A guaranteed future plan is a form of life insurance that allows you to pay an annual premium during the tenure period. It is a non-participating monthly income plan that can be selected as per the person’s age, requirement, and lifestyle. The plan is also very flexible so that one can tailor it to their needs and budget.
A long-term savings plan also helps provide best-in-class customization, 0% TDS, and a host of benefit options to fall back on. But before you buy the plan straight away, you must know what to expect from it. Such a thing will leave less room for complications later on in life.
Premium Payment Flexibility
Everybody has different financial capacities. As such, a single premium plan would not have sufficed without any hassle. That is why a guaranteed future plan offers premium payment flexibility where you can choose from a range of payment options at your convenience, budget, and preference. Generally, it allows them for up to 15 years. You may also opt for single pay if that is not an issue for you. If you want to know details about these premium plans, you can consult a reputed insurance provider to learn more. Since every insurance company has different premium payment flexibility, we advise you to consider the most convenient.
Payout Flexibility
When receiving the payment, you can choose whether you want to have it as a lump sum or a guaranteed income. This long-term savings plan thus allows you to enjoy functional payout flexibility so that you can manage your expenses accordingly. For example, if you do not want to spend too much at once, a guaranteed income plan would be advisable. But if you have numerous investments to make, a lump-sum payout could be a wise option. So, you can choose at your convenience.
Guaranteed Income
A guaranteed income is beneficial for all the right reasons. It will provide flexibility and long-term benefits that you can use to leverage your financial stability. When you scout for a guaranteed future plan, you can extract a guaranteed premium that ranges from 103% to 246% of the annualized premium, respectively. So, there is paramount flexibility for you, and the entire plan can be tailored to your needs.
Protection Against Uncertainties
Uncertainties occur without a call. So, you have to be prepared to face them wherever and whenever. But that comes with a host of challenges. What about financial stability? Well, a long-term savings plan will help you take care of it. With these plans at hand, you can receive protection against accidents and severe illness as well. They will be available as riders for you. A life cover for the policy will help you obtain that on time.
Tax Benefits
A Guaranteed future plan allows you to enjoy tax benefits as per the laws. You can enjoy them on the paid premiums and benefits as well.
The Bottom Line
The long-term savings plan is functional, flexible, and highly customizable. If you want to make the most of it, contact your insurance provider today and receive more relevant information about it.
