How to Choose a Guaranteed Return Plan Online?
Investments often involve constant monitoring and management for maximum returns. However, guaranteed return plans are different, where you need not spend sleepless nights wondering whether you will get the desired returns. It is a life insurance and investment policy that puts a part of your premium in stable investments like debentures, bonds, etc.
Since there are so many options available, choosing the best one for your financial goals may seem like separating wheat from the chaff. However, with the right approach and clarity of your preferences, you may be able to choose one without much hassle. That's exactly what this article will discuss.
What is a guaranteed return plan?
A guaranteed return policy is a life insurance plan that also offers an investment element. The policyholder also gets to invest in stable options like government bonds, fixed deposits, corporate bonds, debentures, etc. So, on the one hand, you get the security of a life insurance cover, while on the other, you get to create a corpus over time.
Factors to consider before purchasing guaranteed return plans
Before you start searching for a guaranteed return plan online, you must do a little research. It helps you get the best one without having to spend days and nights.
Here are some of the factors that can help you find the right guaranteed return plan online:
1. Your financial goals
First and foremost, you need to decide your future financial goals. Accordingly, you will be able to decide the potential maturity amount that a guaranteed return plan may offer.
2. Risk appetite
Investment of any kind has some level of risk. While guaranteed return plans do not expose your fund to the stock market, they offer low returns. So, the risk of losing money value is quite minimal; however, the returns may not beat inflation.
3. Your budget
The premium payable is directly related to your budget. So, analyse your ongoing expenses and upcoming financial needs to decide on a practical premium budget for the guaranteed return policy.
4. Investment horizon
Usually, guaranteed return plans require you to stay invested for over 10 years to yield maximum returns. So, you also need to assess the investment horizon that you are ready for.
5. Life cover needs
The policy primarily offers life insurance coverage. So, make sure to decide carefully on the coverage that you require. The death benefit must be enough to support the financial requirements of your family.
Choosing a guaranteed return plan online
Once you are sure about the type of policy you want, now is the time to start searching. The online space is full of hundreds of options. So, to choose the right one, here are some of the factors you need to consider:
1. Shortlist and compare plans
The first step is to shortlist the available plans under your budget. Sounds difficult? Not at all. Paybima allows you to go through various options. You can take your time to analyse each and then shortlist the most suitable one.
2. Visit the insurer's website
When you find a reliable plan, you may also visit the official website of an insurer to get more details. You may also simply call us at 1800 267 67 67 for more clarity and assistance. Once our experienced advisors understand your needs, they’ll be able to make the best suggestions.
3. Read fine print
Once you are sure of a policy, make sure to go through the document details before paying the premium. There are various elements in a guaranteed return plan, and you should be well aware of each.
4. Make the payment
Finally, fill out the application form and submit it with essential documents. Pay the premium using the most preferred payment option to conclude the process.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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