The income protection insurance is a type of monthly income benefit that covers your when you become unemployed due to accident or illness. It will pay about 75% of your income until you are able to get back to work again.It might pay for up to 65 years based on your nature of job. If an individual pays premium constantly for minimum 8 years, he gets a fixed monthly income after 25 years. However, the amount will be dependent on the assured, premium and policy term.
In this article we will tell you about the top 10 best income protection insurance companies in India.
10. Tata AIG Income Guard Policy
Tata AIG Income Guard is a type of accidental insurance that promises to take care of your family’s financial needs in case of accident or even death. The future is uncertain and you never know when you might not be able to provide for your family. Hence, it makes sense to invest in a plan that keeps you and your family covered. Tata is a trusted brand across the country and this income protection plan from Tata is a reliable choice.
9. PnbMet Life (Punjab National Bank) Met Monthly Income Plan
The PNB monthly income plan protects your family from diverse situations whether you are with them or not with them. It will provide financials security for 15 years or until the end of the policy term. In case of youth death during the policy term, your family will get about 25% of the base sum assured which means 45 times the monthly regular income.
8. HDFC Life Super Income Plan
This is a non-linked participating income plan by HDFC Life and it has been awarded as the Indian Insurance Awards 2014. It is one of the participating regular income plans in the country that offers you a guaranteed income in case of an unfortunate accident or death. In case of an accident it will pay a part of your income until you are able to get back to work again and in case of your death, it will ensure financial security of your family.
7. Aegon life income insurance plan
This is an income insurance plan that keeps your family financial secure if something happens to you leading to a permanent disability or death. The future is full of uncertainties so it is important to ensure that there is a steady flow of cash during tough times.
6. BhartiAxa Life Income Protection Plan
This is a decent plan by BhartiAxa Life. This plan provides financial security to you family and ensures that there is s steady income even during an unfortunate incident or death. The plan makes you or your family eligible for a steady income in form of yearly installments for a period of 15 or 20 years.
5. Future Generali Monthly Income Protection Plan
Future Generali India Insurance Company has launched a ‘Monthly Income Protection Plan’ to cover the financial needs of those looking for a low cost plan to protect their family. This policy will pay out a fixed income of Rs. 10,000 per month for nearly 10 months to families of the insured when there’s a permanent disability or permanent death within a year of buying the policy. This amount may be used for education support, family income support, and loan protect.
4. SBI Life – Smart Income Protect
We are all familiar with SBI Life and its Smart Income Protect offers a savings plan that comes with an advantage of life cover in case of any unfortunate accident. This will ensure that your family stays financially secure. In this insurance plan, you need to continue paying your premiums for 7, 12 or 15 years at a stretch. After the completion of this period you will get regular annual payouts for 15 years to meet your diverse financial needs.
3. BSLI Vision Endowment Plus Plan
The BSLI Vision Endowment Plus Plan is offered by the Birla Sun group and it helps in keeping you and your family secure from uncertainties. You never know when an unfortunate accident may happen with you so you need to be prepared and careful from the beginning. It provides you return of premium and accrued bonuses that you receive on maturity. This amount will protect your financial security and give you the best of both the worlds. Your investment can help you build a strong future.
2. Aviva New Family Income Builder
This is a type of savings plan cum protection life insurance plan that provides you financial security and guaranteed returns as regular payouts for 12 years. In case of death it gives immediate payout to secure your family’s financial future. It provides tax benefits on all the premiums that are paid and the payouts made. Thus, this type of insurance comes really handy when you need a steady income for your family in case of an unfortunate accident that makes you unable to provide.
1. Max Life Guaranteed Life Income Plan
If at any point in your life your income is hampered the Max Life Guaranteed Life Income Plan will cover you. Max Life is a renowned insurance company that has been operating in India and helping families for a long time. It will provide a guaranteed monthly income for 10 years soon after the policy term is completed. It also offers guarantees terminal benefits at the Payout Period. It gives you the option to choose form the various options such as 6 years or 12 years policy term depending on your financial goals.
That’s all from our list of top 10 best income protection insurance companies in India.