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Guaranteed Income Plans

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Guaranteed Income Plan

A Guaranteed Income Plan is a plan that provides you with insurance cover along with a guaranteed¹ income during a set duration. You choose your saving goals and financial appetite to decide how long you want the regular income. A guaranteed income plan also allows you to decide the payment option that suit you the best. We will understand it in more detail below.
 

Financial planning is key to living a well-balanced, happy life. We all know this, but something that we don’t realize is how easy it is to plan all your goals when you have a second source of income! In today's unprecedented times, the ability to fulfil your family’s dreams by buying that dream home or giving your child the best education has become slightly challenging in today’s unprecedented times.
 

Wouldn’t it be amazing if you could get a guaranteed¹ stream of growing income based on your life goals? If your answer is yes, then the Guaranteed Returns Plan is the right choice for you.
 

A guaranteed investment plan empowers you to decide how long and at what time you want your income payouts to be. For example, for 10 years annually or for 8 years quarterly, or even as a lumpsum income.

Why Do You Need a Guaranteed Income Plan?

 

Everyone needs a second income to fall back on when they move forward in life. A life where they don’t have to worry about money when they have retired. What we all want is a reliable source of income that is not subject to market fluctuations and offers you the peace of mind you want at that age.
 

Finding a plan that meets all your requirements while also providing you with protection that will not only benefit you after you retire but also protect your loved ones in the event of your death can be difficult. When determining which plan is ideal for you, you must evaluate the premiums that must be paid, returns, terms and conditions, death benefits, coverage, and a variety of other terms and consideration.

Guaranteed Income Plan are designed to keep you and your family financially stable in case of any unprecedented situations or once you retire. There are various Guaranteed Return Income Plans with Edelweiss Tokio Life Insurance Company Limited that are amongst the finest saving plans in India because it is not subject to market fluctuations and guarantees income at the frequency and premium amount that you will choose. Let’s look at some of the reasons and factors to consider while investing in a guaranteed income plan.

Key Benefits Of Guaranteed Income Plan

Key Benefits of Guaranteed Income Plan

01-Life-Cover

Life Cover

Life Cover for the entire policy term to protect your family financially even if you are not there.

02-Tax-Benefits

Tax Benefits³

On premium paid under Section 80C and maturity income under Section 10(10D) where annual premium per policy or aggregate premium for all such policies does not exceed Rs. 5,00,000/- in any year for policies issued on or after 1st April 2023.

03-Guaranteed-Benefits

Guaranteed¹ Benefits

Guaranteed Benefits in form of Regular Income or Lump Sum as per your needs.

04-Income-and-when

Income as and when You Want

Income as and when You Want to help you achieve your goals whatever life stage you are in.

05-Second-Income

Second Income

Second Income to fall back on for you and your family in case of emergencies. Even after retirement, it ensures that your standard of living remains the same.

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Capital Guarantee¹: Assurance Amidst Market Fluctuations

Market-linked returns, with an additional benefit of guaranteed¹ return of your total invested premium at maturity

  • Benefits of market-linked returns and guaranteed¹ lumpsum in one plan

  • Enhanced cover option with sum assured & booster additions

  • Little Star Benefit option to protect your child’s future

  • Tax benefits³ u/s 80c & 10(10d) to shield your savings

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Future Guaranteed¹ Income, now possible!

Makes sure nothing gets in the way of you and your dreams.

  • Guaranteed¹ Income + Protection + Tax Benefits³ in one plan

  • Pick from 4 plan options basis life goals – Lumpsum, Short Term Income, Long Term Income & Retirement Income

  • Family Income Benefit option ensures your family doesn’t have to compromise dreams

  • 6 Riders available to enhance your plan⁹

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Grow your future income, step by step!

Protect your future with a personalized plan that provides steady, guaranteed¹ returns

  • Guaranteed¹ regular income and / or guaranteed¹ lump sum on maturity

  • Financial protection to your family in case of your untimely death

  • Flexibility to customize your plan with various Policy Term, Premium Payment Term options

  • Availability of 6 Riders⁹ to enhance your protection

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Features of Guaranteed Returns Plan

 

Edelweiss Tokio Life offers Guaranteed Returns Plans, which are both participating and non-participating monthly/quarterly/annual or lumpsum income plans. The policyholder will pay a premium for the duration of the plan. You can decide the duration of your plan as per your age and financial position. Once your plan reaches the set maturity, you will start receiving guaranteed¹ income. Guaranteed Income Plans are the best choice for individuals looking for assured returns for their various life goals including a peaceful retirement. Below are a few notable features of the second income or guaranteed income plan.

  • The policy duration for salaried adults between the ages of 18 and 60 years varies from 10 to 30 years.
  • It's a form of life insurance contract that pays out a regular income for a set length of time, usually between 10 and 30 years.
  • Provides vested reversionary bonus/terminal bonus, if any, at the maturity date.
  • Benefits for death as well as maturity income are included.
  • Provides the benefit of being tax-free³.
  • The duration of a plan can range from 10 to 30 years.

 

Other features of a Guaranteed Income Plan includes: 
 

  • Tax-Free³ Payouts – A guaranteed income plan guarantees that once the policyholder has paid all their premiums, they will receive monthly income payments for a set period. According to section 10(10D) of the Income Tax Act of 1961, the income earned from the plan is exempted from tax-deductions³.
  • Flexibility to Select Income Type – A plan like Edelweiss Tokio Life – Premier Guaranteed Income offers flexibility to select your income type based on your life goals. You can choose from four plan options – Lumpsum, short-term income, long-term income, and retirement income.
  • Guaranteed¹ Protection - The assured protection includes death benefits for the insured. If you unfortunately die during the term of the guaranteed income plan, the individual selected as the beneficiary has the choice of opting for the payout type based on the plan features.
  • No-Waiting Period - Unlike other investment plans, in a guaranteed income plan, the policyholder starts getting the payouts as soon as the premium payments are  over. Once the plan's tenure is over, the policyholder will begin getting the sum assured through monthly payouts. 
 

A guaranteed income plan comes with several options and benefits that might help you relax especially once you retire. It can also assist you with meeting any future major bills, especially during these unprecedented times that your family may incur. Before deciding on a guaranteed income plan, you should assess your current financial condition as well as your future ambitions and requirements. You can also get guidance from a representative of the Edelweiss Tokio Life Insurance to make an informed selection based on accurate information.

When your guaranteed investment plan matures, the income received can ensure that you can maintain your quality of living regardless of market conditions. This assurance distinguishes it as one of the most appealing and reliable investment options.

What Riders Are Available With A Guaranteed Returns Plan?

What Riders Are Available With A Guaranteed Returns Plan?

The following six riders⁹ are available with Edelweiss Tokio Life Saving Plans:

Accidental Total and Permanent Disability Rider

The rider will offer the financial assistance and support to deal with any immediate expenses or loss of income arising from permanent disability to the life assured.

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Critical Illness Rider

With this rider, the life assured will be liable to get a lump sum payout if they get diagnosed with any of the 12 listed critical illnesses.

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Accidental Death Benefit Rider

This rider will will offer additional sum assured to the nominee if the life assured loses their life in an accident.

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Waiver of Premium Rider

This rider will waive off the future payments of the policy premiums, if the life assured is diagnosed with any of the listed terminal illnesses.

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Payor Waiver Benefit Rider

With this rider, if the proposer of the policy suffers from an unfortunate event like death, disability or critical illness, all future premiums are waived off and the policy continues for the life insured.

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Reasons To Buy Guaranteed Income Plan

Reasons To Buy Guaranteed Income Plan

Guaranteed Income with Life Cover

What’s better than having protection for you and your family for life? A plan that provides both guaranteed¹ income and life cover. It makes sense to invest in a guaranteed income plan especially for those who have dependents in their family. It helps in providing a safety net for your family even in your absence.

03-Guaranteed-Benefits

Benefit on Maturity Income

Saving for a long-term financial goal can be difficult without a guaranteed¹ source of income. You can save money with a guaranteed income plan and receive maturity benefits in the form of lump-sum payouts. These returns can assist you in meeting any pressing financial demand that necessitates the use of a flexible budget.

03-tax-Benefits

Tax Benefits³

Another advantage of investing in a guaranteed income plan is having various tax benefits³ on the premiums paid and the maturity income received. With a guaranteed income plan, you can save up to ₹1.5 lakhs on premiums paid under section 80C of the Income Tax Act, 1961. Also, the income received under the plan is exempted from tax under section 10(10D).

05-Second-Income

Immediate Premium Payouts

You don’t have to wait for years for your assured payouts. You can start receiving your income as early as 2nd policy year~., applicable with Edelweiss Tokio Life - Guaranteed Income STAR.

06-Financial-Security

Future Financial Security

A guaranteed income plan offers you the flexibility to select your guaranteed¹ income basis your life goals – lump sum, short term income, long term income and retirement income.

07-Riders

Riders⁹ of Choice

Riders are a great way of enhancing your protection under the plan as they provide additional protection and coverage in the event of an accident, critical illness, or large hospital bills, among other things. With the riders, you can rest easy knowing that you and your family are covered.

08-loan

Loan² Benefits

A guaranteed income plan serves as a backup in case of an unexpected financial need or if require money right away. You can use the surrender value of your guaranteed income plan to get a loan once it has reached the surrender value. Usually, a loan amount of 90% of the surrender value is available. 

Reasons To Buy Guaranteed Income Plan

Guaranteed Income with Life Cover

What’s better than having protection for you and your family for life? A plan that provides both guaranteed¹ income and life cover. It makes sense to invest in a guaranteed income plan especially for those who have dependents in their family. It helps in providing a safety net for your family even in your absence.

Factors To Consider Before Buying Guaranteed Income Plan

With a larger number of options readily available in the market, it often becomes confusing for you as consumer to decide on which is the best choice for you. If you are looking to invest in a guaranteed income plan, here are a few things that you must consider. 

 

● What are Your Life Goals?: If you are someone planning to buy a guaranteed income plan, the first thing to decide is what are your life goals. If you are a doctor, engineer, teacher, businessperson or a salaried employee, this kind of guaranteed income plan will work best for you. Also, if you are someone transitioning from a single to a married life or married life to being a parent; a guaranteed income plan will help you save for your life goals such as family’s living, dream house, or your child’s future education.

● Look for a Flexible Policy: It's a good idea to choose a guaranteed return plan that's adaptable to your income and budgetary constraints. Choose a plan that allows you to pay your premiums in one lump sum or in regular installments, and then pick the option that suits you the best.

● The Reputation of Your Insurance Provider: When it comes to investing your hard-earned money in an investment and savings plan, it goes without saying that you must look for the best guaranteed income plan on the market. This can be accomplished by observing the insurance company's prior performance. The claim settlement ratio, solvency ratio, and other metrics can be used to assess an insurer's reliability.

● Rider Available with the Plan: Riders are extra layers of protection that can be added to your policy. As a result, you should always opt for an insurance plan that offers a variety of riders to fit your needs. The critical illness rider, the accidental death rider, the lifelong disability rider, and others are all common but useful riders.

● Look for a Loan²: A financial emergency can happen at any moment and in any place in your life. As a result, it's critical to invest in fixed-income instruments that can provide you loan when in need. After a policy's surrender value has been reached, most guaranteed income plans allow for a loan or partial withdrawal. Before you buy a plan, make sure to look for this feature.

What Is The Eligibility Criteria For A Guaranteed Income Plan?

 
  • Most of Guaranteed Returns Income Plan are designed for people with a stable source of income who fall in the age bracket of 18-60 years. 
  • The policy term for any guaranteed income plan usually extends from 10 years to 30 years.

Why Choose Guaranteed Return Plans Offered By Edelweiss Tokio Life?

Why Choose Guaranteed Return Plans Offered By Edelweiss Tokio Life?

India's leading financial services conglomerate with a 21-year history

Digital-first expertise coupled with customer-centric approach and hassle-free settlements

Multi-channel distribution network with well-equipped and well-trained staff

Over 131 branches in major cities across India as of October 2023

How Does Guaranteed Income Plan Work?

 
  • You pay a premium to ensure that you receive a Guaranteed¹ Income. The premium can be paid in one lumpsum payment, for a specific term, or for the duration of the insurance.
  • The life insurance coverage lasts for the duration of the policy. If anything goes wrong during this time, the sum assured is the death benefit that your family will receive.
  • Life cover is provided for the duration of the policy and it is the amount assured to the authorized beneficiary in the event of your death.
  • If you survive the policy term, the premium paid is refunded along with guaranteed¹ returns as maturity benefit.

Reasons Why You’re Bound To Love Us Back

Reasons Why You’re Bound To Love Us Back

99.20% Claim Settlement Ratio**

Our Promise of Integrity- 99.20% Claim Settlement Ratio** for FY 2023

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Best Customer Experience

Best Customer Experience & Contact Center Management - Life Insurance 2022^³

Fire Away Queries

faqs guaranteed plans

How Does A Guaranteed Income Plan Work?

A guaranteed returns plan is a standard non-linked insurance policy with no risk because it is not related to market performance or fluctuations. Such a plan provides assured returns in the form of selected frequency of pay-outs.

 

With a guaranteed income plan like Edelweiss Tokio Life – Premier Guaranteed Income, you can have a premium paying term ranging between 5 to 12 years. The guaranteed income plan is designed to provide protection to your family from any financial loss in case of an untimely death or diagnosis of covered Critical Illness and offers a guaranteed¹ regular income and / or guaranteed¹ lump sum to you and your family, provided all due premiums are paid. It has four plan options to help you customize the plan as per your requirement.

 

How does this plan work?
Step 1: Choose the Premium you wish to pay, Plan Option, Premium Paying Term, Premium Paying Frequency, Policy Term, Income Benefit Pay-out Frequency (if applicable). Sum Assured on Death and Sum Assured on Maturity will be determined based on the above inputs plus your age, gender and income
Step 2: You have an option to choose Family Income Benefits.
Step 3: Choose additional riders to enhance your protection.

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A guaranteed lifetime income is a steady stream of income received after retirement. After the premium has been paid, the annuity begins immediately. It provides financial security to policyholders and allows them to continue their existing lifestyle even when they are not working.

 

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Guaranteed income plans can be an effective tool for retirement planning. A guaranteed income plan is a financial product that provides a regular income stream for a specified period or for life. These plans can be used to supplement other sources of retirement income, such as pensions. 

 

The advantage of guaranteed income plans is that they provide a predictable source of income, which can help retirees manage their expenses and budget more effectively. These plans are also designed to protect retirees from market volatility and inflation, since they will receive a guaranteed amount pre-determined during the purchase of the policy.

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A guaranteed income plan also offers tax exemption under the sections 80C and 10(10D) of the Income Tax Act, 1961 and these exemptions are available for the payable premiums and also the maturity proceeds where annual premium per policy or aggregate premium for all such policies does not exceed Rs. 5,00,000/- in any year for policies issued on or after 1st April 2023, after completion of the policy term.

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In certain situations, an individual with life insurance coverage may have an urgent need for funds and can opt to surrender their policy. By surrendering the policy before its maturity, the insurance company will provide a surrender value to the policyholder.

 

This value is typically specified in the insurance policy and is disbursed after the completion of mentioned years of the policy. Alternatively, in such a case, all guaranteed income plans offer loan against policy which may be a suitable option to look at.

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Yes, a guaranteed return insurance plan is a safe investment option that offers the dual benefit of insurance and investment. To overcome a financial crunch, you can use your life insurance cover or a guaranteed return plan instead of opting for an unsecured loan.


The approved loan amount needs to be verified by the bank or the insurance provider. It is usually a percentage of the maturity benefit under which the loan can be taken.


The loan is sanctioned to the lender after the amount is decided.

 

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Benefits FAQ

What Is The Maturity Benefit In Guaranteed Income Plan?

Guaranteed Maturity Benefits is the guaranteed lump sum amount payable at the end of the insurance policy period. The amount of the assured maturity benefit will be determined at the start of the policy and will be based on factors such as your age, premium, policy term, premium payment term and gender. If the policyholder survives the policy term and makes timely premium payments as and when due, the policyholder will get the assured returns as the policy matures.

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Guaranteed Income Planss offer an optional feature called Family Income Benefit. Under this benefit, all future premiums are waived off in case of death of the policyholder and/or diagnosis of a critical illness. This benefit ensures that in case of such unfortunate events, you and your loved ones don’t have to compromise on future goals, as policy benefits will be continued. 

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Riders are optional benefits that come at a low cost with your guaranteed income plan. Riders such as the Critical Illness Rider, Accidental Death Benefit Rider, Accidental Total & Permanent Disability Rider, Hospital Cash Benefit Rider and Waiver of Premium on Critical Illness Rider are available along with plans such as Edelweiss Tokio Life – Premier Guaranteed Income and Edelweiss Tokio Life – Guaranteed Income STAR.

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This depends on the payout duration offered by each plan and is based on your financial requirement. Guaranteed Income Plans offered by Edelweiss Tokio Life provide you the flexibility to choose your monthly income for up to 25 years.

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Buying FAQ

What Is The Premium Payment Frequency For This Guaranteed Income Plan?

For all plan options, the Premium Paying Term (PPT) options are 5, 8, 10 & 12.

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The documents required for buying this policy online are ID proof, Age proof, Residence Proof, and Income Proof.

For Proof of Address:

·         Bank Statement or Passbook

·         Voter's ID

·         Ration Card

·         Aadhaar Card

·         Passport

·         Electricity/Telephone Bill

·         Driving License
 

Proof of Identity:

·         Pan Card

·         Aadhaar Card

·         Passport

·         Driving License

 

Proof of Income:

·         Salary Slips - previous 3 months

·         Income Tax Returns

·         Bank Statement of the Previous 6 Months

·         Latest Form-16

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Claim FAQ

How Can I Raise A Claim Under This Guaranteed Income Plan?

- Written intimation to be provided by the claimant to Edelweiss Tokio Life.
- On receipt of the intimation, Edelweiss Tokio Life will communicate the documents required for processing the claim.
- Claimant to submit all the requisite documents.
- Edelweiss Tokio Life to process the claim after receipt and verification of all the documents.

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Any queries

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For queries, write to onlinesupport@edelweisstokio.in

1- This is applicable only if all due premiums are paid and the policy is inforce.

2- Policy loan are subject to terms & conditions of the product. Refer product brochure for more details.

3- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

9- Riders are Optional and available at extra cost. Please refer rider brochure for more details.

Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider is only an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider.  UIN 147B001V04

Edelweiss Tokio Life - Accidental Death Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance Rider. UIN 147B002V04

Edelweiss Tokio Life - Critical Illness Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider. UIN 147B005V04

Edelweiss Tokio Life – Payor Waiver Benefit Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Life Insurance Rider.  UIN 147B014V05

Edelweiss Tokio Life - Waiver of Premium Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider. UIN 147B003V05

Edelweiss Tokio Life - Hospital Cash Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance Rider. UIN 147B006V03

~ Income Benefits payouts are paid end of the year with Edelweiss Tokio Life - Guaranteed Income STAR. This is only applicable only if all due premiums are paid and the policy is in-force. 
** - Claim statistics are for Financial Year 2022-23 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website.

* Tax benefit of ₹ 46,800 is calculated at highest tax slab rate of 30% (in addition to income tax, cess of 4% is also applicable) on life insurance premium u/s 80C of ₹ 1,50,000. As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

^³ -  https://thealdenglobal.com/inflection-conference-awards/

Edelweiss Tokio Life - Guaranteed Income STAR is only the name of a Non-Linked, Non-Participating, Individual, Savings, Life Insurance Plan and does not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India.  For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale. UIN: 147N073V02

Edelweiss Tokio Life – Premier Guaranteed Income is only the name of an Individual, Non-Linked, Non-Participating, Savings, Life Insurance Product and does not in any way indicate the quality of the plan, its future prospects or returns. Please know the associated risks and the applicable charges from your Personal Financial Advisor or the Intermediary. Tax benefits are subject to changes in the tax laws. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale. UIN: 147N072V03

 

ARN : CP/3507/Oct/2023