Monthly Income Investment Plan: Overview

A monthly income investment policy is a financial instrument that offers a regular income stream to its policyholder. The income is offered every month so that customers can fulfill their financial requirements. These plans are ideal for retirement purposes because at that time you do not have an income stream or regular cash flow is missing. Monthly income investment plans offer a wide range of benefits including:

• Regular income stream,
• Growth potential of your money
• Tax benefits
• Helps to achieve financial goals
• Choice of income period
• Professional management of your funds
• Flexibility of amount to be invested , etc.

Best Investment Plan For Monthly Income in 2024

We have provided you with a list of the best investment plans for monthly income in 2024 that you can consider buying.

Types of Monthly Income Investment Plans And Schemes

Various plan types offer you a regular monthly income. Let’s discover these plan types so that you can choose the one that suits you best.

1. Annuity Plans or Retirement Plans

   Annuity plans as understood from the name are the plans that offer guaranteed monthly income for a specified period after the retirement of an individual.

   Name of the Plan	Entry Age	Policy Term	Unique Features
   HDFC Life Systematic Retirement Plan	Min- 45 years Max- 75 years	Whole life	Option to defer annuity payouts by choosing the deferment period. Guaranteed income for the whole of life by paying premiums for a limited payment term. Option of return of total premiums paid on death.
   Max Life Guaranteed Lifetime Income Plan	Min- 0 years Max- 80 years	Single Life: till the death of the annuitant Joint life: till the death of the second survivor	Joint life feature to ensure income for you and your spouse Flexible income payout options to choose from Receive income immediately or defer it for 1 to 10 years as needed
   ICICI Pru Guaranteed Pension Plan Flexi	Min- 40 years Max- 70 years	5 to 15 years	Guaranteed annuity for your entire life with an option of return of premiums paid. Option to ‘Top-up’ your plan as and when you have additional funds to save. Wide range of options to give you the choice of how long you want to pay premiums.

2. Senior Citizen Saving Schemes

   Senior Citizen Saving Scheme is an initiative by the Government of India that is made for people above 60 years of age so that they can get a guaranteed monthly income to sustain themselves.

   Here are some features of the Senior Citizen Saving Scheme (SCSS):

   • You can invest a minimum of Rs 1,000 and a maximum amount of Rs 30 lakhs in this scheme.
   • Your money grows by an annual interest rate of 8.2%.
   • Tax benefits of Rs 1.5 lakhs are applicable under Section 80 C of The Income Tax Act, 1961.
   • The tenure of this scheme is 5 years.
   • Premature and nomination features are available under this scheme.

3. Post Office Monthly Income Scheme

   Post Office Monthly Income Scheme is a government-backed initiative to provide a steady income to senior citizens. It offers a monthly income to sustain your livelihood at retirement age.

   Here are some features of the Post Office Monthly Income Scheme:

   • Your money grows by an annual interest rate of 7.4%.
   • You can invest a maximum of Rs 9 lakhs as a Single account and Rs 15 lakhs as a Joint account in this scheme.
   • Safety of investment as it is backed by the government.
   • Start receiving payouts monthly to secure your future.
   • Nomination benefits are available under this scheme.

4. Government Bonds

   This financial instrument is issued by the central and state governments to raise funds for their various development projects.

   Here are some features of the Government bonds:

   • They are issued for a period of 5 to 40 years.
   • They carry an annual interest rate of 7%.
   • Various types of bonds are issued such as fixed-rate bonds, floating-rate bonds, etc.
   • Issued at a fixed coupon rate by the government.
   • Fall under the category of government securities.

5. Systematic Withdrawal Plans (SWPs)

   Systematic withdrawal plans are investment strategies offered by ULIPs, mutual funds, and other investment instruments. This plan allows you to make systematic withdrawals as per your financial requirements.

   Here are some key features of Systematic withdrawal plans:

   • These plans offer you the option to make partial withdrawals.
   • You can customize the withdrawal amount as per your needs.
   • These plans allow capital appreciation over a period.
   • You can get tax benefits on your gains.
   • These plan funds are managed by professionals.

Things to Consider Before Investing in a Monthly Income Plan

Before investing in a monthly income investment plan or scheme you have to consider certain factors:

How to Buy a Monthly Income Investment Plan?

You can buy a monthly income investment plan either from PolicyX.com or the official website of the insurer.

Buying from PolicyX.com

• Visit PolicyX.com and click on ‘Investment’.
• Fill out the form at the top of this page with the necessary details.
• Select your income and city. Click on ’Proceed’.
• Choose the payout period as ‘Monthly’ from the provided filters.
• Choose your preferred plan and click on ’Buy This Plan’.

Once payment is made you will receive the details on your email or contact number.

Why Buy from PolicyX.com?

Here are the reasons for buying a monthly income investment plan from PolicyX.com:

Buying from the insurer’s website

You have to visit the official website of the insurer, provide them with the required information, and buy the plan you want by paying the premiums.

Conclusion

A monthly income investment plan offers policyholders with a guaranteed monthly income for a specified tenure. This tenure varies from plan to plan. It is an ideal plan to secure your future or retirement age when you do not have an income source.

If you are still confused about which monthly income investment plan is right for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly and help you choose a monthly income investment plan that best fits your requirements.