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2. Guaranteed Savings Plan
Guaranteed Savings Plan (with double protection) is comparable to the Life Option of Promise4Growth Plus but is again different because of Guaranteed Yearly and Loyalty Additions and also extra financial protection for demise due to an accident.
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3 Life Insurance Cum Saving Plan Options to Buy
Guaranteed Savings Plan- Guaranteed Savings Plan offers three variants as savings option, guaranteed savings with double protection, and, guaranteed savings with premium protection option. The three plans differ based on the entry ages. The ages range from 0 to a maximum of 60 years. The benefits of this savings plan: Death benefits include sum assured, which is 11 times the annualized premium and 105% of the premiums paid as per the date of the death. The policyholder will receive an annual income which is guaranteed at the end of the policy years after the completion of premium till the maturity. In case the policyholder is alive till the end of the policy term, they will receive a guaranteed sum assured . The capability of taking a loan is also flexible as the minimum loan amount is around Rs. 20,000 and can go up to 80% of the current surrender value. There is a premium booster as well, which will increase the guaranteed annual income depending on the annualized premium booster. The plan has two variants depending on the length of the policy term. The policy term of 12 years requires seven years, whereas the 15-year policy term requires 10. The income payout percentage for the latter is more (200%). Now that the majority of the benefits are mentioned, one can make an informed decision regarding the kind of plan they would like to invest in. For a more comprehensive plan that can be invested in from a young age, one can opt for the Promise4Growth Plus plan. Guaranteed Income4Life and the Guaranteed savings plans have their fair share of benefits as well. But in all three cases, an individual is capable of providing for their family once they are no more as well.