Did you know? According to the Life Insurance Penetration rate by Economic Survey for 2020-21, the life insurance penetration in India is up from 2.74% in 2018 to 2.82% in 2020-21!
One of the popular life insurance plans in India are the Guaranteed Life Insurance Plans that offer assured returns with lifetime protection. Guaranteed Return Insurance plans or Savings Plans are life insurance plans that offer pure protection, along with assured returns on maturity.
1. Guaranteed Returns: Best money savings plans as the premium paid accumulates and assures good returns on the investment
2. Death Benefit to the Nominee: The protection component of the plan will ensure assured payout to the nominee
3. Low-risk investment: Perfect for risk-averse investors as the money is invested in risk-free fixed-income securities
4. Accrual bonuses: Plans like the GCap from Edelweiss Life Insurance offer accrual additions to long-term customers
5. Retirement Planning: Endowment plans with Guaranteed Returns serve as great retirement savings and investment plans
6. Additional features: Added facilities like Waiver of Premium, Loan against the Policy and much more
7. Tax Benefits: Tax benefits as per prevailing tax norms under Section 80C and Section 10(10D) of the Income Tax Act.