In a Guaranteed Income Plan, the policyholder pays premiums over a certain period. After a designated accumulation phase, the plan begins to pay out a fixed income at regular intervals (such as monthly, quarterly, or annually). The income payouts are guaranteed and are not affected by market fluctuations, providing a steady stream of income.

Yes, most Guaranteed Income Plans offer flexibility in selecting the income start date. You can decide when you want the income payouts to begin based on your financial needs and goals. This is often aligned with key life events, such as retirement or a child’s education.

If the policyholder passes away during the plan term, most Guaranteed Income Plans include a life cover component, ensuring that a death benefit is paid to the beneficiaries. This death benefit may include the sum assured or the remaining income payouts, depending on the plan's terms.

Yes, typically, the premiums paid towards Guaranteed Income Plans are eligible for tax deductions under applicable tax laws (such as Section 80C of the Income Tax Act in India). Additionally, the income received may be tax-free up to certain limits, depending on the country's tax regulations. It’s advisable to consult with a tax professional or financial advisor for specific tax benefits applicable to your situation.