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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 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 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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