Life cover is worth 120 times more than the premium paid.Up to 200 percent return can be obtained in this plan
In the first and second wave of Corona, people have realized that just depositing money in the bank and taking interest from it from time to time will not improve the economic situation. Now a new way of investing has to be adopted
The Income Capital Guarantee Solution Scheme is a combination of Unit Linked Investment Plan (ULIP) and Guaranteed Return Plan. About 60 per cent of the money invested in the scheme is deposited for guaranteed income.
The remaining amount is credited to ULIP. The person using the scheme will have to decide what ratio of money he wants to deposit in Guaranteed Income and ULIP. The Guaranteed Income facility is activated one year after the use of the scheme.
In this plan, the premium will have to be paid for less years. Even if the policy term is up to 25 years, the premium has to be paid for only 5 or 10 years. This scheme is very beneficial for those who want to raise money for big expenses like children’s education, retirement, children’s marriage.
3 Benefits of Income Capital Guarantee Solution
Its biggest advantage is that the guarantee of the premium paid is up to 100%. It also means that the money deposited by investors as a premium is returned at the end of the policy. The plan could be effective in times of economic turmoil in the Corona epidemic.
When the premium period ends, investors begin to receive guaranteed income. So you don’t have to think separately for retirement expenses.
Life cover is worth 120 times more than the premium paid
Its biggest advantage is that life cover is also provided in this plan. Investors are given a life cover of 120 times the value of the premium paid. This amount is given to the nominee if the investor dies during the PLC. Life cover is applied from the first day of the plan. Investors can pay premium monthly, quarterly, six months and even yearly if they wish.
The plan is available with HDFC Life which is being offered by the policy market. The plan has a minimum premium of Rs 5,000 and a maximum annual payment of Rs 60,000.
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Up to 200 percent return can be obtained in this plan
There are three different types of variants in this scheme. If you use a 25 year plan then you can get a return of up to 200% on the deposit. Similarly if you use a 10 year plan then you can get up to 100% return on the deposit. The scheme has to be paid for 10 years and the income starts from the 12th year. Investors in this scheme can withdraw money even in the sixth year
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