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Once upon a time, a single person's wage was sufficient to support a typical family, and financial stability was not elusive. Financial stability has become a goal to strive for in today's world. Insurers are also offering guaranteed savings plans, recognising the need for tools to help people build financial security.
Investors that are risk averse might choose long term guaranteed income insurance policies. The long term Guaranteed income plans, in addition to the benefits of typical insurance policies, also provide maturity benefits and the opportunity to build a stream of income for when you need it in the future.
Your life is covered for the duration of the policy term in a guaranteed income insurance plan. Some plans provide you the option of paying premiums for a set length of time. After your premium payment term has ended, you will begin to receive regular income payments. Other plans require you to pay premiums during the policy's term, and your payouts are distributed as maturity benefits on a staggered monthly, quarterly, or yearly basis after the term ends.
A non-linked guaranteed income plan is not affected by market fluctuations. This manner, you can have piece of mind knowing that your prudent investment is never jeopardised by the ups and downs of the stock market.