Provide Extra Protection to Your Monthly Income Plan:

You earn handsomely every month, paying your home bills, your spouse’s shopping, your child’s education, and taking care of your parent’s financial needs without disruption. But what if, all of a sudden, something unexpected happens and your regular income comes into a crisis? Life can change at any moment. Have you added extra protection to your monthly income plan yet to avoid stagnancy in your life in any unfortunate condition?

Even if your job and businesses are providing you sufficiently, life’s future is still quite uncertain. That’s why it is a smart option to safeguard your regular income with income protection plans. Here is a blog telling you everything about regular monthly income plan , protection plans.

What are Income Protection Plans?

Also known as guaranteed income plans, income protection plans are basically the shield to your regular income. And not only protection to your income but also eliminates the chance of misuse of money. In an income protection plan, you can pay your premium payouts regularly or monthly or whatever suits your income cycle. Some income protection plans also consider market inflation. For example, few income protection plans increase the percentage of payouts every year.

How to Choose the Right Income Protection Plan?

There are several income protection plans in the market. You can choose the one income protection plan that fits you more according to your customization. Like how long you’re going to have a regular income? What are your steady income and expenses? And by analyzing other necessities, you can find the best income protection plan for your future security and safety.

Why are Income Protection Plans Important?

If you are still wondering why income protection plans are essential for you. Here are some solid reasons justifying the importance of income protection plans:

1.    Income protection plans build a strong foundation for your family. Your family can continue its current lifestyle even when you are not around.

2.    Income protection plans offer a guaranteed payout at maturity. These can serve your extra expenses like paying off loans, etc.

3.    In case of unexpected demise of the policyholder, an income protection plan also promises to provide financial support to the beneficiaries. So, in case of your unfortunate demise, you can still bless your family with lump sum money.

4.    You can avail up to 100-150% of maturity benefits on your premium deposits.

5.    The maturity fund can be invested in post-retirement goals like home, child’s marriage, or travel.

6.    Income protection plans are highly flexible in nature. That means you can fix the tenure or premium payouts per your comfort, income, and monthly expenses.

7.    Also, you will be amazed to find out that guaranteed income protection plans also offer tax benefits. According to Section 80C of the Income Act, you can avail of up to 1.5 lakh INR tax exemption if you invest in an income protection plan.

8.    Compared to other investment plans, income protection plans are quick and straightforward, involving a hassle-free process.

9.    And most importantly, income protection plans can be customized per your budget. Thus, they are budget-friendly savings.

Summing up, income protection plans safeguard your regular income and future without involving any financial risks. The income protection plan procedure is straightforward and allows you to avail yourself of tax exemptions. Know more about income protection plans with the best insurance policy company.