Money Back Policy – Guaranteed Money Plans in 2022

It is essential for everyone to do financial planning so that you can have better protection against unexpected expenditures. With multiple insurance companies offering multiple insurance plans with numerous benefits, it is easy for people these days to plan for financial stability in life. By investing in the best guaranteed income plans, you can be certain about getting guaranteed returns which will help in fulfilling your goals to a great extent.

However, before investing in any plan, it is better to evaluate the plan in detail to know if it allows enough benefits of life coverage and maturity. Further, it should also provide death benefits to the beneficiary after you are gone. Along with these, bonus, tax deductions, regular income and peace of mind are benefits that you get out of these guaranteed plans.

10 Best Guaranteed Income Plans to Invest in 2022 in India

Below we are discussing 10 such best guaranteed income plans in India to invest in 2022:

1. ICICI Prudential Cash Advantage Plan

The ICICI Prudential Cash Advantage Plan is one such plan that augments regular income of the insured. It is a plan that offers an assured cash payout that starts at the end of the premium payment year. Some features include:

• Single lump sum pay out.
• Convenient mode of premium payment.
• Complete protection for the entire family (in case of death of insured).
• Provide a bonus if announced by the insurer.

2. Max Life Guaranteed Income Plan 

Max Life Guaranteed Income Plan is another money-back plan that allows the insured to receive guaranteed income for over 10 years. If the insured passes away during the term of the policy, the nominee of the insured receives a lump sum death benefit. Some features include:

• Can change the mode of benefit earned after the plan matures.
• Allow transfer of income as a lump sum amount rather than receiving as monthly pay.
• Minimum sum assured is 1 lakh rupees.
• Minimum policy age is 25 years for entry.
• No loan facility available with this plan.
• Surrender benefit is available.

3. Bajaj Allianz Save Assure Plan 

The Bajaj Allianz Save Assure plan is again a conventional endowment plan that allows the insured a chance to earn money through savings by obtaining life insurance protection. The term of the policy is 15 years and 17 years and it comes with numerous benefits. Its limited payment of premium options help in managing financial needs of the insured at the time of emergency. Some features include:

• Suits best for those wanting to improve their financial conditions.
• Minimum sum assured is Rs.1 lakh with no maximum limit.
• Offers high sum assured concession to save money.

4. LIC New Jeevan Anand

LIC New Jeevan Anand is a traditional plan. It is a non-linked endowment policy with participating options. This is the LIC plan to choose if you want an income plan with best-guarantee and a life without trouble. Some features include: 

• Minimum sum assured is Rs.1 lakh, while there is no maximum limit.
• Comes with several benefits.
• Policy duration is 15 to 35 years, which can be selected as per requirement.
• Minimum age of entry is 18 years, while 50 years is the maximum age of entry.

5. Edelweiss Tokio Life G CAP Plan

The Edelweiss Tokio Life G CAP Plan supports the insured in gaining wealth to allow them to reach their life goals. The plan comes with guaranteed benefits on maturity along with death benefits. It also offers an assured accrual. This is a non-linked plan that is available with death and maturity profit. Some features include: 

• Assured advantages.
• Allow the insured to choose the policy period and terms of premium pay.
• Minimum entry age is 91 days, while 55 years is the maximum age of entry.
• The policy can be bought for different durations of 10 years, 15 years, 20 years , 25 years and 30-year as per requirement.

6. SBI Life Smart Money Back Gold Plan 

The SBI Life Smart Money Back Gold Plan is a money-back policy with non-linked options. Some features include:

• Minimum sum assured is Rs.75,000, while there is no maximum limit.
• The plan offers 4 options to suit your needs.
• It offers rider benefits for comprehensive coverage.
• The plan offers high protection.
• The plan duration differs for 4 of its options including 12, 15, 20 and 25 years.

7. Canara Smart Monthly Income Plan

This plan from Canara bank suits best to those who want to enjoy fixed monthly pay and bonus. Under this plan, you can pay limited premiums for over ten years to receive an initial income per month of 2000 rupees. In this assured income plan, monthly income increases slowly in multiples of 100. You are also entitled to enjoy a bonus as well as a final bonus at the time of maturity with this plan. Some features include:

• This guaranteed return investment plan allows the insured to earn high revenue.
• Discounts available on high sum assured.
• Monthly income begins after the 10th year period and continues with 15 years of pay-out.

8. Tata AIA Life Insurance Secure 7 Plan 

This is a non-participating plan of endowment. This guaranteed return insurance plan safeguards return on investment. Under this plan, you need to pay the premiums for 7 years and can start receiving guaranteed income as offered by the insurer from 8th year onwards. Some features include:

• Maturity benefit is available on 25% sum assured.
• Ensure more income to the insured person.
• Minimum assured sum is Rs.2.5 lakhs, while there is no maximum amount fixed.

9. HDFC Life Sampoorn Samridhi Plus Plan

This HDFC guaranteed return plan is available in 2 options including simple endowment plan and endowment plan. The first one allows long-term savings, while the second one allows whole life insurance. Some features include:

• It is a guaranteed return plan
• Minimum sum assured is Rs.65463 and no maximum limit is set.
• The plan helps the insured to generate high income.

10. PNB Metlife Money Back Plan

This is a traditional and best guaranteed income plan with money-back that offers easy liquidity via regular pay-outs. Some features include: 

• Minimum sum assured is 2.5 lakhs rupees, while maximum is 2.5 crores rupees.
• Plan doesn’t have any loan facility or additional riders facility.
• 10% of the sum assured is received as a survival benefit during the fifth to nine years.
• Duration of the plan is 10 years.
• It allows more returns to the insured.

Conclusion

A money back policy is much less risky than investing in a mutual fund. It can be a favourable situation for the investor because it is a tax-saving investment with assured returns over the period, as well as providing comprehensive life insurance coverage.

Also read: Should I invest in money market funds or mutual funds?

Factors Influencing Money Back Plan Premium