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5 Reasons Why Investing in a Monthly Income Scheme Makes Perfect Sense

Published on 11 July, 2019 at 4:42 pm By

Do you remember how getting more than one topping on your ice cream delighted you as a kid?  Well, that’s how it is for many other things in life. When you are at the receiving end of many benefits, you feel fully satisfied and happy.


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Especially when it comes to anything that concerns your family, you wish to get the best deal for their happiness and security. So, when planning your investments, what can serve you better than a plan that offers you full financial protection for the future.

Yes, we are talking about a monthly income scheme that can help your loved ones and you to stay financially secure. This scheme, with its many benefits, can thus, be a perfect addition to your investment portfolio.

 

 What Exactly Is a Monthly Income Scheme?

A monthly income scheme offers you life cover along with monthly income benefit after the premiums are paid. Under this plan, you are required to pay premiums for a limited number of years but receive life cover for an extended period (mostly 25 years).

If you wish that both your family and you should be able to maintain a reasonably good lifestyle in the future, despite unexpected challenges, then this plan can help you stay financially prepared.  That is why having this in your investment portfolio makes all the sense.

So, if you too are seeking an investment plan that can help you in more than one way, then consider buying this plan. The various benefits as provided by this instrument are as follows-


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What Benefits Can You Enjoy with Monthly Income Plan?

1. Twin Benefit

 

Life Cover– These plans offer you a life cover, which secures your loved ones in your absence. After your demise, the insurer provides the nominee with a death benefit, which is equal to the sum assured in the beginning. Moreover, your family can enjoy other benefits of the policy even when you’re no longer there.

Guaranteed Monthly Income– Along with securing your family after you pass away, it also offers you income benefit. After the completion of your premium payments, you receive monthly income, which provides you with financial support. So, whether you are retired or still working, the monthly income scheme boosts your finances to help you realize a good quality of life.

2. Premium Waiver



 

Upon the death of the insured, although the life cover ceases to exist, the other benefits of these schemes continue. However, what makes them a great advantage is that the premium for the remaining years is waived off for your spouse or any other nominee as the insurer funds it. Therefore, the beneficiary receives all benefits without having to pay any premium.

 

3. Taxation Benefit

These plans also offer you tax benefits during premium payment and maturity. So, including one in your portfolio helps you save your hard-earned money.

 

4. Guaranteed Benefit

When your policy matures, the insurer also provides you with accrued as well as terminal bonuses. This means that you receive a good amount of money if you keep your money invested for longer duration.

 

5. Additional Benefits

By buying the rider options, you can further enhance your protection benefits against an accident that may lead to death or dismemberment. Reputable insurers like Max Life Insurance offer Death and Dismemberment Rider that covers your family in case an accident results in your untimely death or dismemberment. This benefit provided by the monthly income scheme can provide your family with overall security in the face of uncertainties.

 

Secure Your Future with This Holistic Plan

A monthly income scheme can be of great support to your family and you, both in your presence and absence. Moreover, the tax-saving advantage provided by the plan further extends the benefits you can receive. So, investing your money in this plan can be of great help in keeping you financially robust, despite challenges.


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So, buy a monthly income scheme today and enjoy all the benefits that it has in store for you.

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