GUARANTEED-WEALTH-PLAN

BSE-NSE-web Portlet

Guaranteed Wealth Plan

  • Features
  • Eligibility Criteria

Pay only for the first 7 years of the policy - You pay premiums for the short and defined duration of the first 7 years of the policy.

Financially secure your family with a life cover for 14 years - The plan has a life insurance cover of 14 years. So you can be rest assured that your family’s future will be financially secure under all circumstances.

Enjoy guaranteed benefits irrespective of market conditions - The benefits of this plan are guaranteed and will be paid out to you irrespective of market volatility.

Choose to receive your benefits as a lump sum or as annual payouts basis your need - This plan offers you two options i.e. Lump sum benefit and Regular Income benefit.

You may avail 2 tax benefits of 80C and 10(10D): Guaranteed wealth plan also helps you in getting tax benefit as under:

  1. Deduction under section 80C: The premiums that you pay eligible for deduction under section 80C of the Income Tax Act, 1961. For the Financial year FY 2019-20 deduction can be claimed under Section 80CCE up to Rs. 1,50,000 for the total payments, contributions made under Sections 80C, 80CCC and 80CCD.

  2. Tax-free benefits under section 10(10D): The benefits received under the plan are tax-free under section 10(10D) of the Income Tax Act, 1961.

Note :- Please note that tax laws may change from time to time. Consult your tax advisor for determining the Tax benefits applicable to you.

Criteria

Minimum/ Maximum

Guaranteed Wealth Plan

Age at entry of life insured (last birthday) Minimum 10 years
Maximum 69 years
Age at maturity of the life insured (last birthday) Maximum 55 years
Premium Minimum Rs.35,000/-
Maximum No limit
Premium Frequency (Mode) Fixed Yearly
Premium payment period Fixed 7 Years
Policy Term Fixed 14 Years
Payout Period Fixed  
Applicable only for Regular Income Benefit)   7 Years