Humans usually want more from less. While planning for taxes in India, the goal must be to invest in a plan that provides you with tax benefits and assured returns at the same time. The ongoing pandemic has taught us to have a source of income to fall back on. Also, the current market fluctuations can lead to unpredictable outcomes.
An investment plan that is not affected by market conditions or interest rates is the need of the hour. And a guaranteed income plan just does that! Guaranteed Income & Savings Plans ensure that the investor receives fixed returns with a clear “pay and get” as guaranteed by the insurance company. Aside from a steady income, such plans also include life insurance cover and tax benefits.
Tax Saving Plan with Guaranteed Income Benefits
A guaranteed income plan is a type of life insurance plan that firstly offers the financial security of guaranteed income disbursed monthly, quarterly, yearly, or as a lump sum, depending upon the plan option chosen by you. Investment in the plan builds a future corpus to pay for your child’s future education, or to buy your dream house. Whatever your life goal is - short term or long term; there is a plan to make it happen.
Secondly, it comes with tax benefits up to a value of Rs 64,116 as the premiums you pay are eligible for deductions under section 80(C) and the income you get has tax benefits under section 10(10D).
Thirdly, it provides life cover, and in the unfortunate event of critical illnesses or your demise, the death/illness benefit is passed on to the nominee, which may be used to pay debts or fund life events such as marriage, education, etc. Bearing in mind the uncertain times we are living in, a guaranteed income plan, such as Edelweiss Tokio Life - Premier Guaranteed Income, offers assured income upfront. Apart from guaranteed wealth creation, it helps you save on taxes up to Rs 64,116 under Section 80C of the Income Tax Act, 1961. If an individual aged 25 years invests Rs 5,000 per month in Edelweiss Tokio Life’s Premier Guaranteed Income Plan for 12 years, he will receive Rs 1,28,080 per annum under short-term income option, continuing for the next 12 years.
Reasons Why Edelweiss Tokio Life - Premier Guaranteed Income is the Plan for You!
Guaranteed Income + Protection + Tax Savings – all benefits in one plan! What’s more? Considering the life needs and goals of every individual, the life insurer has designed the plan in a way that it’s easy for you to manage your finances and pay premiums when you have a regular flow if income. Not only this, but the plan is also available in both online and offline mode, so you can build a significant corpus cushion and receive the regular income, in the chosen frequency over a period of time.
4 Plan Options: With Edelweiss Tokio Life’s Premier Guaranteed Income plan, you have the flexibility to select from four options basis your life goals:
Guaranteed Returns: A Guaranteed Income Plan makes certain that the returns are not affected by varying conditions during the course of life. Whether it’s a pandemic or a recession, your guaranteed returns are assured, always! With the Edelweiss Tokio Life Premier Guaranteed Income plan, all you have to do is fill your personal information like your name, age, gender etc. and calculate your guaranteed returns and tax-benefits within a simple click.
Tax Benefits: With the Edelweiss Tokio Life Premier Guaranteed Income plan, you can avail tax benefits up to Rs 64,116 on premiums paid under sections 80(C) and on maturity income received under 10(10D).
Family Income Benefit: By choosing the Family Income Benefit, you safeguard the future of your family against unforeseen circumstances. In the untimely and unfortunate death of or critical illnesses affecting the policy holder, the family continues to receive a regular income. This benefit comes with two options: Family Income Benefit on Critical Illness and Family Income Benefit on Critical Illness and Death. To know more, click here.
Riders: Edelweiss Tokio Life - Premier Guaranteed Income plan further offers six riders to enhance protection against accidents, critical illness & disabilities. You can choose from: Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider, Critical Illness Rider, Waiver of Premium Rider, Payor Waiver Benefit Rider, and Hospital Cash Benefit.
If you are the breadwinner in your family and have dependents such as a spouse and children, it is your responsibility to provide for their needs today and in the future. With the Edelweiss Tokio Life - Premier Guaranteed Income, you are not only saving money on your taxes today, but also ensuring that your loved ones’ future is secured. With a second income to fall back on, this plan ensures that even in your absence, your family continues to live well without any financial burdens.
With all of the customization options available, the Edelweiss Tokio Life - Guaranteed Income Plan is a user-friendly product that can be tailored to meet a variety of needs and financial objectives! So, what are you waiting for? With the Edelweiss Tokio Life’s Premier Guaranteed Income plan, you aren’t just saving tax today, but are also ensuring that no untoward event changes the lives of your dear ones tomorrow.
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