A guaranteed future plan is a form of life insurance that allows you to pay an annual premium during the tenure periodIt is a non-participating monthly income plan that can be selected as per the person’s age, requirement, and lifestyleThe 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 onBut before you buy the plan straight away, you must know what to expect from itSuch a thing will leave less room for complications later on in life.
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Premium Payment Flexibility
Everybody has different financial capacitiesAs such, a single premium plan would not have sufficed without any hassleThat 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 preferenceGenerally, it allows them for up to 15 yearsYou may also opt for single pay if that is not an issue for youIf you want to know details about these premium plans, you can consult a reputed insurance provider to learn moreSince 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 incomeThis long-term savings plan thus allows you to enjoy functional payout flexibility so that you can manage your expenses accordinglyFor example, if you do not want to spend too much at once, a guaranteed income plan would be advisableBut if you have numerous investments to make, a lump-sum payout could be a wise optionSo, you can choose at your convenience.
Guaranteed Income
A guaranteed income is beneficial for all the right reasonsIt will provide flexibility and long-term benefits that you can use to leverage your financial stabilityWhen you scout for a guaranteed future plan, you can extract a guaranteed premium that ranges from 103% to 246% of the annualized premium, respectivelySo, there is paramount flexibility for you, and the entire plan can be tailored to your needs.
Protection Against Uncertainties
Uncertainties occur without a callSo, you have to be prepared to face them wherever and wheneverBut that comes with a host of challengesWhat about financial stability? Well, a long-term savings plan will help you take care of itWith these plans at hand, you can receive protection against accidents and severe illness as wellThey will be available as riders for youA 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 lawsYou can enjoy them on the paid premiums and benefits as well.
The Bottom Line
The long-term savings plan is functional, flexible, and highly customizableIf you want to make the most of it, contact your insurance provider today and receive more relevant information about it.