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What are Traditional Plans?
Traditional Plan is a conventional form of insurance which provides financial security to the insured's family in case of an eventuality and maturity amount if the insured survives the policy term. A major chunk of investment goes into debt instruments so as to secure the returns.
Why Invest in Traditional Plans?
If you cannot bear the turns and tumbles of equity market, then investing in Traditional Plans is the right thing for you. Put simply, it is an ideal investment for those who have a low risk appetite and looking for fixed returns without riding the lows and highs of market.
How much do I Need to Invest?
That totally depends on your personal needs and priorities. The investment amount is decided upon tenure of investment, investment goals and risk appetite. Since traditional plan works best in the long term, starting early and staying longer is the ideal way to go about it.
What are the Key Features of Traditional Plans?
Traditional plans promise both the risk cover and returns. The returns do not dip below a minimum guaranteed NAV. Charges involves are nominal. Allocation and switching between funds is at the discretion of the insurance company. The insured gets to enjoy the tax-benefits.
Documents Required (if any)
Age Proof
Identity Proof
Address Proof
Income Proof
Duly Filled Proposal Form
You may need to undergo Medical Tests in some cases.
More about this plan
Its human tendency to look for guarantees whether you buy small thing like a mobile or a big thing like a house.
Equity market by its very nature is unpredictable. Yet you look for maximizing your returns. You want some guarantees; after all it's your hard earned money we are talking about.
Many Insurance companies have guaranteed plans made to solve this particular concern of customers. These plans offer highest NAV (Net Asset Value) which a fund achieves during a specified period. Even if Equity market falls; you are assured of least NAV which varies according to different companies. Additionally you get insurance cover and tax benefits.
Policybazaar assists you in comparing different plans as companies offer different NAV and features.Make use of the aggregator tool to simplify and understand different plans better and get the most suitable guaranteed plan.
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