The Best Guaranteed Insurance Investment Plans for 2023
A guaranteed income plan (GIP)
A Guaranteed income plan (GIP) is a financial product that provides a regular income stream for a specified period or for life. These plans are often sold by insurance companies, and they can be a good option for people who are looking for a secure source of income in retirement.
GIPs work by pooling the premiums paid by policyholders and investing them in a variety of assets. The insurance company then uses the income generated by these investments to pay out the guaranteed income to policyholders.
The interest rate on a GIP is typically fixed, so policyholders know exactly how much income they will receive each year. This can be a valuable peace of mind for retirees, who may be concerned about outliving their savings.
The Best Guaranteed Insurance in Brief
However, it’s important to note that GIPs are not without risks. The insurance company could default on its obligations, and the value of the investments could decline. As a result, it’s important to carefully consider your investment goals and risk tolerance before purchasing a GIP.
Here are some of the benefits of a guaranteed income plan:
Guaranteed income: You know exactly how much income you will receive each year, which can provide peace of mind in retirement.
Tax benefits: GIPs can offer tax benefits, such as tax-deferred growth and tax-free withdrawals.
Flexibility: You can choose the length of the income stream, which can be for a specified period or for life.
Here are some of the risks of a guaranteed income plan:
Interest rate risk: The interest rate on a GIP is typically fixed, so you are exposed to interest rate risk. If interest rates decline, the value of your investment could decline.
Default risk: The insurance company could default on its obligations, which would leave you without an income stream.
Market risk: The value of the investments underlying a GIP could decline, which could reduce the amount of income you receive.
Overall, a guaranteed income plan can be a good option for people who are looking for a secure source of income in retirement. However, it’s important to carefully consider the risks before purchasing a GIP.
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A Guaranteed Income Plan is a type of financial product that provides a guaranteed regular income to the policyholder for a specific period of time. It is a form of insurance cum investment plan that offers financial security and stability by ensuring a fixed income stream. This plan is typically offered by insurance companies and can be purchased by individuals looking to secure their future income needs.
The Best Guaranteed Insurance Plans in India
Investment Plans
Entry Age
Maturity Age
Policy Term (PT)
Minimum Premium Amount (annually)
Max Life Smart Fixed Return Digital – Titanium
18-50 Years
18-60 Years
5-10 Years
Rs. 36,000
Canara iSelect Guaranteed Future- iAchieve
18-65 Years
18-80 Years
5-20 Years
Rs. 20,000
ICICI Pru ASIP
18-57 Years
18-72 Years
10-15 Years
Rs. 50,000
Bajaj Allianz Assured Wealth Goal
18-50 Years
18-75 Years
5-12 Years
Rs. 50,000
TATA AIA Guaranteed Return Insurance Plan
18-65 Years
18- 85 Years
5-12 Years
Rs. 24,000
HDFC Life Sanchay Plus
30 days – 45 Years
18-70 Years
15-25 Years
Rs. 30,000
Bajaj Allianz Goal Suraksha
18-50 Years
28-65 Years
10-20 Years
Rs. 3,000
Max Life Smart Wealth Plan
18-60 Years
67-80 Years
5-12 Years
Rs. 11,000
Aegon Life iGuarantee Max Savings
3 Months-50 Years
18-70 Years
10-20 Years
Rs. 12,000
Edelweiss Life Tokio Premier Guaranteed Income
18-65 Years
18-99 Years
5-12 Years
Rs. 50,000
What is the Eligibility Criteria?
Age: You must be at least 18 years old to purchase a GIP.
Health: You must be in good health to purchase a GIP. Some insurers may require you to pass a medical exam.
Income: You must have a steady income to purchase a GIP. This is because you will be required to make regular premium payments.
Investment goals: You must have a clear understanding of your investment goals and risk tolerance before purchasing a GIP.
In addition to these general eligibility criteria, there may be specific requirements that vary from insurer to insurer. For example, some insurers may have a minimum age requirement for certain types of GIPs. It is important to read the terms and conditions of the GIP carefully before you purchase it.
Here are some of the factors that may affect your eligibility to buy a guaranteed income plan:
Your age: The older you are, the less likely you are to be eligible for a GIP. This is because insurers are more likely to approve GIPs for younger people who have a longer life expectancy.
Your health: If you have any health problems, you may be ineligible for a GIP. This is because insurers are more likely to approve GIPs for people who are in good health.
Your income: If you have a low income, you may be ineligible for a GIP. This is because you may not be able to afford the regular premium payments.
Your investment goals: If you have aggressive investment goals, you may be ineligible for a GIP. This is because GIPs offer a fixed income stream, which may not be enough to meet your investment goals.
If you are considering buying a guaranteed income plan, it is important to talk to an insurance advisor to discuss your eligibility and to get more information about the different plans available.
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