, if your family has a history of any serious illness, you can opt for such rider^# options as a precaution.

If you have followed the above steps, you can have the apt guaranteed¹ regular income plan in your portfolio. However, the benefits shall be applicable only when you stay insured for the entire policy term. You can start investing early and make the necessary changes in the sum insured.
 

Conclusion
 

A guaranteed¹ income plan can provide a range of benefits that can ensure financial assistance to accomplish your goals and protect your family in your absence. However, you must make the best choice for maximum protection. To make the best choice, understand your financial requirements, decide on the premium you can afford, read through different policy features, compare the available plans, and choose the most cost-efficient and beneficial option.
 

Finally, and most importantly, stay insured and increase your savings and benefits horizon to accommodate your changing lifestyle conditions and family commitments!
 

L&C/Advt/2023/Jan/0291