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Traditional/Investment Plans

Understanding the need for financial stability, insurance companies have started offering guaranteed income plans. Guaranteed income plans are specifically designed to cater to risk-averse investors and offer life insurance, maturity benefits, and regular payouts. The guaranteed income plan is a life insurance policy that can provide you with regular, predictable cash flow. Read more

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Traditional Plans

Traditional plans provide multiple benefits like risk cover, fixed income return, safety, and tax benefit. Traditional plans are the oldest plans and cater to individuals with a low-risk appetite. Traditional insurance policy plans provide the sum assured and a guaranteed or a vested bonus at maturity. These plans take a limited exposure in high-risk equity and hence the downside probability is also low.

Traditional plans cover the policyholders with assured maturity returns. To guarantee policyholders' maturity proceeds, these plans often engage in bonds as well as other low-risk investment vehicles. Retirement plans, endowment policies, entire life insurance policies, money-back plans, etc. These plans are suitable for tax planning, guaranteed returns, and life cover.

Guaranteed Returns: Secure your interest rate today and get a guaranteed return on maturity. (If you Invest Rs. 10,000/month & Get Rs.1 Crore returns)
Life Cover: Get 10-15 times your annualized premium as life cover from day 1 of the policy.
Tax Benefit: Premiums paid up to 1.5 lacs can be claimed as a deduction under section 80 C and Returns are 100% Tax-Free under Section 10 (10) D.

Investment Plans

An investment Plan is a type of life insurance that invests your premium in a portfolio of stocks, bonds, mutual funds, and other securities. The main objective of this type of life insurance is to protect against the risk of death for your beneficiaries. It also provides an opportunity to build investment assets for retirement. A typical investment life insurance policy will provide a death benefit to your beneficiaries that is equal to the face value of your policy. Your investment life insurance company will invest the premiums you pay into a diversified portfolio and return those amounts to you as income, which is taxable as regular income.

An investment insurance plan is an investment that can protect you from the financial consequences of a sudden event. It is important to have an investment insurance plan in place because it will help you to mitigate your losses and get back on track so that your investments don't become a burden. Investment Insurance Plans are not just for the rich and famous. Anyone with investments, no matter how small, should consider getting one. There are various investment objectives for different investors.

Tax Benefits
Income
Safety

Benefits of Traditional/ Investment Plans

Traditional/ Investment life insurance plans provide coverage for your entire life, guaranteeing a certain amount for your survivors. You also build up cash value; if you need to borrow money, you can draw on this cash value. Here are some of the benefits of traditional/ Investment plans:

Higher Returns: Get 10 times the invested amount
Second Income: Start getting 2nd monthly income after the preferred term.
Retirement Planning: Get lump sum or income benefits post your retirement.
Secure your Future Goals: Start saving today to guarantee the achievement of your future goals like buying a house or car or other milestones of life.
Child Support: Child education or Marriage can be well planned.
Financial Protection: These plans provide long-term financial security for individuals and families.
Death Risk Coverage: These plans provide death risk coverage and are specially designed as a savings strategy to help people mitigate the risks of unexpected expenses.
Tax Benefits: These plans also help in tax savings. Premiums and payout are exempted from tax as per sections 80C and 10(10D) of the income tax act law 1961.
Loan Facility: You can take a loan from the investment life insurance plans in case of emergency.

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Frequently Asked Questions

What are the Benefits of a Traditional Insurance Plan?

The traditional insurance plan offers the below benefits:

Risk-free investment
Death benefit
help you create a corpus over time
Maturity benefit
Additional covers.

How does a Traditional Plan Work?

Traditional insurance policy plans provide the sum assured and a guaranteed or a vested bonus at maturity. These plans take a limited exposure in high-risk equity and hence the downside probability is also low. These plans are suitable for tax planning.

How to create a Traditional Savings plan?

Follow these steps to create a savings plan:

Set up your budget
Identify your savings goals
Figure out how much you can contribute towards your savings goal each month
Depending on your goals and how much you can contribute, open up a traditional plan
Keep investing and gradually increase your savings as your income increases.

What are Guaranteed Income Plans?

A guaranteed income plan is a scheme where you are entitled to receive a guaranteed return on investment, regardless of market or fund performance.

Is ULIP a good investment option?: Yes, ULIPs are excellent if you're looking for both investment and life insurance because they have the potential for higher returns.
What are Traditional Investment Plans?: These plans take a limited exposure in high-risk equity and hence the downside probability is also low. These plans are suitable for tax planning. Unlike ULIPs, premature withdrawal is normally not allowed in the case of traditional plans.
How does Traditional Life Insurance Work?: A traditional life policy is a type of life insurance that provides coverage for the entire contract holder. Unlike term life insurance which covers you until a specified age limit, a whole-life policy has set premiums and cash values that provide better death benefits.
Why is the Savings Plan Important?: A regular savings plan helps individuals to be financially prepared for any type of eventualities. Moreover, it also enables a person to meet their long-term and short-term financial objectives in life. By keeping a disciplined approach towards savings one can create a financial cushion for the future and live their golden days of retirement on a stressful freeway.
Is Term Plan a Traditional Plan?: Term insurance is a pure protection plan, offering death benefits to the nominee of the policyholder, whereas, traditional life insurance plans offer maturity benefits along with death benefits. Term insurance is one of the most affordable types of life insurance.

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