Think of the first time when you got your pocket money. What did you spend it on? Perhaps bought a new toy, a video game or rented a movie? That’s ok; everyone does that. But do you remember, if you saved anything back then?
Fast forward a few years, and there you are – a young adult who has just started his/her career. Pocket money evolved into salary, and buying video games evolved into late-night binging and weekend trips.
Through all those years of handling money, never once does the thought of saving comes to our mind. Even as working, responsible adults, all we can think of is instant gratification, or “living in the moment” as some would say.
And, long-term planning for retirement or investments always seems like a far-fetched reality. However, the key to a care-free future is to start saving today. Around us, we see so many people talk about investments and how they affect the scheme of things in the future.
However, planning for a financially secure future doesn’t happen in a day, nor does it happen when you keep on investing blindly. An ideal retirement portfolio includes a mix of market-linked investments and fixed income sources that help in creating wealth while keeping the tax liability at bay.
Therefore, for financial security during your golden years, it is essential that you have a back-up in the form of a monthly income plan.
Benefits of Best Monthly Income Plan
The best monthly income plan offers extensive benefits from large insurance cover to regular income post retirement. The plan has fewer risks associated with it; therefore, it is a gold mine for risk-averse investors. Some of its benefits include:
- Guaranteed regular income
- Insurance cover
- Bonus amounts that increase the overall payouts
While there is no denying the fact that monthly income plans can help in leading peaceful golden years financially, most people are not aware of the best plans available in the market. In this article, we have jotted down four such plans that can provide you a fixed monthly income post-retirement.
- Max Life Insurance Monthly Income Advantage Plan
The Monthly Income Advantage Plan by Max Life Insurance offers investors the following benefits:
- Guaranteed monthly income for ten years immediately after the premium payment term ends
- The accrued sum of terminal and revisionary bonus is provided at maturity
- In case of sudden demise of the policyholder during the term, all future premiums are waived off
Moreover, the policyholder can choose to receive the payout as a lump sum or as monthly income. The exceptional customer-centric claim settlement of the company also comes as an additional benefit with this plan. Optional riders in this plan include accidental death and dismemberment rider and term plus rider.
- Bharti AXA Life Monthly Income Plan Plus
This monthly investment plan begins the payout as soon as the premium payment period ends. The plan offers policyholder the option of selecting monthly payouts of their choice, which in turn is used to determine the premium amount of the policy.
It also offers a reversionary bonus to the insured that is paid at the end of the policy term. Moreover, if you opt for monthly income plan with a longer term, you get lower rates on the premium amount.
- Canara HSBC OBC Life Smart Monthly Income Plan
The smart monthly income plan offered by Canara HSBC providesa guaranteed monthly income for 15 years while providing a life cover for the policy term of 25 years.
Under this plan, the policyholders also get a ‘Set-off Option,’which allows them to adjust the premiums payable from the incomes receivable during year 11 to 15. The sum assured offered under the plan is almost 100 times the monthly income opted for by the policyholder.
- PNB MetLife Monthly Income Plan – 10 Pay
PNB MetLife Monthly Income Plan offers policyholder payouts for 15 years after the end of the policy term. It has a premium tenure of 10 years, during which additional bonuses are also provided.
The plan also offers a revisionary bonus in addition to the insurance cover to the insured. Furthermore, you can enhance the monthly income option through the accrued bonuses during the policy term.
Don’t Give Up on Monthly Salary Post-Retirement
If you are used to the idea of receiving a regular monthly income, it becomes a bit difficult to live in restraint once you retire. However, if you wish to earn and spend,just like you did in your pre-retirement years, you can opt for anyone of the monthly income plans mentioned above. You can start by exploring the plans that meet your expectations so that you can multiply your retirement corpus and earn a tidy sum at regular intervals.