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Guaranteed Income4Life: Your Personal Financial Safety Net

dateKnowledge Centre Team dateApril 08, 2021 views121 Views
Guaranteed Income4Life: Your Personal Financial Safety Net

There are a few things guaranteed in life, namely – taxes, problems, and death. However, there are also the things you can guarantee in your life, to yourself and your loved ones. Regular income is one of them, and the best saving plans from life insurers like Canara HSBC Oriental Bank of Commerce Life Insurance can help you do just that.

Why do you Need a Regular Income Stream?

If you notice, most of the activities in your life are regular, be it food, exercise, job, business, or even expenses. Then there are a few important events of our lives like marriage, having kids, their educational needs, etc. Most of your money goes into building and taking care of these regular events.

And when your life and expenses are regular, why not the income. Imagine having to take care of your regular household expenses out of a finite pool of money. In the absence of a regular stream of inflow, the pool is likely to dry up, sooner or later.

Let us consider how the timeline of an average person with regular needs looks like:

Age Major Expenses
30-32 Marriage / Down payment for First House
32-34 Car purchase / House decor / Childbirth / Other household goods' purchase
35-37 Child's school admission & other related expenses
38-40 School extracurricular expenses / Child's birthday presents/Party expenses
41-43 Car replacement / House renovation / Child's expenses
44-46 Child's coaching / Extracurricular expenses
47-50 Marriage anniversary celebration / Gift to spouse
51-55 Home renovation / Interior expenses / Family vacation / Child's higher education expenses
55-60 Child's marriage / Self-retirement preparations

Apart from these life events, you may have EMIs and other liabilities such as home and car loan.

So, regular income helps you not only meet your regular responsibilities but also plan for a better future. For example, buying a house worth more than your current savings, or meeting your child’s higher education expenses 15 years down the line.

Why Ensure Regular Income for Your Family?

When you are the primary breadwinner for your family, you also tend to make most of the financial and investment decisions. Even though the rest of the members would have a say in the decision, they also rely on your wisdom to manage money and provide for their future.

In such a scenario, do you feel, if you are suddenly out of their lives, they will be in a position to get up to speed with financial matters immediately?

Most likely not. This is why you need to ensure a regular income stream for your family in case of your early demise with term and life insurance plans. The benefits of such plans on the demise of policyholder, in this case, a guaranteed income - will help your family stay on their feet while they stumble to get a hang of the financial matters themselves.

Guaranteed Income4Life by Canara HSBC Oriental Bank of Commerce Life Insurance ensures a regular income stream, which will be the knight in shining armour during the darker days.

How does Guaranteed Income4Life Work?

Guaranteed Income4Life plan is a life insurance plan with guaranteed benefits that are payable as regular income. You have the option of securing this income only for your lifetime or even for your family if you happen to pass away.

The plan allows you to invest for a limited period and set a definite start date for the regular income to begin.

For example, if you want to start investing in this plan at the age of 30, you can choose an investment tenure or premium payment tenure of 5 to 10 years. After the investment period, you can choose to start your income immediately at the end of the investment tenure or a few years later.

You can also choose a custom tenure for the regular income to continue based on your age and needs. For example, if you are investing in a plan to safeguard income for your dependents you can choose a life-long income option. This option will ensure that your dependents receive the income until you turn 99.

To summarise, Guaranteed Income4Life plan will help you:

  • Secure a regular income for self and family for a long period
  • Enjoy a safe pension stream after retirement
  • Provide your dependents with a reliable source of funds in case of your untimely demise
  • Enjoy tax benefits on the invested premiums and maturity value from the plan
  • Secure your child’s future using Premium Protection Cover, which keeps the investment going even after your death

Features of Guaranteed Income4Life Plan

Guaranteed Income4Life also has features to help you achieve your desired future income, whether it’s for pension or to enhance your regular household income. Some of the beneficial features of the plan are:

  • Guaranteed Loyalty Additions: You can get up to 1080% of your annual premium for the plan as a bonus addition if you invest for a longer-term.
  • Premium Protection Option: This option pays off all the due investment premiums for the policy in case of your early demise. Thus, ensuring that your loved ones can meet the financial need for their goal despite your absence.
  • Flexibility in Payment Terms: You can choose premium payment terms, and income tenure for the plan beforehand. You can also decide the frequency of the income and receive it either monthly, quarterly or even annually.
  • Higher Income Ratio for Higher Investment: The income multiple is greater if your annual investment into the plan is higher. Thus, allowing you a better rate of return on your investment.
  • Accidental Total & Permanent Disability Benefit: This benefit allows your investment plan to continue if you suffer from a total and permanent disability from an accident. Such disabilities include permanent loss of hands, legs, or sight.

Who Should Buy Guaranteed Income4Life Plan?

You should invest in this plan if you want to achieve any of the following financial goals, or have these situations in life:

  • Secure your child’s future
  • Want to enhance your pension after retirement
  • Want to offer income safety to your spouse
  • Have an alternative income option for yourself

Guaranteed Income4Life allows you to relax under the safety of long-term assured return investment. With this plan, you can aim to secure a long-term income stream either for yourself or your family.

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Frequently Asked Questions

How Savings Plans by Canara Help You?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits.

Who should invest in a Savings Plan?

Savings plan require you to invest a pre-decided amount on a regular basis. People with a regular stream of income who require a lump-sum amount after a period should opt for a savings plan. Working professionals, self-employed people and businessmen should consider a savings plan to meet their long-term financial obligations. Savings plans are also ideal for people who are risk-averse and want to accumulate funds through relatively safer mediums. These plans inculcate financial discipline in policyholders which make them crucial for every portfolio.

What is saving plan?

A savings plan is likely to be different for everyone depending on the financial goal, risk profile, returns, and investment horizon. If you are young and want to save for your retirement, ULIPs like Invest 4G or Titanium Plus plan would be the best option. You are likely to create a large corpus by your retirement through market-linked returns. If capital protection is your aim, then traditional insurance plans such as Guaranteed Money Saving Plan should be suitable for you.

How much money should you put in savings each month?

The amount that should be invested in a savings plan each month depends on the income, existing financial obligations and the long-term financial goal. If you have a steady income, you should save at least 20% of your monthly income. It is not necessary to invest your entire money into a savings scheme as investments should be diversified. Ideally, you should aim to have a financial buffer of over 10 times of your annual income.

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Saving plan for retirement

The Invest 4G plan with its multiple investment options and various portfolio management strategies for capital protection is an ideal saving plan for retirement.

Saving plan for future

The Smart Goals plan with its unique features such as modification of the sum assured partial withdrawal and fund switch can help you plan for your long-term financial goals.

Saving plan for girl child

The Future Smart unit-linked plan from Canara HSBC Oriental Bank of Commerce Life Insurance is the ideal savings plan for the girl child.

Where should I invest my money?

You should spread your investments across financial instruments. However, having a suitable savings plan in your portfolio is extremely important. It ensures financial stability and also helps in fulfilling short, medium and long-term monetary goals.

What is a good age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the capital gets adequate time multiply. Even a small amount invested for a long time can give substantial returns due to compounding.

Tax Saving Investment for retired mother

Savings plans are tax-efficient investment instruments. Samridh Bhavishya traditional savings scheme designed to ensure regular income after retirement is the best savings plan for retired mothers.

Should you use a savings plan for retirement planning?

Yes. Retirement planning is one of the most important financial decisions of our lives. Saving plans offer a host of features that may help you build your retirement corpus. Some of the saving plans like Guaranteed Income4Life offer guaranteed returns at policy maturity. Such returns can act as a regular income stream even after your retirement to help you stay financially stable.

Are saving plans beneficial for managing unexpected expenses?

Yes. Best saving plans in India offer partial withdrawal system that can be utilized during your rainy days. Being financially prepared to tackle such odds will help you manage any unforeseen expenses in a smooth manner.

How to save tax by using savings plan?

Saving plans are known for helping us achieve our financial goals. Best saving plans allow you to grow your wealth while providing life cover. Saving and investment plans are also beneficial for tax planning. Premiums of savings cum protection plans come with tax benefit under Section 80C of the Income Tax Act. Moreover, proceeds received upon the death of the policyholder or upon the maturity of the policy are tax free under Section 10 10(D).

What is the right age to start saving money?

When you plan to invest in a financial product, it always pays well to start early. The earlier you start saving and investing, the better. When you start investing early, the appreciation in capital is significant. Even a small amount invested for a long time can give substantial returns due to compounding.

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How a savings plan can help in building your child’s education fund?

Saving plans help in building wealth over time against the investments that you make. Choose the best savings plan to build an education fund for your child. The best saving plan for kids offered by Canara HSBC Oriental Bank of Commerce Life Insurance eases the stress of planning your child's future by providing a lump-sum payout on the investment.

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How Savings Plans by Canara HSBC Oriental Bank of Commerce Life Insurance can help you?

Every person has a unique reason to save and invest. With ULIP savings schemes, the company caters to people seeking wealth creation through capital appreciation. Contrarily, the traditional plans can help you save for important life goals without worrying about the fluctuation in fund value. All major savings plan offers partial withdrawal facility that can help you take care of unplanned contingencies. With savings plans from Canara HSBC Oriental Bank of Commerce Life Insurance, you get adequate flexibility while investing and receiving the savings benefits.

Read More
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