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5 Reasons Why You Need This Stable Income Plan

  12/19/23 11:02 AM

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A steady source of extra income can be truly life changing, especially when you have big financial plans for the future. Guaranteed income plans can help you get a steady source of income that is over and above what you get from your profession. Moreover, with increasing job instability, it is wise to start building a sustainable second source of income. With Edelweiss Tokio Life- Active Income, you can achieve just that.

First the Basics: What is a Guaranteed Income Plan?

Edelweiss Tokio Life- Active Income Plan is a ‘Guaranteed Income Plan’. You can start getting your income from the 2nd policy year all the way till you ae 99. But what exactly does that mean?

A guaranteed income plan is an insurance plan that not only provides you with life cover but also helps you grow your savings for the future. This is done by investing a part of your premium into various bonds. The ‘guaranteed’ nature of the plan means that you will always know how much money you are getting back.

Your savings are returned to you as a lumpsum maturity benefit once your policy reaches its term end. Alternatively, you can choose a guaranteed income plan that gives you back your returns in the form of regular income payments, turning your insurance policy into a second source of income.

Here are 5 Reasons Why Edelweiss Tokio Life Active Income is a Stable Income Generator:

1. Income and life cover till the age of 99

While we are talking about the importance of building additional income, let not forget the importance of protecting one's family with a life insurance policy. With Active Income Plan, you get life coverage along with regular income. You can opt to continue your plan till you reach 99-years of age.

2. Cash Bonus

A Cash Bonus is also paid in addition to the Guaranteed Income every year, if declared. This Cash Bonus is a non-guaranteed bonus that may be payable on the performance of the participating fund of the Company.

3. Early or Deferred Income Benefit Options

Individual needs vary. Some may need an additional income immediately while others would like to start receiving it in their later years. Active Income lets you choose how you want your income. With Early Income Benefit option, you can start receiving income from the second policy year itself. With Deferred Income Benefit option, you start receiving an income a year after the policy’s premium paying term ends.

4. Family Income Benefit Option

To provide additional protection to your family during a crisis, you can opt for the Family Income Benefit. With this option, in case of death or diagnosis of 12 Critical Illness covered , your family continues to receive the Income Benefit and Maturity Benefit without having to pay any future premiums. Also, your nominees will receive an additional lumpsum if you pass away.

5. Tax Benefits

You get to enjoy tax benefit on premium under section 80C. Your income and maturity benefits will also be tax exempt under Section 10(10D), provided your policy meets the section’s T&C. Moreover, the death benefit of your policy will always be tax exempt.

You cannot always avoid adversities, but you can lessen their impact on your life. Edelweiss Tokio Life- Active Income Plan acts as a perfect Plan B for the future. Click here to start building a stable source of secondary income.  

 

Swati Tumar - Travel & Finance Writer   

Swati is a Writer in the day and an illustrator at night. Among her interests, she is quite fond of art and all things creative. She often indulges herself in creating doodles, illustrations, and other forms of content. She identifies herself as an avid traveler and shameless foodie.

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