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An annuity plan is a financial product that provides a regular income stream in exchange for a lump-sum investment or periodic payments. It is typically used as a retirement planning tool to supplement other sources of income. An annuity plan is offered by insurance companies and can be purchased with a single premium or with a series of payments over time. The income payments can be structured to be received for a fixed period, for the lifetime of the annuitant, or for the joint lifetimes of the annuitant and their spouse.
Annuities are a type of life insurance that guarantees a fixed income for life. They provide you with a guaranteed income, even if you die before the end of the payment. Life insurance can be used as an investment tool or to protect your loved ones in the event of your death.
Yes, LIC Life Insurance Corporation of India offers various Guaranteed Return Plans, which are also known as traditional life insurance policies. These plans provide a guaranteed sum assured along with additional bonuses, if applicable, upon maturity or in the event of the policyholder's demise. Examples of such plans from LIC include LIC New Jeevan Anand, LIC Jeevan Amar, and LIC Jeevan Labh.
Investing in Guaranteed Income Plans can be a suitable choice if you seek a steady income source and want to ensure financial stability for yourself or your family in the future. These plans offer guaranteed returns and life coverage. However, your decision to invest should be based on your financial goals, risk tolerance, and overall financial plan.
The starting age and maximum entry age may vary depending on factors such as the type of traditional insurance plan (endowment, money-back, whole life, etc.) and the specific terms and conditions set by the insurance company. However, in general, traditional insurance plans are typically available for individuals who are at least 18 years old. Some insurance companies may have a minimum entry age of 21 or 25 for certain plans.
Traditional insurance plans, particularly endowment plans and money-back plans, may not be the most efficient options for tax savings compared to other investment or insurance products available in India. Here are a few reasons why traditional insurance plans may be considered less beneficial for tax savings:
Shriram Life Insurance offers various life insurance plans such as term plans, savings plans, child plans, pension plans, and group plans.
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